MIRA
INFORM REPORT
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Report Date : |
23.08.2007 |
IDENTIFICATION DETAILS
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Name : |
PETROFAC
INTERNATIONAL LTD |
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Registered Office : |
Petrofac House, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17th November 1992 |
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Com. Reg. No.: |
23153, Sharjah |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the
provision of petroleum engineering contracting services. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : PETROFAC INTERNATIONAL LTD
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 17th November 1992
Commercial Registration Number : 23153, Sharjah
Trade Licence Number : 214915
Membership Number : 30546
Total Workforce : 1,100
Line of Business : Petroleum engineering contracting services.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
PETROFAC
INTERNATIONAL LTD
ADDRESS
Registered & Physical Address
Building : Petrofac House
Street :
Area : Al Majaz Cornich Al Buhaira
PO Box : 23467
Town : Sharjah
Country :
Telephone : (971-6) 5740999
Facsimile : (971-6) 5740999 / 5721005
Email : epc@petrofac.com
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Sharjah.
KEY PRINCIPALS
·
Ayman
Asfari President
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Maroun
Semaan Chief
Executive Officer
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Rajesh
Verma Operations
Manager
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Marwan
Chedid Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 17th
November 1992
Legal Form :
Subject is the United Arab
Emirates registered branch of Petrofac Limited, a
Limited Liability Company incorporated in
Petrofac International Ltd in
the
a Foreign Registered
Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own
right. Responsibility for
payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we
strongly advise that any international trade
credit should only be written
under the name of the main company where the
subject holds its registered
office, in this case
Commercial Reg. No. : 23153,
Sharjah
Trade Licence No. : 214915
Membership No. : 30546
Issued Capital : UAE Dh 18,400,000
Paid up Capital : UAE Dh 18,400,000
AFFILIATED COMPANIES
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Petrofac
LLC
1021 ESE
PO Box : 131859
Tel : (1-903) 5818755
Fax : (1-903) 5092324
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Petrofac
UK Ltd
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Petrofac
International Ltd
Salwa Industrial Area
PO Box : 4404
Tel : (974) 776543
Fax : (974) 776543
LINE OF BUSINESS
Operations : Subject is engaged in the provision of
petroleum engineering contracting services, specialising in the following areas
:
- Process Engineering
- Detailed Design
- Procurement & Logistics
- Project Management
- Fabrication
- Construction & Commissioning
Petrofac International is currently working on the construction of a US$ 109 million sweet-gas plant, which is a new joint venture between the Sharjah government and Crescent Petroleum. The plant is expected to be completed by the end of 2005.
Import Countries
:
Operating Trend
: Steady
Subject has a
workforce of approximately 1,100 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 1,685,700,000 UAE Dh 1,841,000,000
Local sources consider
subject’s financial condition to be Good.
BANKERS
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National
Bank of Sharjah
PO Box : 4
Sharjah
Tel : (971-6) 5547747
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Citibank
PO Box : 346
Sharjah
Tel : (971-6) 5722533
Fax : (971-6) 5373378
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Standard
Chartered Bank
PO Box : 5
Sharjah
Tel : (971-6) 5357788
Fax : (971-6) 5543604
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Petrofac International
Ltd was registered in Sharjah during 1992 and specialises in the provision of
petroleum engineering contracting services. It has gained an excellent
reputation for the quality of its services.
Local sources
report that during the course of this investigation nothing detrimental has
been uncovered regarding the subject’s operating history or the manner in which
payment obligations are fulfilled. As such the company is deemed a fair trade
risk and the above credit figure is considered to be within subject’s financial
means.
Maximum suggested
credit figure: US$ 500,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)