MIRA
INFORM REPORT
|
Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
PETRO KALA GULF
DMCC |
|
|
|
|
Registered Office : |
Emirates Tower,
Level 41, Sheikh Zayed Road, Jebel Ali Free Zone, Dubai |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
12th October 2006 |
|
|
|
|
Legal Form : |
Free Zone Establishment – FZE |
|
|
|
|
Line of Business : |
Engaged in the
import and distribution of petrochemical and energy products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
Maximum Credit Limit : |
US$ 30,000 |
|
|
|
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : PETRO KALA GULF DMCC
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 12th October 2006
Trade Licence Number : 0862
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 3
Line of Business :
Distributors of petrochemical
and energy products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
PETRO KALA GULF
DMCC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Jebel Ali Free Zone
Town :
Country :
Telephone : (971-4) 3199739
Facsimile : (971-4) 3199739
Premises
Subject operates from
a small suite of offices that are rented and located in the Jebel Ali Free
Zone.
KEY PRINCIPALS
·
Siamak
Mohseni Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 12th
October 2006
Legal Form :
Mouassasat Al Mintaka Al Horra
(Free Zone Establishment - FZE)
Trade Licence No. : 0862
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s)
Percentage
·
Siamak
Mohseni 100%
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged in the import and distribution of petrochemical and energy products.
Import Countries:
Subject has a
workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
·
Emirates
Bank International Ltd
PO Box : 2923
Deira
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations undertaken
in Dubai did not reveal any sign of payment defaults or delays during initial
trading stages, and subject is believed to meet its payment obligations in a
timely manner, nevertheless, and in view of the company’s infancy and the lack
of a more consistent payment and financial record, a measure of caution is
advisable and a close monitoring of subject’s business development is
recommended.
Maximum suggested
credit figure: US$ 30,000
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)