MIRA
INFORM REPORT
|
Report Date : |
12th March, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
PETROFAC INTERNATIONAL LTD |
|
|
|
|
Registered Office : |
Petrofac House,
Al Soor Street, Al Majaz Cornich Al Buhaira, PO Box: 23467, Sharjah, United Arab
Emirates |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Date of Incorporation : |
17.11.1992 |
|
|
|
|
Com. Reg. No.: |
23153, Sharjah |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
Subject is engaged
in the provision of petroleum engineering and construction contracting
services. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company Name |
PETROFAC INTERNATIONAL LTD |
|
Country of Origin |
Jersey, United Kingdom |
|
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 & construction 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 : Al Soor Street
Area : Al Majaz Cornich Al Buhaira
PO Box : 23467
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5740999
Facsimile : (971-6) 5740099
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
·
Maroun Semaan Chief
Executive Officer
·
Rajesh Verma Operations
Manager
·
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
Jersey.
Petrofac International Ltd in
the United Arab Emirates, operates as a Branch of
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 Jersey.
Commercial Reg. No. : 23153,
Sharjah
Trade Licence No. : 214915
(Expires 15th November 2007)
Membership No. : 30546
Issued Capital : UAE Dh 18,400,000
Paid up Capital : UAE Dh 18,400,000
AFFILIATED COMPANIES
·
Petrofac LLC
1021 ESE Loop 323
PO Box : 131859
Tyler
Texas
United States of America
Tel : (1-903) 5818755
Fax : (1-903) 5092324
·
Petrofac UK
Ltd
205 Holland Park Avenue, 2nd Floor
United Kingdom
·
Petrofac
International Ltd
Salwa Industrial Area
PO Box : 4404
Doha
Qatar
Tel : (974) 776543
Fax : (974) 776543
LINE OF BUSINESS
Operations : Subject is engaged in the provision of
petroleum engineering and construction contracting services, specialising in
the following areas :
-
Process Engineering
-
Detailed Design
-
Procurement & Logistics
-
Project Management
-
Fabrication
-
Construction & Commissioning
Import Countries
: United States of America
and Europe.
Operating Trend
: Steady
Subject has a workforce
of approximately 1,100 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 1,450,000,000 UAE Dh 1,580,000,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
National Bank
of Sharjah
Al Boorj Avenue
PO Box : 4
Sharjah
Tel : (971-6) 5547747
·
Citibank
Al Wahda Street
PO Box : 346
Sharjah
Tel : (971-6) 5722533
Fax : (971-6) 5373378
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction January
2005
Credit amount 156,000
Amount overdue 0
Payment terms 45
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
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.
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%)