MIRA
INFORM REPORT
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Report Date : |
03.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
PETROCHEMICAL
COMMERCIAL CO FZE |
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Registered Office : |
Jebel Ali Free
Zone, P O Box 17473, Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
1997 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the
export and marketing of petrochemical products as well as supplying chemicals
and raw materials required by petrochemical complexes. |
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 : PETROCHEMICAL COMMERCIAL CO FZE
Doing Business As : PCC FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 1997
Membership Number : 56137
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 9
Line of Business : Export and marketing of petrochemical products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
PETROCHEMICAL
COMMERCIAL CO FZE
DOING BUSINESS AS
PCC FZE
ADDRESS
Registered & Physical Address
Location : Jebel Ali Free Zone
PO Box : 17473
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8813191
Facsimile : (971-4) 8813614
Email : info@pccfze.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Jebel Ali Free
Zone.
Branch Office (s)
Location Description
·
Al Attar
Business Tower, Office No. 1501 – B Rented
office premises
Sheikh Zayed Road
Dubai
Tel: (971-4) 3311623
Fax: (971-4) 3311697
KEY PRINCIPALS
·
Saeed Mansouri Managing
Director
·
Thayyib Ahmed Finance
Manager
·
M. Rahimi Sales
& Marketing Manager
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Mrs Setareh
Haghighi Administration
Officer
LEGAL FORM & OWNERS
Date of Establishment : 1997
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Membership No. : 56137
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Iran
Petrochemical Commercial Co (IPCC) 100%
No. 1339 Valinejad Street
Vanak Square
PO Box: 19395/4619
Tehran
Iran
Tel: (98-21) 8839506
Fax: (98-21) 8827312
Email: pcc@iran.com
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.
AFFILIATED COMPANIES
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PCC UK
4 Victoria Street
London
United Kingdom
Tel: (44-207) 7991717
Fax: (44-207) 2330024
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Intra-Chem Trading ICT (GmbH)
22085 Hamburg
Germany
Tel:
(49-40) 2272230
Fax:
(49-40) 223972
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PCC Singapore
78 Shinton Way
Singapore
079120
Tel: (65)
2235560 / 2235179
Fax: (65)
2235907
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PCC China
Chao yang District
Beijing
China
Tel:
(86-10) 65995439
Fax:
(86-10) 65995438
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PCC India
99-A, Maker Tower 'F', 9th Floor
Cuffe,
Parade Colaba
Mumbai 400005
India
Tel: (91-22)
2164434 / 2160095 / 2187842
Fax:
(91-22) 2186615
·
PCC Moscow
Ulyanov Street
Moscow
Russia
Tel: (7-95) 9334317 / 9358637
LINE OF BUSINESS
Operations: Engaged in the export and marketing of
petrochemical products as well as supplying chemicals and raw materials
required by petrochemical complexes. The range of chemicals includes: Argon,
Butane, Caustic Soda, Methanol, Propane, Sulphur, and Urea.
Subject is ISO 9001 accredited.
Import
Countries: Iran, India, and
China.
Export Countries: Pakistan, Middle East and the Far East.
Subject has a
workforce of 9 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
·
The Standard
Chartered Bank
Jebel Ali Free Zone
PO Box : 999
Dubai
Tel : (971-4) 8856600
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1997, Petrochemical Commercial Co FZE, specialises in the export and marketing
of petrochemical products and related chemicals. The company is a subsidiary of
Iran Petrochemical Commercial Co (IPCC) which operates offices throughout the
world and is a leading concern in the sector.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
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%)