MIRA
INFORM REPORT
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Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
DOWELL SCHLUMBERGER INTERNATIONAL INC |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, PO Box 17152, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
07.10.1992 |
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Legal Form : |
Branch of a
Foreign Registered Corporation |
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Line of Business : |
Import and
Distribution of Oil and Gas Field Equipment and Industrial Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DOWELL SCHLUMBERGER
INTERNATIONAL INC
Country of Origin : Panama
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 7th
October 1992
Trade Licence Number : 771
Chamber Membership Number : 25325
Issued Capital : UAE Dh
370,000
Paid up Capital : UAE Dh
370,000
Total Workforce : 15
Activities :
Import and distribution of oil and gas field equipment and industrial
chemicals
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 150,000
COMPANY NAME
DOWELL SCHLUMBERGER INTERNATIONAL INC
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 17152
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8836092
Facsimile : (971-4)
8835242
Email : raghu@dubai.dowell.slb.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Jebel Ali Free Zone.
Branch Office (s)
Location Description
· Dubai World Trade
Centre, 9th Floor Rented
office premises
PO Box: 9261
Dubai
Tel: (971-4) 3067777 / 3313976
Fax: (971-4) 3067199 / 3313764
KEY PRINCIPALS
Name Nationality Position
· Nuaman Rashid British General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 7th
October 1992
Legal Form : Subject is the
United Arab Emirates registered branch of Dowell Schlumberger
International Inc,
a Limited Liability Company incorporated in Panama.
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 Panama.
Trade Licence No. : 771 (Expires 24/07/2008)
Chamber Member No. : 25325
Issued Capital : UAE Dh 370,000
Paid up Capital : UAE Dh 370,000
OPERATIONS
Activities: Engaged in the import and distribution of oil and gas field equipment
and industrial chemicals, including
additives for oil well drilling, defoamers and anti-corrosion products.
Import Countries: Europe and the United States of America.
Operating Trend: Steady
Subject has a workforce of 15 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales UAE
Dh 8,375,000 UAE Dh
9,600,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
Acc No.
1-2280736-01
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1992, subject is involved in the import and distribution
of oil and gas field equipment and industrial chemicals.
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.
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%)