MIRA
INFORM REPORT
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Report Date : |
19.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
PETROCHEM MIDDLE
EAST FZE |
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Registered Office : |
Sheikh Zayed
Road, Roundabout No. 7, Jebel Ali Free Zone, Lob No. 4, Office No. 4G-18, P O
Box 17028, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
February 1995 |
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Legal Form : |
Free Zone Establishment –
FZE |
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Line of Business : |
Engaged in the import,
export, marketing and distribution of chemicals, raw materials, oil field
supplies, industrial solvents, paints and varnishes, as well as construction
chemicals. |
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$ 1,300,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : PETROCHEM MIDDLE EAST
FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Free
Zone Establishment - FZE
Registration Date : February
1995
Trade Licence Number : 7177
Membership Number : 34479
Issued Capital : UAE Dh
2,000,000
Paid up Capital : UAE Dh
2,000,000
Total Workforce : 60
Line of Business : Import,
export, marketing and distribution of chemicals.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
PETROCHEM MIDDLE
EAST FZE
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road, Roundabout
No. 7
Area : Jebel Ali Free Zone, Lob No.
4, Office No. 4G-18
PO Box : 17028
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8839222 / 8835871
Facsimile : (971-4) 8834133
Email : logistics@petrocheme.com
Premises
Subject operates
from a suite of offices and warehousing facilities with a storage capacity of
11,000 metric tonnes that are rented and located in the Jebel Ali Free Zone.
KEY PRINCIPALS
·
Yogesh Mehta Managing
Director
·
Hooseini Vasi Finance
Manager
·
Venu Nayar Sales
Manager
·
Satyabrata
Mukherjee Terminal
Manager
·
Harshad
Upadhyay Logistics
Manager
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Mr Udayakumar IT
Manager
·
Mrs Priscilla
Khambatta Human
Resources Manager
LEGAL FORM & OWNERS
Date of Establishment : February 1995
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Trade Licence No. : 7177
Membership No. : 34479
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Name of Shareholder (s) Percentage
·
Petrochem Gulf
Holdings Ltd 100%
Bermuda
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
·
Petrochem
Middle East LLC
City Tower II, Office No. 1603
Sheikh Zayed Road
PO Box: 23910
Dubai
Tel: (971-4) 3329192
Fax: (971-4) 3329200
Email: sales@petrocheme.com
Membership No. 34789
LINE OF BUSINESS
Operations: Engaged in the import, export, marketing
and distribution of chemicals, raw materials, oil field supplies, industrial
solvents, paints and varnishes, as well as construction chemicals. Subject has
a product range of over 180 types of chemicals and exports over 120,000 metric
tonnes per annum.
The company are distributors for:
- ARCO Chemicals -
Petro SA
- Cray Valley - Lyondell
- KAO Chemicals - Anupam
- Tego Chemie - Merisol
- Sasol Solvents - Petro SA
- Borealis BP - Polimeri Europa
- Reliance India -
Shell
Import
Countries: Europe, Asia and
the United States of America.
Export Countries:
Subject exports chemicals to approximately 25
countries throughout the GCC region, Middle East, India, Asia and Europe.
Operating Trend: Steady
Subject has a
workforce of approximately 60 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 Sales UAE Dh
33,590,000 UAE Dh
35,200,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
The Standard
Chartered Bank
Jebel Ali Free Zone
PO Box : 999
Dubai
Tel : (971-4) 8856600
·
HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
A/C No. 020-154795-100 &
020-154795-001
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction November 2005
Credit amount 250,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Petrochem Middle
East FZE was established in 1995 and specialises in the import, export,
marketing and distribution of various chemicals. It deals with a number of well
known international suppliers and exports over 120,000 metric tonnes of
products per annum.
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$ 1,300,000
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%)