MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
OIL TECH LLC |
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Registered Office : |
Modern Industrial
Area, PO Box 2309, Umm Al Quwain |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
04.10. 2005 |
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Com. Reg. No.: |
5539 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of Base Oils and Lubricants |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : OIL TECH LLC
Country of Origin : Umm Al Quwain, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 4th October 2005
Commercial Registration Number : 5539
Trade Licence Number : 117847
File Number : 355
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 70
Activities : Manufacture of base oils and lubricants.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 100,000
COMPANY NAME
OIL TECH LLC
ADDRESS
Registered & Physical Address
Location : Modern Industrial Area
PO Box : 2309
Town : Umm Al Quwain
Country : United Arab Emirates
Telephone : (971-6) 5615825
Facsimile : (971-6) 5615257
Email : anand@oiltechllc.ae
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Umm Al Quwain.
KEY PRINCIPALS
Name Nationality Position
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Mazhar
Ali Sayed Indian Managing
Director
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Sanjev
Agrawal Indian Director
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Abdullah
Maskhan Emirati Director
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Ravi
Varma - Finance
Manager
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Gorav
Agrawal Indian Production
Manager
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Anand
Agrawal Indian Purchasing
Manager
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Javid
Sayed Indian Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 4th
October 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 5539
Trade Licence No. : 117847 (Expires 10/10/2008)
File No. : 355
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Abdullah
Maskhan 51%
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Mazhar
Ali Sayed ]
] 49%
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Sanjev
Agrawal ]
OPERATIONS
Activities: Engaged in the manufacture of base oils and
lubricants.
Import
Countries: India, Japan and
China
Subject has a
workforce of 70 employees.
FINANCIAL DATA
Companies
registered in Umm Al Quwain, 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.
Subject
has just finished the installation of their plant, and started commercial
production only one month ago.
BANKERS
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Emirates Bank
International Ltd
King Faisal Road
PO Box : 315
Umm Al Quwain
Tel : (971-6) 7656050
Fax : (971-6) 7656005
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
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GENERAL COMMENTS
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%)