MIRA INFORM
REPORT
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Report Date : |
25.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
PETROGAS PIPING MIDDLE EAST FZCO |
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Registered Office : |
Plot No. S20303,
Sheikh Zayed Road, Jebel Ali Free Zone, PO Box 261457, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
15.09.2005 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and Distribution of Pipes, Fittings, Flanges,
Valves, Gaskets and Stud Bolts |
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 : PETROGAS PIPING MIDDLE EAST FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 15th September 2005
Trade Licence Number : 5851
Chamber Membership Number : 100984
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 25
Activities : Import and distribution of pipes, fittings, flanges, valves, gaskets and stud bolts
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 100,000
COMPANY NAME
PETROGAS PIPING
MIDDLE EAST FZCO
ADDRESS
Registered & Physical Address
Building : Plot No. S20303
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 261457
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8862818 / 3978622
Facsimile : (971-4) 8862872 / 3978441
Email : sales@pgp.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone, Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Saifuddin
Zakir Indian Managing Director
·
Mr Nazmuddin Indian Director
LEGAL FORM & OWNERS
Date of Establishment : 15th
September 2005
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 5851
(Expires 14/09/2009)
Chamber Member No. : 100984
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
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Saifuddin
Zakir
·
Mr Nazmuddin
·
MVHA Ltd
United Kingdom
OPERATIONS
Activities: Engaged in the import and distribution of pipes,
fittings, flanges, valves, gaskets and stud bolts.
Import
Countries: India and China
Subject has a
workforce of 25 employees.
FINANCIAL DATA
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
·
HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.25 |
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UK Pound |
1 |
Rs.85.92 |
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Euro |
1 |
Rs.68.11 |
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%)