MIRA INFORM
REPORT
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Report Date : |
26.08.2011 |
IDENTIFICATION DETAILS
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Name : |
ITECO OILFIELD SUPPLY MIDDLE EAST FZE |
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Registered Office : |
Building No. 3, 2nd
Floor, Office No. 3213, Sheikh Zayed Road, Gold & Diamond Park, P O Box
17622, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
31.05.2000 |
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Com. Reg. No.: |
444, Dubai |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Import and distribution of pipes and fittings |
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$ 350,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United Arab Emirates |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
SUMMARY
Company Name : ITECO OILFIELD SUPPLY MIDDLE EAST FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 31st May 2000
Commercial Registration Number : 444, Dubai
Trade Licence Number : 2396
Chamber Membership Number : 57206
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 30
Activities : Import and distribution of pipes and fittings
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 350,000
Person Interviewed :
Ms Marlies Adam, Contract & Sales
Manager
COMPANY NAME
ITECO OILFIELD SUPPLY MIDDLE EAST FZE
company ADDRESS
Registered &
Physical Address
Building : Building No. 3, 2nd
Floor, Office No. 3213
Street : Sheikh Zayed Road
Area : Gold & Diamond Park
PO Box : 17622
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 5092600 / 5092605
Facsimile : (971-4) 5092700
Email : info@iteco-supply.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Gold
& Diamond Park, Dubai.
Branch Office
(s)
Location Description
·
Jebel Ali Free Zone Rented
warehouse premises
Dubai
Tel: (971-4) 8811667
Fax:
(971-4) 8811668
KEY PRINCIPALS
Name Nationality Position
·
Bart
Edward Duijndam Dutch Managing
Director
·
Ms Joanne O’ Donnell - General
Manager
·
Ms Marlies Adam - Contract
& Sales Manager
·
Nils Johannsen - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 31st
May 2000
Legal Form :
Free Zone Establishment -
FZE
Commercial Reg. No. : 444, Dubai
Trade Licence No. : 2396
(Expires 02/05/2012)
Chamber Member No. : 57206
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Maldini
Limited 100%
Cayman Island
OPERATIONS
Activities: Engaged in the import and distribution of
casing and tubing, fittings, drill pipes and line pipes, production and
drilling equipment.
Subject also offers supply
chain management as well as inspection and engineering services.
Import
Countries: Germany and the
Netherlands
Subject has a workforce
of 30 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.46.13 |
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UK Pound |
1 |
Rs.75.52 |
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Euro |
1 |
Rs.66.53 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.