MIRA INFORM REPORT

 

 

Report Date :           

12.07.2011

 

IDENTIFICATION DETAILS

 

Name :

GULF PETROCHEM FZC

 

 

Registered Office :

Hamriyah Free Zone, Plot No. 2I, Refinery 2, P O Box 41506, Sharjah

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

03.03.1998

 

 

Com. Reg. No.:

837

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Processing and refining of lubricants, oils and greases

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 1,500,000

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : GULF PETROCHEM FZC

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Free Zone Company - FZC

Registration Date                                   : 3rd March 1998

Commercial Registration Number            : 837

Trade Licence Number                            : 7

Issued Capital                                        : UAE Dh 160,000,000

Paid up Capital                                      : UAE Dh 160,000,000

Total Workforce                                     : 170

Activities                                               : Processing and refining of lubricants, oils and greases

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,500,000

Person Interviewed                                 : Narindira Modi, Finance Manager

 

COMPANY NAME

 

GULF PETROCHEM FZC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Hamriyah Free Zone, Plot No. 2I, Refinery 2

PO Box             : 41506

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5263773 / 7488140

Facsimile          : (971-6) 5263778 / 7487483

Mobile               : (971-55) 2245123 / 2245213

Email                : mail@gulfpetrochem.com / gepco@emirates.net.ae

 

Premises

Subject operates from a medium sized suite of offices and a refinery that are rented and located in the Hamriyah Free Zone.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Ashok Goyel                                                 Indian                            Managing Director

 

·       Sudair Goyel                                     Indian                            Director

 

·       Manen Goyel                                                Indian                            Director

 

·       Prerit Goyel                                                  Indian                            Director

 

·       Harsh Sinha                                                      -                               General Manager

 

·       Geraled Babu                                                    -                               Administration Manager

 

·       Narindira Modi                                                   -                               Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd March 1998

 

Legal Form                  : Free Zone Company - FZC

 

Commercial Reg. No.  : 837

 

Trade Licence No.       : 7

 

Issued Capital              : UAE Dh 160,000,000

 

Paid up Capital            : UAE Dh 160,000,000

 

Name of Shareholder (s)                                         Percentage

 

·       Sudair Goyel                                                 44%

 

·       Prerit Goyel                                                              24%

 

·       Manen Goyel                                                            18%

 

·       Ashok Goyel                                                             14%

 

 

OPERATIONS

 

Activities: Engaged in the processing and refining of lubricants, oils, greases and bitumen.

 

Subject activities include storage, leasing and bunkering services.

 

Subject is still in the process of completing its storage facilities which will be located in Fujairah and are            expected to be completed by the end of 2012.

 

Import Countries: Europe and GCC countries

 

Operating Trend: Steady

 

Subject has a workforce of 170 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                                        Year Ending 31/12/10:

 

Total sales                                                        UAE Dh 1,300,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures were confirmed by Narindira Modi, Finance Manager

 

BANKERS

 

·       HSBC Bank Middle East

PO Box: 25

Sharjah

Tel: (971-6) 5537222

Fax: (971-6) 5537880

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1998, Gulf Petrochem FZC is involved in the processing and refining of lubricants, oils, greases and bitumen.

 

Subject’s head office and grease plant caught fire on 2nd of April 2011. As a result they have had to move to temporary premises but hope to return to their own premises by 2012. They were originally located at Plot 2 J, Refinery 1.

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.37

UK Pound

1

Rs.70.84

Euro

1

Rs.62.96

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.