MIRA INFORM
REPORT
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Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
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Name : |
GULF OIL MIDDLE EAST LTD |
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Registered Office : |
Jebel Ali Free
Zone, P O Box 17068, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
10.06.1986 |
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Com. Reg. No.: |
42468, Dubai |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Processing, blending, marketing and distribution of lubricating oil, lubricants and greases |
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$ 1,500,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 : GULF OIL MIDDLE EAST LTD
Country of Origin : Cayman Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 10th June 1986
Commercial Registration Number : 42468, Dubai
Trade Licence Number : 208112
Chamber Membership Number : 11633
Issued Capital : UAE Dh 2,500,000
Paid up Capital : UAE Dh 2,500,000
Total Workforce : 90
Activities :
Processing, blending, marketing and distribution of
lubricating oil,
lubricants and greases.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 1,500,000
Person Interviewed : B D Agrawal, Chief Financial Officer
COMPANY NAME
GULF OIL MIDDLE
EAST LTD
company ADDRESS
Registered & Physical Address
Location : Jebel Ali Free Zone
PO Box : 17068
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8836081
Facsimile : (971-4) 8836080
Email : gameluae@emirates.net.ae
Premises
Subject operates from
a suite of offices and a factory covering 25,000 square metres that are rented
and located in the Jebel Ali Free Zone Area of Dubai.
Branch Office (s)
Location Description
·
PO Box:
9109 Sales
office & warehouse
Abu Dhabi
Tel: (971-2) 5515751
Fax: (971-2) 5515752
·
PO Box:
2390 Sales
office & warehouse
Fujairah
Tel: (971-9) 2223411
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PO Box:
17947 Sales
office & warehouse
Al Ain
Tel: (971-3) 7219560
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Ras Al
Khaimah Free Zone Sales
office & warehouse
PO Box: 34706
Ras Al Khaimah
Tel: (971-7) 2434011
KEY PRINCIPALS
Name Position
·
V.
Ramesh Rao Managing
Director
·
B D Agrawal Chief
Financial Officer
·
Nasruddin
Abdulaziz Mujahed Ammar General
Manager
·
Mohamed
Yunus Technical
Manager
·
Tarek
Marzouk Finance
Manager
·
Gimmiy
Bhade Plant
Manager
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Sanjay
Pratap Singh Marketing
Manager
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Deodita Vaz Administration
Manager
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M V
Sajan Retail
Sales Manager
LEGAL FORM & OWNERS
Date of Establishment : 10th
June 1986
Legal Form :
Subject is the United Arab
Emirates registered branch of Gulf Oil Middle East Ltd, a Limited Liability Company
incorporated in the Cayman Islands.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays
in the hands of the company where it is originally
registered.
Under these circumstances, we
strongly advise that any international trade credit should
only be written under the name
of the main company where the subject holds its registered office, in this case
the Cayman Islands.
Commercial Reg. No. : 42468, Dubai
Trade Licence No. : 208112
Chamber Member No. : 11633
Issued Capital : UAE Dh 2,500,000
Paid up Capital : UAE Dh 2,500,000
OPERATIONS
Activities: Engaged in the
processing, blending, marketing, and distribution of lubricating oil,
lubricants and greases for automotive and marine use.
Gulf Oil Middle East Ltd, recently signed an agreement
with Ergon Europe and MEA Incorporated for distribution of ERGON branded high
performance naphthenic transformer oils in the GCC area. With this, GOMEL has
become the first facility in the Middle East to process and pack Naphthenic
Transformer Oils. Made completely out of imported raw materials from Ergon
Refining, USA, subject intends to service the
growing power sector in the GCC Area.
Subject has been ISO 9002 certified.
Import
Countries: United Kingdom
and Germany.
Subject has a
workforce of 90 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
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Gulf Oil Middle East
Ltd is well established in the local market with operations dating back over 20
years. The company specialises in the processing,
blending, marketing, and distribution of lubricating oil, lubricants and
greases for automotive and marine use.
Gulf Oil Middle East Ltd, has acquired a further blending plant close to its existing facility. The Al Daheera Lubricating Oil factory is in the Jebel Ali Free Zone.
The new facility
has a land area of just over 4 acres; storage capacity of 7200 MT, a blending
capacity of 2000 kl per month and it has two pipelines (one piggable) connected
directly to the Jebel Ali free port. This factory is 10 years old and is just
0.5 km away from the present plant.
GOMEL plans to use
this opportunity to commence Naphthenic transformer oil manufacture in a new
tie up with one of the leaders in the industry. It has also plans to put a
specialty grease manufacturing plant in this facility as well as an injection
and blow-moulding unit for in-house consumption. GOMEL will also put extra
storage tanks for terminal purposes.
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.45.28 |
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UK Pound |
1 |
Rs.73.30 |
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Euro |
1 |
Rs.63.61 |
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.