MIRA INFORM
REPORT
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Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
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Name : |
PETROFAC INTERNATIONAL LTD |
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Registered Office : |
Crystal Plaza, 17th
Floor, Suite 1704, Al Majaz Cornich Al Buhaira, P O Box 23467, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.11.1992 |
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Com. Reg. No.: |
23153, Sharjah |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Provision of petroleum engineering contracting services |
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$ 21,000,000 |
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Status : |
Good |
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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
|
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 : PETROFAC INTERNATIONAL LTD
Country of Origin : Jersey
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 17th November 1992
Commercial Registration Number : 23153, Sharjah
Trade Licence Number : 214915
Chamber Membership Number : 30546
Issued Capital : UAE Dh 18,400,000
Paid up Capital : UAE Dh 18,400,000
Total Workforce : 1,100
Activities : Provision of petroleum engineering contracting services
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 21,000,000
Person Interviewed : Manoj Thomas, Administration Manager
COMPANY NAME
PETROFAC INTERNATIONAL LTD
company ADDRESS
Registered & Physical Address
Building : Crystal Plaza, 17th
Floor, Suite 1704
Area : Al Majaz Cornich Al Buhaira
PO Box : 23467
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5740999
Facsimile : (971-6) 5740099 / 5721005
Email : epc@petrofac.com / pfishj1@emirates.net.ae
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Sharjah.
Branch Office (s)
Location Description
·
Jebel Ali Free Zone, Building 16, 1st Floor, Office
16133 Rented office
premises
PO Box: 234
Dubai
·
Petrofac House Operational
centre
Al Khan Road
Sharjah
KEY PRINCIPALS
Name Position
·
Ayman
Asfari President
·
Maroun
Semaan Chief
Executive Officer
·
Rajesh
Verma Operations
Manager
·
Marwan
Chedid Commercial
Manager
·
Manoj Thomas Administration
Manager
·
Rohit Beri Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 17th
November 1992
Legal Form :
Subject is the United Arab
Emirates registered branch of Petrofac Limited, a Limited Liability Company
incorporated in Jersey.
Petrofac International Ltd in
the United Arab Emirates, operates as a Branch of a Foreign Registered
Corporation with its registered office located at the following address:
Petrofac UK Ltd
Whitely Chamber
Don Street
St Helier
Jersey
United Kingdom
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 Jersey.
Commercial Reg. No. : 23153,
Sharjah
Trade Licence No. : 214915
Chamber Member No. : 30546
Issued Capital : UAE Dh 18,400,000
Paid up Capital : UAE Dh 18,400,000
AFFILIATED COMPANIES
·
Petrofac
LLC
1021 ESE Loop 323
PO Box: 131859
Tyler
Texas
United States of America
Tel: (1-903) 5818755
Fax: (1-903) 5092324
·
Petrofac
International Ltd
Salwa Industrial Area
PO Box: 4404
Doha
Qatar
Tel: (974) 44776543
Fax: (974) 44776543
OPERATIONS
Activities: Subject is engaged in the provision of
petroleum engineering contracting services, specialising in the
following areas:
- Process Engineering
- Detailed Design
- Procurement & Logistics
- Project Management
- Fabrication
- Construction & Commissioning
Import
Countries: United States of
America and Europe.
Operating Trend: Steady
Subject has a workforce
of approximately 1,100 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales UAE Dh
5,000,000,000 UAE Dh
5,380,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Manoj Thomas,
Administration Manager
BANKERS
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
·
Citibank
Al Wahda Street
PO Box: 346
Sharjah
Tel: (971-6) 5722533
Fax: (971-6) 5373378
·
Standard
Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel: (971-6) 5357788
Fax: (971-6) 5543604
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction January 2005 August 2007 May 2008
Credit amount 156,000 150,000 1,500,000
Amount overdue 0 0 0
Payment terms 45
days 60 days 90 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Pounds
Sterling US Dollars US Dollars
GENERAL COMMENTS
Petrofac
International Ltd was registered in Sharjah during 1992 and specialises in the provision
of petroleum engineering contracting services. It has gained an excellent
reputation for the quality of its services.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.10 |
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UK Pound |
1 |
Rs.74.27 |
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Euro |
1 |
Rs.64.35 |
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.