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Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
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Name : |
PETROCHEM MIDDLE EAST FZE |
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Registered Office : |
Sheikh Zayed Road, Roundabout No. 7 Jebel Ali Free Zone, Lob No. 4,
Office No. 4G-18 PO Box17028 & 23910 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
20.06.1995 |
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Com. Reg. No.: |
130 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import, export, marketing and distribution of chemicals. |
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No. of Employees : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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UAE |
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 |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy
with a high per capita income and a sizable annual trade surplus. Successful efforts
at economic diversification have reduced the portion of GDP based on oil and
gas output to 25%. Since the discovery of oil in the UAE more than 30 years
ago, the UAE has undergone a profound transformation from an impoverished
region of small desert principalities to a modern state with a high standard of
living. The government has increased spending on job creation and
infrastructure expansion and is opening up utilities to greater private sector
involvement. In April 2004, the UAE signed a Trade and Investment Framework
Agreement with Washington and in November 2004 agreed to undertake negotiations
toward a Free Trade Agreement with the US, however, those talks have not moved
forward. The country's Free Trade Zones - offering 100% foreign ownership and
zero taxes - are helping to attract foreign investors. The global financial
crisis, tight international credit, and deflated asset prices constricted the
economy in 2009. UAE authorities tried to blunt the crisis by increasing
spending and boosting liquidity in the banking sector. The crisis hit Dubai
hardest, as it was heavily exposed to depressed real estate prices. Dubai
lacked sufficient cash to meet its debt obligations, prompting global concern
about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the
largest shares. In December 2009 Dubai received an additional $10 billion loan
from the emirate of Abu Dhabi. The economy is expected to continue a slow
rebound. Dependence on oil, a large expatriate workforce, and growing inflation
pressures are significant long-term challenges. The UAE's strategic plan for
the next few years focuses on diversification and creating more opportunities
for nationals through improved education and increased private sector
employment.
Source : CIA
Company Name : PETROCHEM MIDDLE EAST FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 20th June 1995
Commercial Registration Number : 130
Trade Licence Number : 7177
Chamber Membership Number : 34479
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Total Workforce : 120
Activities : Import, export, marketing and distribution of chemicals.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hussaini Wasi, Finance Manager
PETROCHEM MIDDLE EAST FZE
Street : Sheikh Zayed
Road, Roundabout No. 7
Area : Jebel Ali Free
Zone, Lob No. 4, Office No. 4G-18
PO Box :
17028 & 23910
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8839222
/ 8835871
Facsimile : (971-4)
8834133
Email : logistics@petrocheme.com
/ info@petrocheme.com
Subject operates from a suite of offices and warehousing facilities with
a storage capacity of 11,000 metric tonnes that are rented and located in the
Jebel Ali Free Zone.
Branch Offices
Location Description
· Dubai Office
premises
Tel: (971-4) 3329192
Fax: (971-4) 3329200
Name Position
· Yogesh Mehta Managing
Director
· Hussaini Wasi Finance
Manager
· Venu Gopal Nayar Sales
Manager
· Satyabrata
Mukherjee Terminal
Manager
· Nazir Batri Logistics
Manager
· Ramesh Mahjan Operations
Manager
· Udaya Kumar IT
Manager
Date of
Establishment : 20th
June 1995
Legal Form : Free Zone Establishment
– FZE
Commercial Reg.
No. : 130
Trade Licence No. : 7177
Chamber Member No. : 34479
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
· Petrochem Gulf
Holdings Ltd 100%
Bermuda
· Petrochem Middle
East LLC
City Tower II,
Office No. 1603
Sheikh Zayed Road
PO Box: 23910
Dubai
Tel: (971-4)
3329192
Fax: (971-4)
3329200
Email: sales@petrocheme.com
Membership No. 34789
Activities: Engaged in the
import, export, marketing and distribution of chemicals, raw materials, oil
field supplies,
industrial solvents, paints and varnishes,
as well as construction chemicals. Subject has a product range of over 180
types of chemicals and exports over 120,000 metric tonnes per annum.
The company are distributors for:
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ARCO Chemicals - Petro SA
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Cray Valley - Lyondell
- KAO
Chemicals - Anupam
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Tego Chemie - Merisol
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Sasol Solvents - Petro SA
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Borealis BP - Polimeri Europa
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Reliance India - Shell
Subject is ISO 9001 & 4001 accredited.
Import Countries: Europe, Asia and the United States of America
Export Countries: Subject exports chemicals to approximately 25 countries
throughout the GCC region, Middle East, India, Asia and Europe.
Operating Trend: Steady
Subject has a workforce of 120 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales UAE
Dh 940,000,000 UAE Dh
1,000,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Hussaini Wasi, Finance Manager
·
The Standard Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Dubai
Tel: (971-4) 8856600
Acc No. 01-70935945-01
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
Acc No.
020-154795-100 & 020-154795-001
No complaints regarding subject’s payments have been reported.
Petrochem Middle East FZE was established in 1995 and specialises in the
import, export, marketing and distribution of various chemicals. It deals with
a number of well known international suppliers and exports over 120,000 metric
tonnes of products per annum.
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.55.08 |
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|
1 |
Rs.89.53 |
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Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
-- |
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.