MIRA INFORM REPORT

 

 

Report Date :           

11.01.2012

 

IDENTIFICATION DETAILS

 

Name :

ARABIAN OILFIELD SUPPLIES & SERVICES DMCC

 

 

Registered Office :

Tiffany Tower, Suite 605-607, Plot W2, Jumeirah Lakes Towers, P O Box 34487, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

19.07.2011

 

 

Legal Form :

Free Zone Limited Liability Company

 

 

Line of Business :

Distributors of oilfield equipment and provision of oil services.

 

 

No. of Employees :

15

 

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$ 150,000

 

 

Status :

Satisfactory

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : ARABIAN OILFIELD SUPPLIES & SERVICES DMCC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Limited Liability Company – FZ LLC

Start Date                                             : 2003

Registration Date                                   : 19th July 2011

Trade Licence Number                            : 31777

Chamber Membership Number                : 197636

Issued Capital                                        : UAE Dh 100,000

Paid up Capital                                      : UAE Dh 100,000

Total Workforce                                     : 15

Activities                                               : Distributors of oilfield equipment and provision of oil services.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 150,000

 

COMPANY NAME

 

ARABIAN OILFIELD SUPPLIES & SERVICES DMCC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Tiffany Tower, Suite 605-607, Plot W2, Jumeirah Lakes Towers

PO Box             : 34487

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 4225707

Facsimile          : (971-4) 4201055

Email                : aossfze@eim.ae

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                              Nationality                               Position

 

·       Koshi Venod                                     Indian                                        Managing Director

 

·       Samir Ved                                        Indian                                        Director

 

·       Iftikhar Ali                                             -                                           Operations Manager

 

·       Sanu Roney                                          -                                           Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2003, however subject was registered on 19th July 2011

 

Legal Form                  : Free Zone Limited Liability Company – FZ LLC

 

Trade Licence No.       : 31777 (Expires 18/07/2012)

 

Chamber Member No. : 197636

 

Issued Capital              : UAE Dh 100,000

 

Paid up Capital            : UAE Dh 100,000

Name of Shareholder (s)

·       Koshi Venod

·       Samir Ved

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of oilfield equipment, casing, tubing, line pipe, drill bits, valves,

                  flanges, fittings, drilling equipment and provision of mud logging, cementing well testing services and

    off road transportation and rig moves.

 

                 Subject is ISO 9001:2008 accredited.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of 15 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

 

·       National Bank of Dubai

Baniyas Street

     PO Box: 777

     Dubai

     Tel: (971-4) 2222241

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.23

UK Pound

1

Rs.80.84

Euro

1

Rs.66.79

 

 

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.