MIRA INFORM REPORT

 

 

Report Date :           

27.01.2012

 

IDENTIFICATION DETAILS

 

Name :

PETROFAC INTERNATIONAL (UAE) LLC

 

 

Registered Office :

Petrofac House, Al Khan Road, P O Box 23467, Sharjah

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

21.10.2008

 

 

Com. Reg. No.:

569307, Sharjah

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Exploration and extraction of oil and gas

 

 

No. of Employees :

120

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 7,000,000

 

 

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 – 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                                     : PETROFAC INTERNATIONAL (UAE) LLC

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 21st October 2008

Commercial Registration Number            : 569307, Sharjah

Trade Licence Number                            : 569307

Chamber Membership Number                : 86356

Issued Capital                                        : UAE Dh 7,500,000

Paid up Capital                                      : UAE Dh 7,500,000

Total Workforce                                     : 120

Activities                                               : Exploration and extraction of oil and gas

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 7,000,000

Person Interviewed                                 : Sisir Mukherjee, Financial Controller

 

COMPANY NAME

 

PETROFAC INTERNATIONAL (UAE) LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Petrofac House

Street               : Al Khan Road

PO Box             : 23467

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5740599 / 5740999 / 5173903

Facsimile          : (971-6) 5730467 / 5740099

Email                : faxg@petrofac.com

 

Premises

Subject operates from a medium sized suite of offices that are owned and located in the Central Business Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Maroun Semaan                                                                                President

 

·       Marwan Chedid                                                                                 Chief Executive Officer

 

·       Rajesh Verma                                                                                   Technical Manager

 

·       Samir Moawad                                                                                  Government Relations Officer

 

·       Nalesh Choudary                                                                               Finance Manager

 

·       Sisir Mukherjee                                                                                 Financial Controller

 

·       David Lufkin                                                                                      Business Development Manager

 

·       Tony Chebat                                                                                     Procurement Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st October 2008

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 569307, Sharjah

 

Trade Licence No.       : 569307 (Expires 20/10/2012)

 

Chamber Member No. : 86356

 

Issued Capital              : UAE Dh 7,500,000

 

Paid up Capital            : UAE Dh 7,500,000

 

Name of Shareholder (s)                                                    Percentage

 

·       Petrofac International Limited                                     99%

United Kingdom

 

·       Petrofac Limited                                                                      1%

United Kingdom

 

 

AFFILIATED COMPANIES

 

·       Petrofac International Ltd (Sharjah Branch)

Sharjah

 

·       Petrofac E&C International Ltd

Petrofac House

Al Khan Road

PO Box: 23467

Sharjah

Tel: (971-6) 5740599 / 5740999 / 5173903

Fax: (971-6) 5730467 / 5740099

 

 

OPERATIONS

 

Activities: Engaged in the exploration and extraction of oil and gas as well as general oil and gas contracting

                 services.

 

In December 2009 Petrofac International (UAE) LLC signed a contract with Turkmengas, the state-owned national gas company of Turkmenistan, to provide services in relation to the development of the South Yoloten gas field, situated approximately 400 km south east of the capital Ashgabat. The first phase of the contract, valued at approximately US$100 million, will involve Petrofac completing a front end engineering and design study for the Project together with initial planning and set-up studies. After satisfactory conclusion of the first phase, the contract contemplates moving into a second phase which will include the engineering, procurement and commissioning work for a 10 billion cubic metres per annum (bcma) gas processing facility along with the infrastructure and pipelines for the entire 20 bcma development.

 

Operating Trend: Steady

 

Subject has a workforce of 120 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 520,000,000                  UAE Dh 528,000,000

 

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

 

The above figures were provided by Mr Sisir Mukherjee, Financial Controller

 

 

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.

 

 

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.49.97

UK Pound

1

Rs.77.74

Euro

1

Rs.65.09

 

 

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.