MIRA INFORM REPORT

 

 

Report Date :

11.07.2012

 

IDENTIFICATION DETAILS

 

Name :

OILFIELD SUPPLY CENTER LTD

 

 

Registered Office :

Nashwan Building, Al Mankhool Road, Al Rifaa, P O Box  1518, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

07.01.1976

 

 

Legal Form :

Government Corporation

 

 

Line of Business :

Providers of offshore and onshore logistics services to the oil and gas

 

 

No. of Employees :

1,650

 

 

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                                     : OILFIELD SUPPLY CENTER LTD

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Government Corporation

Registration Date                                   : 7th January 1976

Trade Licence Number                            : 205345

Chamber Membership Number                : 1625

Issued Capital                                        : UAE Dh 10,000,000

Paid up Capital                                      : UAE Dh 10,000,000

Total Workforce                                     : 1,650

Activities                                               : Providers of offshore and onshore logistics services to the oil and gas

                                                              sectors.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Pascal Almeida, Finance Manager

 

 

COMPANY NAME

 

OILFIELD SUPPLY CENTER LTD

 

 

company ADDRESS

 

Registered Address

Building             : Nashwan Building

Street               : Al Mankhool Road

Area                 : Al Rifaa

PO Box             : 1518

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3984323

 

Physical Address

Building             : Building No. 3

Area                 : Jebel Ali Free Zone, Plot No. B-48

PO Box             : 2851

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8054215 / 8836800 / 8054270 / 8100322

Facsimile          : (971-4) 8839669

Email                : osc@oscdubai.com / accounts@oscdubai.com

 

Premises

Subject operates from a large suite of offices that are rented and located in the Jebel Ali Free Zone, Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                                                          Position

 

·       Hamdan Bin Rashid Al Maktoum                                                                    Chairman

 

·       Iqbal Mohamed Abdulla Abedin                                                                       Managing Director

 

·       John Robert Ellis                                                                                           General Manager

 

·       Tariq E Abbas                                                                                               Administration Manager

 

·       Mohamed Al Ahmed                                                                                      Planning & Development Manager

 

·       Pascal Almeida                                                                                             Finance Manager

 

·       Allah Bkash Malik                                                                                         Human Resources Manager

 

·       Ibrahim Abdulla Hassan Ali Al Ali                                                                    Logistics Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 7th January 1976

 

Legal Form                  : Government Corporation

 

Trade Licence No.       : 205345

 

Chamber Member No. : 1625

 

Issued Capital              : UAE Dh 10,000,000

 

Paid up Capital            : UAE Dh 10,000,000

 

Name of Shareholder (s)                                         Percentage

·       Government of Dubai                                                 100%

 

 

OPERATIONS

 

Activities: Engaged in the provision of offshore and onshore logistics services to the oil and gas sector. Subject

provides clearing, forwarding, warehousing, distributing, third party cargo handling services, provision of personnel services and workshop vehicles.

 

Subject has a workforce of approximately 1,650 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

 

·       Commercial Bank of Dubai

Baniyas Street

Deira

PO Box: 1709

Dubai

Tel: (971-4) 2227121 / 2253222

Fax: (971-4) 2220943 / 2254565

 

·       Commercial Bank International

Al Rigga Street

PO Box: 4449

Dubai

Tel: (971-4) 2275265

Fax: (971-4) 2279039

Acc No. 1000076230

 

 

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.55.81

UK Pound

1

Rs.86.53

Euro

1

Rs.68.58

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.