MIRA INFORM REPORT

 

 

Report Date :

02.06.2012

 

IDENTIFICATION DETAILS

 

Name :

UNITED ENERGY PAKISTAN LIMITED

 

 

Registered Office :

Suite 307, Saint James Court, St. Denis, Street, Port Louis, Republic of Mauritius

 

 

Country :

Pakistan

 

 

Year of Establishment :

06.07.2011

 

 

Com. Reg. No.:

0076488

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in Oil and Gas Exploration and Production in Pakistan

 

 

No. of Employees :

100

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

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)

Pakistan

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

                                                                                               

Business Name

 

 UNITED ENERGY PAKISTAN LIMITED

 

 

Full Address       

 

Branch Office

House No. 26, Main Margalla Road, Sector F-6/3, Islamabad, Pakistan

                       

Tel #

92 (21) 2112015 - 16

Fax #

92 (21) 2112108

 

 

Short Description Of Business

 

a.

Nature of Business        

Engaged in Oil and Gas Exploration and Production in Pakistan

b.

Year Established

July 06, 2011

c.

Registration #

0076488

 

 

Other Branches

(Pakistan)

           

3rd Floor, Bahria Complex No. 1,

24 Moulvi Tamizuddin Khan Road,

Karachi, Pakistan

 

 

Registered Office

 

Suite 307, Saint James Court, St. Denis

Street, Port Louis , Republic of

Mauritius

 

 

Auditors

 

A.F. Ferguson & Co.

(Chartered Accountants)

 

 

 

Legal Status

 

United Energy Pakistan Limited was incorporated with limited liability in Mauritius

 

 

Details of Management

 

Names

Designation

Mr. Lin Yang

 

Mr. Fung Kong Yune Kim

 

Mr. Zhang Hong Wei

 

Ms. Zhang Meiying

 

Mrs. Mehnaz A. Rasool

Managing Director

 

Director

 

Director

 

Director

 

Director

 

 

Shareholders                

 

Names

Shareholding (%)

United Energy Group Limited, Mauritius

100

 

 

Associated Companies

 

(1) United Energy Group, Worldwide.

 

 

Number of Employees

 

100

 

 

Group Profile   

 

UEPL is a subsidiary of United Energy Group (UEG) a Hong Kong listed company engaged in oil and gas exploitation. UEG is primarily engaged in the upstream oil and gas business, including exploration, development and production of crude oil and natural gas and the provision of patented technologies in oilfield supporting services in China and Indonesia. The company has a joint venture partnership with China National Petroleum Company (CNPC) in one of its energy projects in China. UEG is also currently evaluating several projects in North America, South America and Central Asia. The acquisition of these assets is its first venture in Pakistan. UEG is keen to grow its Pakistan business making this a promising move forward for all stakeholders associated with the assets purchased. The backdrop of Pak-China diplomatic ties is another positive, providing UEG a strong relationship advantage with Pakistan.

 

 

Annual Sales Volume

(For Two Years)

 

Years

In Pak Rupees

2011

Not ascertained as the subject is a new Company

 

 

Trade Suppliers

(Foreign)

 

Various International

 

 

Capacity & Production

 

Considering the nature of the Company’s business, it is impracticable to provide the information regarding capacity.

 

 

Customers

 

Mainly Oil & Gas Companies, Refineries etc

 

 

Bankers

 

(1) Habib Bank Limited, Pakistan.

(3) Standard Chartered Bank, Pakistan.

(4) Habib Metropolitan Bank Limited, Pakistan.

(5) Barclays Bank PLC, Pakistan.

 

 

Company’s Contribution In Oil & Gas Exploration In Pakistan

 

United Energy Pakistan Limited (UEPL) focuses primarily on exploration and production of oil and gas, currently producing ~120 MMSCFD of Gas and ~7,000 Barrels of Oil from Sindh Province. UEPL is a significant player in Pakistan’s energy industry with an onshore footprint of more than 10,000 square kilometres and the largest offshore acreage given to any E&P company, situated in Deep Waters ~200 KM from Karachi. In addition to exploration and production the company is exploring investment options in other forms of energy including Renewable.

           

 

Memberships

 

All Pakistan Petroleum Exploration and Production Companies Association. (PPEPCA)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 92.75

UK Pound

1

           Rs. 145.30

Euro

1

           Rs. 115.80

 

 

Comments

 

Subject Company is well known and directors are resourceful and experienced businessmen. Payments to creditors etc are reported as normal. Company can be considered for normal business dealings at usual trade terms and conditions.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.92

UK Pound

1

Rs.86.03

Euro

1

Rs.69.13

 

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.