MIRA INFORM REPORT

 

 

Report Date :

30.06.2012

 

IDENTIFICATION DETAILS

 

Name :

CYGNUS PETROLEUM FZE

 

 

Registered Office :

Block A, Suite No. 21 Fujairah Free Zone PO Box 50048 Fujairah

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

17.11.2011

 

 

Com. Reg. No.:

11FZE1001

 

 

Legal Form :

Free Zone Establishment - FZE

 

 

Line of Business :

Distributors of petroleum products, fuel gas, gas oil and naphtha, RMG 180 and RME 380.

 

 

No. of Employees :

4

 

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)

UAE

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                                     : CYGNUS PETROLEUM FZE

Country of Origin                                    : Fujairah, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 17th November 2011

Commercial Registration Number            : 11FZE1001

Trade Licence Number                            : 2923

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 4

Activities                                               : Distributors of petroleum products, fuel gas, gas oil and naphtha, RMG 180 and RME 380.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

CYGNUS PETROLEUM FZE

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Block A, Suite No. 21

Area                 : Fujairah Free Zone

 

PO Box             : 50048

 

Town                 : Fujairah

Country             : United Arab Emirates

 

Telephone         : (971-9) 2238057

Facsimile          : (971-9) 2238065

Mobile               : (971-50) 6295080 / (971-56) 7378268

Email                : djha@eim.ae / trading@ctrams.sg 

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Fujairah Free Zone.

 

 

KEY PRINCIPALS

 

     Name                                               Nationality                                 Position

 

·       Sunil A Pawar                                   Indian                                        Managing Director

 

·       Dhinker Jha                                      Indian                                        Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17th November 2011

 

Legal Form                  : Free Zone Establishment - FZE

 

Commercial Reg. No.  : 11FZE1001

 

Trade Licence No.       : 2923 (Expires 31/12/2012)

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                    

 

·       Sunil A Pawar                                  

 

·       Dhinker Jha

 

 

AFFILIATED COMPANIES

 

·       Pratibha Shipping Co Ltd

Mumbai

India

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of petroleum products, fuel gas, gas oil and naphtha, RMG 180 and RME 380.

 

Subject also owns and operates the following vessels:

 

2 Sewage, capacity 180 tonnes (D/WT)

7 MR, Medium Range, capacity 30-45 tonnes (D/WT)

 

Import Countries: India

 

Subject has a workforce of 4 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       National Bank of Fujairah

PO Box: 887

Fujairah

Tel: (971-9) 2224518 / 2224513

Fax: (971-9) 2224516 / 2229470

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.31

UK Pound

1

Rs.88.06

Euro

1

Rs.70.91

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.