MIRA INFORM REPORT

 

 

Report Date :           

01.03.2012

 

IDENTIFICATION DETAILS

 

Name :

WEATHERFORD OIL TOOL MIDDLE EAST LIMITED - PAKISTAN BRANCH

 

 

Registered Office :

Craigmuir Chamber, P.O. Box 71, Road Town, Tortola

 

 

Country :

British Virgin Island

 

 

Year of Establishment :

1991

 

 

Com. Reg. No.:

0023370  

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Drilling, Evaluation, Completion, Production and intervention cycles of oil and natural gas wells

 

 

No. of Employees :

350

 

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 :

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)

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

 

WEATHERFORD OIL TOOL MIDDLE EAST LIMITED - PAKISTAN BRANCH

 

 

Full Address       

 

Branch Office

Plot No. L-25/1, Block 21, F.B. Industrial Area, Karachi, Pakistan

                       

Tel #

92 (21) 36333342, 36333341, 36333258, 36333395

Fax #

92 (21) 36333338

 

                          

Short Description Of Business

 

a.

Nature of Business        

Drilling, Evaluation, Completion, Production and intervention cycles of oil and natural gas wells

b.

Year Established

1991

c.

Registration #

0023370  

 

 

Pakistan Regional Branch

           

Address

Plot No. 386, I-9 Industrial Area, Islamabad, Pakistan

Tel #

92 (51) 4431734, 4438695, 4441214, 4449515

Fax #

92 (51) 4449516

 

 

Registered Address

 

Craigmuir Chamber, P.O. Box 71,

Road Town, Tortola,

British Virgin Island

 

Auditors

 

KPMG Taseer Hadi & Co.

(Chartered Accountants)

 

 

Legal Status

 

WEATHERFORD OIL TOOL MIDDLE EAST LIMITED was incorporated with limited liability in British Virgin Island and is wholly owned subsidiary of Weatherford International Inc, U.S.A.

 

 

Details of Management

 

Names

Designation

Mr. Shaker Ramzi Al-Heureithi

 

Mr. Anass Al-Chalabi

 

Mr. Masood Abdali

 

Mr. Mazhar Butt

President

 

Vice President

 

Country Manager

 

Chief Financial Controller

 

 

Shareholders                

 

Names

Percentage of Shareholding (%)

Weatherford International Inc, U.S.A.

100

 

 

Associated Companies

 

(1) Weatherford Group of Companies, Worldwide.

 

 

Number of Employees

 

350

 

Annual Sales Volume

(For Two Years)

 

Year

In Pak Rupees

2009

More than 2,000,000,000/-

 

 

Trade Suppliers

(Foreign)

 

Various International belongs to U.K., U.S.A. & European Countries

 

 

Capacity & Production

 

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

 

 

Clientele   

 

(1) PAK ARAB REFINERY LIMITED, PAKISTAN.

(2) OIL & GAS DEVELOPMENT CO. LIMITED, PAKISTAN.

(3) PAKISTAN PETROLEUM LIMITED, PAKISTAN.

(4) ENI PAKISTAN LIMITED, PAKISTAN.

(5) BYCO PAKISTAN LIMITED, PAKISTAN.

 

 

Bankers

 

(1) Union Bank Limited, Pakistan.

(2) Faysal Bank Limited, Pakistan.

(3) PICIC Commercial Bank Limited, Pakistan.

(4) Bank of Punjab, Pakistan.

(5) Habib Bank Limited, Pakistan.

 

 

Memberships

 

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

 

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 90.90

UK Pound

1

           Rs. 143.50

Euro

1

           Rs. 119.80

 

 

Comments

 

Weatherford Group is the fourth-largest diversified upstream oilfield service group companies in the world. Its global network includes more than 25,000 people, 730 service bases, 87 manufacturing facilities, and 13 Technology Centers in more than 100 countries. Its products and services span the lifecycle of a well, including drilling, evaluation, completion, production and intervention. Subject 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.48.94

UK Pound

1

Rs.77.95

Euro

1

Rs.65.94

 

 

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.