MIRA INFORM REPORT

 

 

Report Date :

09.11.2012

 

IDENTIFICATION DETAILS

 

Name :

WEATHERFORD OILTOOL MIDDLE EAST LTD (DUBAI BRANCH)

 

 

Registered Office :

Al Khaimah Building, No. 2, Plot No. 373-440, Sheikh Zayed Road, 4th Interchange, Al Barsha, P O Box 4627, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

30.11.1973

 

 

Com. Reg. No.:

46650, Dubai

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Providers of oil and natural gas well reinforcement services

 

 

No. of Employees :

320 employees

 

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 :

Branch of a Foreign Registered Corporation

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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

 

 

United Arab Emirates - ECONOMIC OVERVIEW

 

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

SUMMARY

 

Company Name                                     : WEATHERFORD OILTOOL MIDDLE EAST LTD (DUBAI BRANCH)

Country of Origin                                    : British Virgin Islands

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 30th November 1973

Commercial Registration Number            : 46650, Dubai

Trade Licence Number                            : 224492

Chamber Membership Number                : 1164

Total Workforce                                     : 320

Activities                                               : Providers of oil and natural gas well reinforcement services.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Mahes Agrawal, Finance Manager

 

COMPANY NAME

 

WEATHERFORD OILTOOL MIDDLE EAST LTD (DUBAI BRANCH)

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Al Khaimah Building, No. 2, Plot No. 373-440

Street               : Sheikh Zayed Road, 4th Interchange

Area                 : Al Barsha

PO Box             : 4627

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3125000 / 5091147

Facsimile          : (971-4) 3409944 / 3409142

Email                : wotme@meweatherford.com / wfddxb@emirates.net.ae

 

Premises

Subject operates from a large suite of offices that are rented and located in the Suburban Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Peter Fontana                                                                                   General Manager

·       Anass Al Chalabi                                                                              Deputy General Manager

·       N G Thomas                                                                                     Technical Manager

·       Ibrahim Shareef                                                                                 Commercial Manager

·       Mahes Agrawal                                                                                 Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th November 1973

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Weatherford Middle East Ltd, a   Limited Liability Company incorporated in the British Virgin Islands.

 

  Weatherford Middle East Ltd in the United Arab Emirates, operates as a Branch of a Foreign Registered Corporation.

 

  A Branch of a Foreign Registered Corporation is not a legal entity in its own

  right. Responsibility for payments lays in the hands of the company where it is

  originally registered.

 

  Under these circumstances, we strongly advise that any international trade

  credit should only be written under the name of the main company where the

  subject holds its registered office, in this case the British Virgin Islands.

 

Commercial Reg. No.  : 46650, Dubai

 

Trade Licence No.       : 224492 (Expires 09/03/2013)

 

Chamber Member No. : 1164

 

 

OPERATIONS

 

Activities: Engaged in the provision of oil and natural gas well reinforcement services, including the following services and products.

 

         -  Well Completion
         -  Well Construction Production Enhancement
         -  Well Abandonment Services
         -  Well Installation Services
         -  Fishing & Re-entry Services
         -  Cementing Products & Rental equipment
         -  Production Packers
         -  Sand Control Systems
         -  Flow Control Systems
         -  Linear Hanger
         -  Inflatable Packers
         -  Artificial Lift Systems.

 

Import Countries: Canada and India

 

Subject has a workforce of approximately 320 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

 

·       Standard Chartered Bank

Khalid Bin Waleed Street

Mankhool Branch

PO Box: 999

Dubai

Tel: (971-4) 2520455

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              October 2007

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Canadian Dollars

 

 

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.54.44

UK Pound

1

Rs.87.00

Euro

1

Rs.69.43

 

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.