|
Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
NURICON PETROSERVICES FZE |
|
|
|
|
Registered Office : |
Al Jazeera Al
Hamra, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
11.10.2010 |
|
|
|
|
Legal Form : |
Free Zone Establishment |
|
|
|
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Line of Business : |
Providers of oilfield and integrity services. |
|
|
|
|
No. of Employees : |
02 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but Correct |
|
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) |
|
|
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
|
Source : CIA |
Company Name : NURICON PETROSERVICES FZE
Country of Origin :
Ras Al Khaimah,
Legal Form : Free Zone Establishment - FZE
Registration Date : 11th October 2010
Trade Licence Number : RAKIA 51FZ410103289
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 2
Activities : Providers of oilfield and integrity services.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
NURICON PETROSERVICES
FZE
Registered &
Physical Address
Location : Al Jazeera Al Hamra
PO Box : 31291
Town : Ras Al Khaimah
Country :
Email : amen.hussain@nuricon.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Ras Al Khaimah.
Name Nationality Position
·
Sayed
Ameen Hussain Pakistani Managing Director
·
Khalid
Khan - Assistant
General Manager
Date of Establishment : 11th
October 2010
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : RAKIA
51FZ410103289
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Sayed
Ameen Hussain 100%
·
Nuricon
Petroservices Pte Ltd
Tel: (92-21) 32735051/2/3/4
Fax: (92-21) 32734162
Activities: Engaged in the provision of oilfield and
integrity services.
Subject has a
workforce of 2 employees.
Companies
registered in Ras Al Khaimah,
·
National
Bank of Ras Al Khaimah
PO Box: 5300
Ras Al Khaimah
Tel: (971-7) 2221127
Fax: (971-7) 2224202
No complaints regarding
subject’s payments have been reported.
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.53.63 |
|
|
1 |
Rs.86.18 |
|
Euro |
1 |
Rs.69.75 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.