|
Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
EXTERRAN EASTERN
HEMISPHERE FZE |
|
|
|
|
Registered Office : |
East Wing, 4th
Floor, Dubai Airport Free Zone Area No. 5EB, 434, 4WA 801, 4WB 846 & 4WA 201, Al Quds Street, 293509
Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
17.01.2006 |
|
|
|
|
Legal Form : |
Free Zone
Establishment – FZE |
|
|
|
|
Line of Business : |
Distributors of compressors, gas and oilfield machinery and equipment. |
|
|
|
|
No. of Employees : |
150 |
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 : |
Regular |
|
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) |
|
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 |
-
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
Company Name : EXTERRAN EASTERN
HEMISPHERE FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 17th
January 2006
Trade Licence
Number : 908
Issued Capital : UAE Dh
3,000,000
Paid up Capital : UAE Dh
3,000,000
Total Workforce : 150
Activities :
Distributors of compressors, gas and oilfield
machinery and equipment.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ajaz Mohamed, Financial Controller
EXTERRAN EASTERN
HEMISPHERE FZE
Location : East Wing, 4th Floor,
Dubai Airport Free Zone Area No. 5EB,
434, 4WA 801, 4WB 846 & 4WA 201
Street : Al Quds Street
PO Box : 293509
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 6027100
Facsimile : (971-4) 3411377 / 2990279
Email : diana.ong@exterran.com
Subject operates
from a large suite of offices that are rented and located in the Dubai Airport
Free Zone Area.
Name Position
·
Joseph Gerrad Kishkill Managing
Director
·
Lynn Griffith Human
Resources Manager
·
Turner Darden Regional
Manager
·
Ken Dolgner Operations
Manager
·
Joe Marion Finance
Manager
·
Ajaz Mohamed Financial
Controller
·
Vincent Cicero Sales
Manager
·
Francois Touchette Legal
Manager
Date of Establishment : 17th
January 2006
Legal Form :
Free Zone Establishment –
FZE
Trade
Licence No. : 908 (Expires 16/01/2013)
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
·
Exterran
Energy Services LLP 100%
Houston
Texas 77060
United States of America
Activities: Engaged in the import and distribution of compressors, gas and oilfield machinery and equipment.
Subject also provides gas and oilfield consultancy services.
Import
Countries: Europe and GCC
countries.
Operating Trend: Steady
Subject has a
workforce of 150 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Revenue US$ 32,600,000 US$ 34,200,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ajaz Mohamed, Financial
Controller
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
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.55.45 |
|
|
1 |
Rs.87.98 |
|
Euro |
1 |
Rs.69.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.