MIRA INFORM REPORT

 

 

Report Date :

30.08.2013

 

IDENTIFICATION DETAILS

 

Name :

PETROCHEMICAL COMMERCIAL CO FZE

 

 

Registered Office :

Jebel Ali Free Zone PO Box 17473 Dubai

 

 

Country :

United Arab Emirates

 

 

Year of Incorporation :

1997

 

 

Legal Form :

Free Zone Establishment - FZE

 

 

Line of Business :

Export and marketing of petrochemical products.

 

 

No. of Employees :

3

 

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 :

Satisfactory

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UAE - 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 country 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. 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                                    : PETROCHEMICAL COMMERCIAL CO FZE

Doing Business As                                : PCC FZE

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Free Zone Establishment - FZE

Registration Date                                  : 1997

Trade Licence Number                           : 2010, JAFZ

Chamber Membership Number               : 56137

Issued Capital                                       : UAE Dh 1,000,000

Paid up Capital                                     : UAE Dh 1,000,000

Total Workforce                                     : 3

Activities                                               : Export and marketing of petrochemical products.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Ahmad Juma, Public Relations Officer

 

 

 

COMPANY NAME

 

PETROCHEMICAL COMMERCIAL CO FZE

 

DOING BUSINESS AS: PCC FZE

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Jebel Ali Free Zone

 

PO Box            : 17473

 

Town                : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 8830063

Facsimile          : (971-4) 8813614 / 8830064

Mobile              : (971-50) 4559070

Email                : info@pccfze.com / ppcdubai@ppcfze.ae / ahmad@pccfze.ae

 

Please note that subject’s previous address was, Emirates NBD Main Office, Baniyas Road, Deira, Dubai.

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Jebel Ali Free Zone Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ms Dorry Masoumaeh                                                                       General Manager

 

·       Ahmad Juma                                                                                    Public Relations Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1997

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.        : 2010, JAFZA

 

Chamber Member No.  : 56137

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                                             Percentage

 

·       Iran Petrochemical Commercial Co (IPCC)                                  100%

No. 1339 Valinejad Street

Vanak Square

PO Box: 19395/4619

Tehran

Iran

Tel: (98-21) 8839506

Fax: (98-21) 8827312

Email: pcc@iran.com

 

 

AFFILIATED COMPANIES

 

·       PCC  UK

4 Victoria Street

London

United Kingdom

Tel: (44-207) 7991717

Fax: (44-207) 2330024

 

·       Intra-Chem Trading ICT (GmbH)

     22085 Hamburg

     Germany

     Tel: (49-40) 2272230

     Fax: (49-40) 223972

 

·       PCC Singapore

     78 Shinton Way

     Singapore 079120

     Tel: (65) 2235560 / 2235179

     Fax: (65) 2235907

 

·       PCC China

     Chao yang District

     Beijing

     China

     Tel: (86-10) 65995439

     Fax: (86-10) 65995438

 

·       PCC India

     99-A, Maker Tower 'F', 9th Floor

     Cuffe, Parade Colaba

     Mumbai 400005

     India

     Tel: (91-22) 2164434 / 2160095 / 2187842

     Fax: (91-22) 2186615 

 

·       PCC Moscow

Ulyanov Street

Moscow

Russia

Tel: (7-95) 9334317 / 9358637

 

 

OPERATIONS

 

Activities: Engaged in the export and marketing of petrochemical products as well as supplying chemicals and raw materials required by petrochemical complexes. The range of chemicals includes: Argon, Butane, Caustic Soda, Methanol, Propane, Sulphur, and Urea.

 

Subject is ISO 9001 accredited.

 

Import Countries: Iran, India and China.

 

Export Countries: Pakistan, Middle East and the Far East.

 

Subject has a workforce of 3 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

 

·       Standard Chartered Bank

Jebel Ali Free Zone

PO Box: 999

Dubai

Tel: (971-4) 8856600

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               May 2013

Credit amount                                       EUR 50,000

Amount overdue                                    0

Payment terms                                      30 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

 

 

GENERAL COMMENTS

 

Established in 1997, Petrochemical Commercial Co FZE, specialises in the export and marketing of petrochemical products and related chemicals. The company is a subsidiary of Iran Petrochemical Commercial Co (IPCC), which operates offices throughout the world and is a leading concern in the sector.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.67.70

UK Pound

1

Rs.105.14

Euro

1

Rs.90.03

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.