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Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
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Name : |
WEATHERFORD OIL TOOLS ME LTD |
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Registered Office : |
Industrial City of Abu Dhabi, ICAD 2, PO Box 91388, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
22.04.1998 |
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Com. Reg. No.: |
37383, Abu Dhabi |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Manufacturers and repairers of gas and oilfield parts and machinery. |
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No. of Employees : |
375 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Status : |
Branch of A Foreign registered Corporation |
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Payment Behaviour : |
Regular |
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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) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
Company Name :
WEATHERFORD OIL TOOLS ME LTD
Country of Origin :
United Kingdom
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
22nd April 1998
Commercial Registration Number :
37383, Abu Dhabi
Trade Licence Number :
1001827
Chamber Membership Number :
75804
Issued Capital :
UAE Dh 2,000,000
Paid up Capital :
UAE Dh 2,000,000
Total Workforce :
375
Activities :
Manufacturers and repairers of gas and oilfield parts and machinery.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Shaikh Altaf, Finance Manager
WEATHERFORD OIL TOOLS ME LTD
Location : Industrial
City of Abu Dhabi, ICAD 2
PO Box : 91388
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 6989000
Facsimile : (971-2)
5506534
Email : altaf.shaikh@me.weatherford.com
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Abu Dhabi.
Branch Office (s)
Location Description
· Al Barsha Area Office
premises
Dubai
Tel: (971-4)
3125000
Name Position
· Naghi Younas General
Manager
· Ibrahim Sharaf Quality
Control Manager
· Shaikh Altaf Finance
Manager
Date of
Establishment : 22nd
April 1998
Legal Form : Subject is the United
Arab Emirates registered branch of Weatherford UK Ltd, a
Limited Liability
Company incorporated in the United Kingdom.
Weatherford Oil Tools ME Ltd in
the United Arab Emirates, operates as a Branch of a
Foreign
Registered Corporation with its registered office located at the following
address:
Weatherford UK Ltd
Kirkhill Industrial Estate
Dyce
Aberdeen AB21 0GR
United Kingdom
Tel:
(44-1224) 762800
Fax:
(44-1224) 772262
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 United Kingdom.
Commercial Reg.
No. : 37383, Abu Dhabi
Trade Licence No. : 1001827 (Expires 06/01/2014)
Chamber Member No. : 75804
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Activities: Engaged in the manufacture and repair of gas and oilfield parts and
machinery.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of approximately 375 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales US$
68,800,000 US$
72,500,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Shaikh Altaf, Finance Manager
·
Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box: 939
Abu Dhabi
Tel: (971-2) 6962222 / 6962222
Fax: (971-2) 6776499 / 6776499
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
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Indian
Rupees |
|
US Dollar |
1 |
Rs.54.28 |
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UK Pound |
1 |
Rs.84.09 |
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Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit
not recommended |
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-- |
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.