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Report Date : |
15.01.2013 |
IDENTIFICATION DETAILS
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Name : |
SINOPEC INTERNATIONAL PETROLEUM SERVICES CORPORATION |
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Registered Office : |
Zayed The I Street PO Box 2333 Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
11.08.2009 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
General construction and electromechanical work contractors. |
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No. of Employees : |
400 |
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 |
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Status : |
Branch of a Foreign Registered Corporation |
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Payment Behaviour : |
No Complaints |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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 :SINOPEC INTERNATIONAL PETROLEUM SERVICES CORPORATION
Country of Origin : China
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 11th August 2009
Trade Licence Number : 1164639
Chamber Membership Number : 471093
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
Total Workforce : 400
Activities : General construction and electromechanical work contractors.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Lu Huimang, Marketing Manager
SINOPEC INTERNATIONAL PETROLEUM SERVICES CORPORATION
Location : Zayed The I
Street
PO Box : 2333
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 6423999
Facsimile : (971-2)
6423900
Email : luhuimang@hotmail.com
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Abu Dhabi.
Name Position
· Thang Fung Bang General
Manager
· Lu Huimang Marketing
Manager
Date of
Establishment : 11th
August 2009
Legal Form : Subject is the
United Arab Emirates registered branch of Sinopec Corporation, a Limited
Liability Company incorporated
in China.
Sinopec International Petroleum Services Corporation in the United Arab
Emirates, operates
as a
Branch of a Foreign Registered Corporation with its registered office
located at the
following address:
Sinopec Corporation
No. 67A Ande Road
Beijing
Xicheng District
China
Tel:
(86-10) 51586500
Fax:
(86-10) 51586550
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 China.
Trade Licence No. : 1164639 (Expires 29/08/2013)
Chamber Member No. : 471093
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
· Sinopec
International Petroleum Service Co
Euro Village Compound,
New Office Building
PO Box: 32159
Al Khobar 31952
Saudi Arabia
Tel: (966-3) 8575801 / 8575824
Fax: (966-3) 8575803
Activities: Engaged as general construction and electromechanical work contractors
specialising in the gas and
oilfield
industry.
Import Countries: Europe and the Far East.
Subject has a workforce of approximately 400 employees.
Companies registered in Abu Dhabi, 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.
·
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.88.17 |
|
Euro |
1 |
Rs.73.13 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.