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Report Date : |
05.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SPRINT OIL AND GAS SERVICES FZC |
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Registered Office : |
Hamriyah Free Zone Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
22.06.2004 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Providers of oilfield testing services and commissioning |
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No. of Employees : |
150 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – 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 |
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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
Company Name : SPRINT OIL AND GAS SERVICES FZC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 22nd June 2004
Trade Licence Number : 801
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 150
Activities : Providers of oilfield testing services and commissioning
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Basil Rashad, General Manager
SPRINT OIL AND GAS SERVICES FZC
Area : Hamriyah
Free Zone
Town : Sharjah
Country : United Arab
Emirates
Physical Address
Building : Al Murar
Building (Old ADCS Building) Flat 101
Street : Khalidiya
Street
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 6663265
Facsimile : (971-2)
6663218
Mobile : (971-50)
8132259
Email : info@sprint-oilfieldservices.com
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Abu Dhabi.
Name Position
· Basil Rashad General
Manager
· Hassan Mostafa Technical
Manager
Date of
Establishment : 22nd
June 2004
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 801
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Activities: Engaged in the provision of oilfield testing services and
commissioning. Subject offers coiled tubing
services, nitrogen services, primary and
remedial cementing services, stimulation services, surface testing and filtration.
Import Countries: Europe and the Far East.
Subject has a workforce of 150 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.
·
National Bank of Abu Dhabi
Sheikh Khalifa
Street
PO Box: 4
Abu Dhabi
Tel: (971-2)
6345777 / 6327113 / 6335262
Fax: (971-2)
6336078
No complaints regarding subject’s payments have been reported.
Local informants spoke to Mr Basil Rashad, General Manager who refused
to divulge the names of the owners of the company.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.09 |
|
|
1 |
Rs.91.58 |
|
Euro |
1 |
Rs.78.08 |
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.