|
Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
|
Correct Name |
WEATHERFORD OILTOOL MIDDLE EAST LTD (DUBAI
BRANCH) |
|
|
|
|
Registered Office : |
Al
Khaimah Building, No. 2, Plot No. 373-440, Sheikh Zayed Road, 4th Interchange, Al
Barsha, P O Box 4627, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
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Date of Incorporation : |
30.11.1973 |
|
|
|
|
Com. Reg. No.: |
46650, Dubai |
|
|
|
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Legal Form : |
Branch of a Foreign Registered Corporation |
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|
|
|
Line of Business : |
Providers of oil and natural gas well reinforcement services |
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|
|
|
No. of Employees : |
320 |
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 : |
Usually Correct |
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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) |
|
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 |
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.
|
Source : CIA |
Company Name : WEATHERFORD OILTOOL MIDDLE EAST LTD (DUBAI BRANCH)
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 30th November 1973
Commercial Registration Number : 46650, Dubai
Trade Licence Number : 224492
Chamber Membership Number : 1164
Total Workforce : 320
Activities : Providers of oil and natural gas well reinforcement services.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Mahes Agrawal, Finance Manager
WEATHERFORD OILTOOL
MIDDLE EAST LTD (DUBAI BRANCH)
Registered &
Physical Address
Building : Al
Khaimah Building, No. 2, Plot No. 373-440
Street : Sheikh Zayed Road, 4th Interchange
Area : Al Barsha
PO Box : 4627
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3125000 / 5091147
Facsimile : (971-4) 3409944 / 3409142
Email : wotme@meweatherford.com / wfddxb@emirates.net.ae
Premises
Subject operates
from a large suite of offices that are rented and located in the Suburban
Business Area of Dubai.
Name Position
·
Peter
Fontana General
Manager
·
Anass
Al Chalabi Deputy
General Manager
·
N G
Thomas Technical
Manager
·
Ibrahim
Shareef Commercial
Manager
·
Mahes Agrawal Finance
Manager
Date of Establishment : 30th
November 1973
Legal Form :
Subject is the United Arab
Emirates registered branch of Weatherford Middle East Ltd, a Limited Liability
Company incorporated in the British Virgin Islands.
Weatherford Middle East Ltd in
the United Arab Emirates, operates as a Branch of a Foreign Registered
Corporation.
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 British Virgin Islands.
Commercial Reg. No. : 46650, Dubai
Trade Licence No. : 224492
Chamber Member No. : 1164
Activities: Engaged in the provision of oil and natural
gas well reinforcement services, including the following services and products.
-
Well Completion
- Well Construction Production Enhancement
- Well Abandonment Services
- Well Installation Services
- Fishing & Re-entry Services
- Cementing Products & Rental equipment
- Production Packers
- Sand Control Systems
- Flow Control Systems
- Linear Hanger
- Inflatable Packers
- Artificial Lift Systems.
Import
Countries: Canada and India
Subject has a
workforce of approximately 320 employees.
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.
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
·
Standard
Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Canadian
Dollars
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.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.