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Report Date : |
16.11.2013 |
IDENTIFICATION DETAILS
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Name : |
PETRO GAS AGENCIES |
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Registered Office : |
Al Mussafah Industrial City PO Box 4488 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 : |
30.05.1979 |
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Com. Reg. No.: |
11162, Abu Dhabi |
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Legal Form : |
General Partnership |
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Line of Business : |
Subject is engaged in the provision of onshore and offshore oil and
gas field services |
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No. of Employees : |
19 |
RATING & COMMENTS
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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 : |
Satisfactory |
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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 : PETRO GAS AGENCIES
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : General Partnership
Registration Date : 30th May 1979
Commercial Registration Number : 11162, Abu Dhabi
Trade Licence Number : 1028825
Chamber Membership Number : 6726
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 19
Activities : Providers of onshore and offshore oil and gas field services
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
PETRO GAS AGENCIES
Location : Al Mussafah
Industrial City
PO Box : 4488
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 5553455
/ 5546667
Facsimile : (971-2)
5547767
Email : pga@petrogas.ae
/ petrogas@emirates.net.ae
Subject operates from a suite of offices and a warehouse covering 12,600
square metres that are rented and located in the Industrial Area of Abu Dhabi.
Name Position
· Rashed Bin Khalfan
Al Dhaheri Managing
Partner
· Ali Bin Ahmed
Hamad Al Dhaheri Partner
· Ali Shraida General
Manager
· Issam A Zeid Sales
Manager
· Rajeev Sharda Project
Manager
· Shibu Chacko Chief
Accountant
· Sikkandar Hussain Assistant
General Manager
Date of
Establishment : 30th
May 1979
Legal Form : General
Partnership
Commercial Reg.
No. : 11162, Abu Dhabi
Trade Licence No. : 1028825 (Expires 10/12/2013)
Chamber Member No. : 6726
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Rashed Bin Khalfan
Al Dhaheri
· Ali Bin Ahmed
Hamad Al Dhaheri
Activities: Engaged in the provision of onshore and offshore oil and gas field services,
including equipment design, supply materials specifications, planning and
procurement of equipment and materials for drilling operations, work over,
production, refineries, gas plants, power plants, pumping stations maintenance, shutdown, oil and gas pipeline and other
operations.
Clients:
· ADNOC
· ADMA OPCO
· ZADCO
· FERTIL
· ADCO
· BOROUGE
· BUNDUQ
· NDC
· TAKREER
· GASCO
· ADGAS
· Dubai Petroleum
Est
· Cresent Oil
Company
· DUGAS
· Sharjah Oil
Refining Co
· BP
· Dubai Civil
Aviation Department
· ENOC
· EPPCO
· QGPC
· Bahrain National
Oil Co
· ASEC Automation
· Pakistan Petroleum
Company
· Attock Refinery
International Suppliers:
· Barber Industries
Inc Canada
· Bifold Fluid Power
Limited United
Kingdom
· Castell Safety
International Ltd United
Kingdom
· Jiskoot Limited United Kingdom
· Limitorque United
Kingdom
· Serck Controls Ltd United
Kingdom
· BTG Sweden
· Merichem Chemicals
& Refinery Services LLC United
States of America
· Dow Chemicals United
States of America
· Cameron Process
Valves & Measurement United
States of America
· Ametek United
States of America
· Flowserve (BW/IP)
B.V. Netherlands
· Fluid Automation
Systems SRL Italy
· German Water &
Energy Group Germany
· Vereingte
Fullkorper-Fabriken GmbH Germany
· BOISSET & CIE
BC SA France
·
Hamex Oilfield Services India
Operating Trend: Steady
Subject has a workforce of 19 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Revenue UAE
Dh 12,500,000 UAE Dh
13,150,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Union National Bank
Al Salam Branch
PO Box: 7138
Abu Dhabi
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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.