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Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
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Name : |
DRILLING EQUIPMENT AND SERVICES INTERNATIONAL
FZCO |
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Registered Office : |
Suite No. 1, LOB 10, Sheikh Zayed Road, Jebel Ali Free
Zone, P O Box 17487, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
12.05.2003 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
importer and distributor of oil and gas equipment. |
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No. of Employees |
22 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 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 : DRILLING EQUIPMENT AND SERVICES INTERNATIONAL FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 12th May 2003
Trade Licence Number : 3853
Chamber Membership Number : 76352
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 22
Activities : Distributors of oil and gas equipment.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Omar Fasihi, Financial Manager
DRILLING EQUIPMENT
AND SERVICES INTERNATIONAL FZCO
Registered &
Physical Address
Building : Suite No. 1, LOB 10
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17487
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8872828 / 8860277
Facsimile : (971-4) 8872829 / 8860288
Mobile : (971-50) 6610456
Email : info@desco-intl.com
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
·
Mohamed
Saleem Bukhari French Managing
Director
·
Edwige
Claudine Bukhari French Director
·
Omar
Fasihi - Financial
Manager
·
E C
Cochonneau - Technical
Manager
·
S
Bukhari - Operations
Manager
·
C
Allenby - Logistic
Manager
·
M
Manalov - Workshop
Manager
·
J
Elliot - Materials
Coordinator
·
Brenda
R - Financial
Controller
Date of Establishment : 12th
May 2003
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 3853
Chamber Member No. : 76352
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s) Percentage
·
Mohamed
Saleem Bukhari 60%
·
Edwige
Claudine Bukhari 40%
Activities: Engaged in the import and distribution of
oil and gas equipment.
Import
Countries: Europe, United
States of America and the Far East
International Suppliers:
·
K F
Valves United States of
America
Brand Names: MALASSI
Subject has a
workforce of 22 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.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
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.59.64 |
|
UK Pound |
1 |
Rs.99.21 |
|
Euro |
1 |
Rs.82.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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 |
|
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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 |
|
|
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.