|
Report Date : |
01.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
WEATHERFORD
OILTOOL MIDDLE EAST LTD ( |
|
|
|
|
Registered Office : |
Al |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
30.11.1973 |
|
|
|
|
Com. Reg. No.: |
46650, |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
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. |
|
|
|
|
No of Employees : |
320 (Approximately) |
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 : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
|
Source
: CIA |
Company Name :
WEATHERFORD OILTOOL MIDDLE EAST LTD (
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 30th November 1973
Commercial Registration Number : 46650,
Trade Licence Number : 224492
Chamber Membership Number : 1164
Total Workforce : 320 (Approximately)
Activities : Providers of oil and natural gas well reinforcement services.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Joel Dimaculangan, Assistant Financial Controller
WEATHERFORD OILTOOL
MIDDLE EAST LTD (
Registered &
Physical Address
Building : Al
Street :
Area : Al Barsha
PO Box : 4627
Town :
Country :
Telephone : (971-4) 3125000 / 5091147
Facsimile : (971-4) 3409944 / 3409142
Email :wotme@meweatherford.com
/ wfddxb@emirates.net.ae
/manesh.agrawal@me.weartherford.com
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
·
Manesh
Agrawal Financial
Controller
·
Joel
Dimaculangan Assistant
Financial Controller
·
Christina
Diaz Accountant
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
Weatherford Middle East Ltd in
the
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
Commercial Reg. No. : 46650,
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:
Operating Trend: Steady
Subject has a
workforce of approximately 320 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/12:
Consolidated Total
Revenue US$
1,201,631,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr. Joel Dimaculangan, Assistant Financial Controller
·
Commercial
Bank of
Deira
PO Box: 1709
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
·
Standard
Chartered Bank
Mankhool Branch
PO Box: 999
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.60.25 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.