MIRA INFORM REPORT

 

 

Report Date :

22.08.2014 

 

IDENTIFICATION DETAILS

 

Name :

PHOCEENNE MIDDLE EAST

 

 

Registered Office :

Plot No. 703 Sheikh Zayed Road, Roundabout No. 12 Jebel Ali Free Zone PO Box 16866 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

10.12.1991

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Engaged in the import and distribution of pipes and fittings, oilfield and natural gas equipment and related spare parts.

 

 

No. of Employees

16

 

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 :

Regular

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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

 

 

 

SUMMARY

 

Company Name                                     : PHOCEENNE MIDDLE EAST

Country of Origin                                    : France

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 10th December 1991

Trade Licence Number                            : 666

Chamber Membership Number                : 22676

Issued Capital                                        : UAE Dh 84,000,000

Paid up Capital                                      : UAE Dh 84,000,000

Total Workforce                                     : 16

Activities                                               : Import and distribution of pipes and fittings, oilfield and natural gas

                                                              equipment and related spare parts

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Mohamed Yacoob Hussain, Finance Manager

 

 

 

 

COMPANY NAME

 

PHOCEENNE MIDDLE EAST

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Plot No. 703

Street               : Sheikh Zayed Road, Roundabout No. 12

Area                 : Jebel Ali Free Zone

PO Box             : 16866

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 8833500 / 8836438 / 8871866

Facsimile          : (971-4) 8833501 / 8837033

Email                : phoceeme@emirates.net.ae / middle-east@genoyer.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Alex Garcia                                                                                      General Manager

 

·       Mohamed Yacoob Hussain                                                                Finance Manager

 

·       Aftab Mohamed                                                                                 Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th December 1991

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Groupe Genoyer, a Limited Liability

  Company incorporated in France.

 

  Phoceenne Middle East in the United Arab Emirates, operates as a Branch of a Foreign

  Registered Corporation with its registered office located at the following address:

 

                                                                                                                        Groupe Genoyer

                                                                                                                 9/11 Rue de Lisbonne

                                                                                                                           PO Box 60061

                                                                                                                           13742 Vitrolles

                                                                                                                                      France

                                                                                                                   Tel: (33-4) 42794000

                                                                                                                 Fax: (33-4) 42794079

 

  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 France.

 

Trade Licence No.       : 666

 

Chamber Member No. : 22676

 

Issued Capital              : UAE Dh 84,000,000

 

Paid up Capital            : UAE Dh 84,000,000

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of pipes and fittings, oilfield and natural gas equipment and related spare parts.

 

Import Countries: France and Spain

 

Operating Trend: Steady

 

Subject has a workforce of 16 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/12:                Year Ending 31/12/13:

 

Total Sales                                UAE Dh 150,000,000                  UAE Dh 158,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were confirmed by Mr Mohamed Yacoob Hussain, Finance Manager

 

 

BANKERS

 

·       ABN Amro Bank

Deira Branch

PO Box: 2567

Dubai

     Tel: (971-4) 2512200

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              July 2002

Credit amount                                        533,000

Amount overdue                         0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

GENERAL COMMENTS

 

Phoceenne Middle East is a branch of a French based company, which was established in Dubai in 1991. It is engaged in the import and distribution of pipes and fittings, oilfield and natural gas equipment and related spare parts.

 

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 business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.76

UK Pound

1

Rs.100.72

Euro

1

Rs.80.55

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.