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Report Date : |
09.12.2014 |
IDENTIFICATION DETAILS
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Name : |
PETROFAC SAMSUNG CB & CFP JOINT VENTURE |
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Registered Office : |
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Country : |
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Date of Incorporation : |
2013 |
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Legal Form : |
Joint Venture |
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Line of Business : |
Subject provide engineering and construction services for the Mina
Abdulla (MAB1) refinery in southern |
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No. of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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Source
: CIA |
PETROFAC SAMSUNG
CB & CFP JOINT VENTURE
Building :
Petrofac House
Street :
Area : Al Khan
PO Box : 23467
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5740599
/ 5740999 / 5173903 / 5185771
Facsimile : (971-6)
5740599
Email : salish.dhamale@petrofac.com / sharma.ss@petrofac.com / sunder.kalayanam@petrofac.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Sharjah.
Name Position
· Malesh Choudary Finance
Manager
· Salish Dhamale Financial
Controller
· Subramanian Sharma Project
Manager
Date of
Establishment : 2013
Legal Form : Joint Venture
Activities: The joint venture comprises Petrofac
International (UAE) Ltd,
The subject has received
award
notification
for its share of the Clean Fuels Project (CFP) in
The project awarded by Kuwait National Petroleum Company, will see the consortium provide engineering
and construction services
for the Mina Abdulla (MAB1) refinery in southern
billion.
Petrofac’s share of the project
which is expected to be completed in approximately four years, is worth
US$ 1.7 billion.
The lump sum engineering,
procurement and construction scope of work includes the provision of 19 new
refining units at Mina Abdulla, revamping of five existing units at the al-Shuaiba refinery site and the
accompanying
inter-refinery transfer lines.
The news comes a day after the awarding of contracts by the Kuwaiti government to three local firms to
work alongside the three lead international engineering firms, Petrofac, Fluor and JGC of Japan who are
working on the US$12
billion CFP.
The Clean Fuels Project is one of
KNPC's major investment projects to upgrade the Mina Abdulla and
Mina Al Ahmadi refineries, in order to reach a daily production target of around 800,000 bpd.
Subject has a workforce of 25 employees.
Companies registered in
·
Sharjah Islamic Bank
PO Box: 4
Sharjah
Tel: (971-6)
5547747
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.93 |
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1 |
Rs.96.37 |
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Euro |
1 |
Rs.76.10 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
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RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.