MIRA INFORM REPORT

 

 

Report Date :

22.11.2013

 

IDENTIFICATION DETAILS

 

Name :

GENERAL PETROLEUM PRODUCTS

 

 

Registered Office :

Bel Rashed Tower, Suite No. 1802 & 1803, Buheira Corniche, Al Majaz Area, PO Box: 46670 & 46870, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

01.04.2008

 

 

Com. Reg. No.:

561343, Sharjah

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacturers of automotive, industrial and marine lubricants and greases.

 

 

No. of Employees :

115

 

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 :

Good

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

 

SUMMARY

 

Company Name                                     : GENERAL PETROLEUM PRODUCTS

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 1st April 2008

Commercial Registration Number            : 561343, Sharjah

Trade Licence Number                            : 561343

Chamber Membership Number                : 83090

Invested Capital                                     : UAE Dh 50,000

Total Workforce                                     : 115

Activities                                               : Manufacturers of automotive, industrial and marine lubricants and greases.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Atta Mohamed, Financial Controller

 

COMPANY NAME

 

GENERAL PETROLEUM PRODUCTS

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Bel Rashed Tower, Suite No. 1802 & 1803

Area                 : Buheira Corniche, Al Majaz Area

PO Box             : 46670 & 46870

Town                 : Sharjah

Country             : United Arab Emirates

 

Telephone         : (971-6) 5754717

Facsimile          : (971-6) 5754718

Mobile               : (971-50) 9824367

Email                : info@generallube.com / info@generalpetroleum.ae / admin@generalpetroleum.ae

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Sharjah.

 

Branch Office (s)

 

Location                                                                                              Description

 

Hamriyah Free Zone                                                                               Rented factory premises

Sharjah

Tel: (971-6) 5262924

Fax: (971-6) 5262925

 

 

KEY PRINCIPALS

 

Name                                                   Nationality                   Position

 

Habib Khan Pir Mohamed                       Pakistani                      Proprietor

 

Fatima Omran                                         Emirati                        Local Sponsor

 

Suhail Mujtaba                                             -                             General Manager

 

Mohamed Arsalan                                        -                             Commercial Manager

 

Khaled Jameel                                             -                             Finance Manager

 

Atta Mohamed                                             -                             Financial Controller

 

V K Sudhakar                                              -                             Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st April 2008

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 561343, Sharjah

 

Trade Licence No.       : 561343

 

Chamber Member No. : 83090

 

Invested Capital           : UAE Dh 50,000

 

Mr Habib Khan Pir Mohamed is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

Habib Auto Spare Parts

Sharjah

 

General Petroleum FZE

Hamriyah Free Zone

Sharjah

 

General Petroleum FZC

Hamriyah Free Zone

Sharjah

 

Habib Trading LLC

PO Box: 64918

Dubai

Tel: (971-4) 2385828

Fax: (971-4) 2385818

 

 

OPERATIONS

 

Activities:         Engaged in the manufacture of automotive, industrial and marine lubricants and greases.

 

                         Subject has a lubricants concession with General Petroleum GmbH of Germany.

 

                            The company has ISO 9001:2008 certification.

 

Import Countries: Europe and GCC countries.

 

Operating Trend: Steady

 

Subject has a workforce of 115 employees.

 

 

FINANCIAL DATA

 

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 Sales                    UAE Dh 197,800,000                              UAE Dh 204,000,000

 

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

 

The above figures were provided by Mr Atta Mohamed, Financial Controller

 

 

BANKERS

 

National Bank of Sharjah

Al Boorj Avenue

PO Box: 4

Sharjah

Tel: (971-6) 5547747

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 July 2011

Credit amount                                        200,000

Amount overdue                                     0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.54

UK Pound

1

Rs.101.08

Euro

1

Rs.83.38

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.