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Report Date : |
10.06.2014 |
IDENTIFICATION DETAILS
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Name : |
M I GULF SERVICES LLC |
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Registered Office : |
Building No. 25, Oil Field Supplies Centre Complex, 9th Roundabout, Jebel Ali Free Zone, 2851 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
21.05.1978 |
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Com. Reg. No.: |
47795 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the repair and maintenance of oil and natural gas wells and distributors of lubricants, greases, insulation and protection materials and drilling chemicals |
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No of Employees : |
300 |
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 |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 |
Company Name : M I GULF SERVICES LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 21st May 1978
Commercial Registration Number : 47795, Dubai
Trade Licence Number : 204246
Chamber Membership Number : 4503
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Total Workforce : 300
Activities : Repair and maintenance of oil and natural gas wells.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Givan Lobbo, Senior Accountant
M I GULF SERVICES
LLC
Building : Building No. 25, Oil Field
Supplies Centre Complex
Area : 9th Roundabout,
Jebel Ali Free Zone
PO Box : 2851
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8837042
Facsimile : (971-4) 8837139
Email : info@midubai.ae
Subject operates
from a large suite of offices, a warehouse and a workshop that are rented and
located in the Jebel Ali Free Zone Area
of Dubai.
Name Position
·
Rod
Jones Managing
Director
·
Lisa
Oxford Administration
Manager
·
Brian
Bishoof Technical
Manager
·
Kumar
Ganesh Logistics
Manager
·
Beny
Thomas Financial
Controller
·
Craig
Rose Finance
Manager
·
Givan
Lobbo Senior
Accountant
Date of Establishment : 21st
May 1978
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 47795, Dubai
Trade Licence No. : 204246
(Expires 07/04/2015)
Chamber Member No. : 4503
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
·
Oilfields
Supply Center Ltd 100%
Jebel Ali Free Zone
Dubai
Tel: (971-4) 8836800
Activities: Engaged in the repair and maintenance of
oil and natural gas wells and distributors of lubricants, greases, insulation
and protection materials and drilling chemicals.
Subject is ISO
9001:2008, ISO 14001:2004 and OHSAS 18001:2007 accredited.
Import Countries: Europe and the Far East.
Subject has a
workforce of approximately 300 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.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
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. 59.06 |
|
|
1 |
Rs. 99.34 |
|
Euro |
1 |
Rs. 80.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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.