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Report Date : |
11.06.2014 |
IDENTIFICATION DETAILS
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Name : |
WEATHERFORD OILTOOL MIDDLE EAST LTD (DUBAI BRANCH) |
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Registered Office : |
Al Khaimah Building, No. 2, Plot No. 373-440, Sheikh Zayed Road, 4th Interchange, Al Barsha, PO Box : 4627, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
30.11.1973 |
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Com. Reg. No.: |
46650, Dubai |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the provision of oil and natural gas well
reinforcement services |
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No. of Employees : |
320 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 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 :
WEATHERFORD OILTOOL MIDDLE EAST LTD (DUBAI BRANCH)
Country of Origin :
British Virgin Islands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
30th November 1973
Commercial Registration Number :
46650, Dubai
Trade Licence Number :
224492
Chamber Membership Number :
1164
Total Workforce :
320
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 (DUBAI BRANCH)
Registered &
Physical Address
Building :
Al Khaimah Building, No. 2, Plot No. 373-440
Street : Sheikh Zayed
Road, 4th Interchange
Area : Al Barsha
PO Box : 4627
Town : Dubai
Country : United Arab Emirates
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 British Virgin Islands.
Weatherford Middle
East Ltd in the United Arab Emirates, operates as a Branch of a Foreign
Registered Corporation.
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 British Virgin
Islands.
Commercial Reg. No. : 46650, Dubai
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: Canada
and India
Operating Trend: Steady
Subject has a workforce of approximately 320 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/12:
Consolidated Total Sales 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 Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
Standard Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints regarding subject’s payments have been reported.
Date of transaction October
2007
Credit amount 98,120
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.59.26 |
|
|
1 |
Rs.99.63 |
|
Euro |
1 |
Rs.80.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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 |
|
<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.