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Report Date : |
24.06.2014 |
IDENTIFICATION DETAILS
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Name : |
SHELL
INTERNATIONAL TRADING MIDDLE EAST LTD |
|
|
|
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Registered Office : |
Convention Tower,
Zabeel Road, 16968 Dubai |
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|
|
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Country : |
United Arab Emirates |
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|
|
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Date of Incorporation : |
02.02.2005 |
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|
|
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Legal Form : |
Branch of a
Foreign Registered Corporation |
|
|
|
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Line of Business : |
Engaged in the import
and distribution of crude oil |
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|
|
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No. of Employees : |
23 |
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 |
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|
|
|
Payment Behaviour : |
No complaints |
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|
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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 |
|
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 |
Company Name : SHELL
INTERNATIONAL TRADING MIDDLE EAST LTD
Country of Origin : Bermuda
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 2nd
February 2005
Trade Licence
Number : 2449
Chamber Membership
Number : 94255
Total Workforce : 23
Activities :
Distributors of crude oil
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Yuliya
Trubina, Administration Manager
SHELL INTERNATIONAL TRADING MIDDLE EAST LTD
Registered &
Physical Address
Building : Convention Tower
Street : Zabeel Road
PO Box : 16968
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4054400
Facsimile : (971-4) 3293239
Email : danny.leek@shell.com / yuliyatrubina@shell.com
Please note that subject’s
previous address was, Sheikh Zayed Road, Jebel Ali Free Zone, Dubai.
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Jebel
Ali Free Zone, Dubai.
Name Position
·
Munir Buaziz Chief
Executive Officer
·
Danny
Leek Trading
Manager (Up Stream)
·
Yuliya
Trubina Administration
Manager
·
Ghanesh
Hari Haran Finance
Manager
Date of Establishment : 2nd
February 2005
Legal Form :
Subject is the United Arab
Emirates registered branch of Shell Trading (ME) Private Ltd, a Limited
Liability Company incorporated in Bermuda.
Shell International Trading
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 Bermuda.
Trade Licence No. : 2449
(Expires 01/02/2015)
Chamber Member No. : 94255
Activities: Engaged in the import and distribution of
crude oil.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 23 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.60.19 |
|
|
1 |
Rs.102.56 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.