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Report Date : |
11.11.2014 |
IDENTIFICATION DETAILS
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Name : |
OREN HYDROCARBONS MIDDLE EAST INC |
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|
|
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Registered Office : |
Plot No. S10503
Jebel Ali Free Zone (South) PO Box 18159 Dubai |
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Country : |
United Arab Emirates |
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|
|
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
14.03.2001 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the import and distribution of oilfield
chemicals |
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|
No. of Employees : |
56 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 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 : OREN HYDROCARBONS MIDDLE EAST INC
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 14th March 2001
Trade Licence Number : 2929
Chamber Membership Number : 64851
Total Workforce : 56
Activities : Distributors of oilfield chemicals
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Zaheer, Financial Manager
OREN HYDROCARBONS MIDDLE EAST INC
Building : Plot No.
S10503
Area : Jebel Ali Free Zone (South)
PO Box : 18159
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8860497
Facsimile : (971-4)
8860498
Email : ashton@orenme.com / accounts@orenme.com / ashton@orenhydrocarbons.com
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Position
· Rizwan Ahmed Managing
Director
· Arup Kumar Executive
Director
· Ashton D’Souza Operations
Manager
· Mohamed Zaheer Financial
Manager
· Miraj Deshmo Financial
Controller
Date of
Establishment : 14th March
2001
Legal Form : Subject is the
United Arab Emirates registered branch of Oren Hydrocarbons Middle East
Inc, a Limited
Liability Company incorporated in the British Virgin Islands.
Oren
Hydrocarbons Middle East Inc 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.
Trade Licence No. : 2929 (Expires 19/08/2015)
Chamber Member No. : 64851
· Oren Hydrocarbons
Private Ltd
28/2B Saravana
Street
T. Nagar, Chennai
– 600017
Tamil Nadu, India
Tel: (91-44)
24360205
Fax: (91-44)
24347358
· Weifang Orenyuan
Chemical Co Ltd
Binhai Economic
Development Zone
Weifang
Shandong 262737
China
Tel: (86-536)
5317588
Fax: (86-536)
5317568
Activities: Engaged in the import and distribution of oilfield chemicals.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 56 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales UAE
Dh 329,000,000 UAE Dh
350,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Mohamed Zaheer, Financial Manager
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222241
REGULAR
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 and
the above credit figure is within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.45 |
|
|
1 |
Rs.97.76 |
|
Euro |
1 |
Rs.76.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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.