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Report No. : |
316834 |
|
Report Date : |
13.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
PETROCHEM MIDDLE
EAST FZE |
|
|
|
|
Registered Office : |
Sheikh Zayed Road,
Roundabout No. 7, Jebel Ali Free Zone, Lob No. 4, Office No. 4G-18, P O Box:
17028 & 23910, Dubai |
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|
|
Country : |
United Arab Emirates |
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|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.06.1995 |
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|
|
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Com. Reg. No.: |
130 |
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|
|
|
Legal Form : |
Free Zone Establishment - FZE |
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|
|
|
Line of Business : |
Import, Export,
Marketing and Distribution of Chemicals. |
|
|
|
|
No. of Employees : |
120 |
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 |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 : PETROCHEM
MIDDLE EAST FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 20th
June 1995
Commercial
Registration Number : 130
Trade Licence
Number : 7177
Chamber Membership
Number : 34479
Issued Capital : UAE Dh
2,000,000
Paid up Capital : UAE Dh
2,000,000
Total Workforce : 120
Activities :
Import, export, marketing and distribution of chemicals
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Kshitij Mendiratla, Accountant
PETROCHEM MIDDLE
EAST FZE
Street : Sheikh Zayed Road, Roundabout
No. 7
Area : Jebel Ali Free Zone, Lob No.
4, Office No. 4G-18
PO Box : 17028 & 23910
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8839222 / 8835871
Facsimile : (971-4) 8834133
Email : logistics@petrocheme.com / info@petrocheme.com / satish@petrocheme.com
Subject operates
from a suite of offices and warehousing facilities with a storage capacity of
11,000 metric tonnes that are rented and located in the Jebel Ali Free Zone.
Branch Offices
Location Description
·
Dubai Office
premises
Tel: (971-4) 3329192
Fax: (971-4)
3329200
·
Cluster
X, X2 Tower Office
premises
Jumeirah Lakes Towers
Dubai
Tel: (971-4) 4179300
Fax: (971-4) 4179393 / 4779399
Name Position
·
Yogesh
Mehta Managing
Director
·
Amer
Kamal Sales
Manager
·
Ramesh
Mahjan Terminal
Manager
·
Venu
Gopal Nayar Commercial
Manager
·
Mark
Hawkes Finance
Manager
·
Nazan
Nokhbat Logistics
Manager
·
Satish Grover Operations
Manager
·
Kshitij Mendiratla Accountant
Date of Establishment : 20th
June 1995
Legal Form :
Free Zone Establishment –
FZE
Commercial Reg. No. : 130
Trade Licence No. : 7177
Chamber Member No. : 34479
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
·
Petrochem
Gulf Holdings Ltd 100%
Bermuda
·
Petrochem
Middle East LLC
City Tower II, Office No. 1603
Sheikh Zayed Road
PO Box: 23910
Dubai
Tel: (971-4) 3329192
Fax: (971-4) 3329200
Email: sales@petrocheme.com
Membership No. 34789
Activities: Engaged in the import, export, marketing
and distribution of chemicals, raw materials, oil field supplies, industrial
solvents, paints and varnishes, as well as construction chemicals. Subject has
a product range of over 180 types of chemicals and exports over 700,000 metric
tonnes per annum.
The company are distributors for:
- ARCO Chemicals - Petro SA
- Cray Valley - Lyondell
- KAO Chemicals - Anupam
- Tego Chemie - Merisol
- Sasol Solvents - Petro SA
- Borealis BP - Polimeri Europa
- Reliance India - Shell
Subject is ISO 9001 & 4001 accredited.
Import Countries: Europe, Asia and the United States of
America
Local Suppliers:
·
Shell Middle East Dubai
·
Balmar Lowrie Dubai
·
Daewoo Chemicals Dubai
Export
Countries: Subject exports
chemicals to approximately 25 countries throughout the GCC region, Middle East,
India, Asia and Europe.
Operating Trend: Steady
Subject has a
workforce of 120 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 2,280,000,000 UAE Dh 2,500,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Kshitij Mendiratla,
Accountant
·
Standard
Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Dubai
Tel: (971-4) 8856600
Acc No. 01-70935945-01
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
Acc No. 020-154795-100 &
020-154795-001
Regular
Petrochem Middle
East FZE was established in 1995 and specialises in the import, export,
marketing and distribution of various chemicals. It deals with a number of well
known international suppliers and exports over 700,000 metric tonnes of
products per annum.
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.62.37 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.