MIRA INFORM REPORT

 

 

Report No. :

317147

Report Date :

17.04.2015

 

IDENTIFICATION DETAILS

 

Name :

PETROGLOBE DMCC

 

 

Formerly Known As :

PETROGLOBE JLT

 

 

Registered Office :

24th Floor, Office 2410, Jumeirah Lakes Towers, PO Box 43498, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

06.06.2010

 

 

Com. Reg. No.:

231335

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the import and distribution of crude oil products and petrochemicals such as motor spirit, naphtha, kerosene, high speed diesel (HSD), high octane blending components (HOBC), jet fuels and furnace oil.

 

 

No. of Employees :

4

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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. 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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

SUMMARY

 

Company Name                                    : PETROGLOBE DMCC

Previously Known As                             : PETROGLOBE JLT

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Limited Liability Company

Registration Date                                  : 6th June 2010

DMCC Number                                      : 231335

Trade Licence Number                           : 65596

Issued Capital                                       : UAE Dh 100,000

Paid up Capital                                     : UAE Dh 100,000

Total Workforce                         : 4

Activities                                               : Distributors of crude oil products and petrochemicals

Financial Condition                                : Undetermined

Payments                                             : Unknown

 

 

COMPANY NAME

 

PETROGLOBE DMCC

 

 

PREVIOUSLY KNOWN AS

 

PETROGLOBE JLT

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : 24th Floor, Office 2410

Area                 : Jumeirah Lakes Towers

PO Box            : 43498

Town                : Dubai

Country : United Arab Emirates

Mobile              : (971-50) 6968697

Email                : akram@petroglobejlt.com

 

Please note that “Al Thaniyah 5” is not part of the subject’s address.

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

Name                                       Nationality                                Position

 

Yousef Khan                             Pakistani                                   Managing Director

 

Mohamed Akram                        -                                              General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 6th June 2010

 

History : Subject began in 2010 under the name “Petroglobe JLT”. However in January 2015 it changed its name to “Petroglobe DMCC”.

 

Legal Form      : Limited Liability Company

 

DMCC No.        : 231335

 

Trade Licence No.        : 65596 (Expires 05/06/2015)

 

Issued Capital              : UAE Dh 100,000

 

Paid up Capital            : UAE Dh 100,000

 

Name of Shareholder (s)                                                       Percentage

 

Yousef Khan                                                                             100%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of crude oil products and petrochemicals such as motor spirit,  naphtha, kerosene, high speed diesel (HSD), high octane blending components (HOBC), jet fuels and furnace oil.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of 4 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

Arab Bank Plc

Ittihad Street

PO Box: 11364

Dubai

Tel: (971-4) 2228845

Fax: (971-4) 2285974 / 2940847

 

 

PAYMENT HISTORY

 

Unknown

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.37

UK Pound

1

Rs.92.44

Euro

1

Rs.66.55

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               


 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.