|
Report No. : |
338608 |
|
Report Date : |
28.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHELL TRADING
(ME) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, P O Box: 16968, Dubai |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Date of Incorporation : |
01.10.1990 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
Import and distribution
of lubricants, oils, fuel, tar, asphalt, industrial solvents and chemicals
and petrochemicals. |
|
|
|
|
No. of Employees : |
25 |
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 |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 of 2008,
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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : SHELL
TRADING (ME) PRIVATE LIMITED
Country of Origin : Bermuda
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 1st
October 1990
Trade Licence
Number : 600
Chamber Membership
Number : 20115
Total Workforce : 25
Activities :
Distributors of lubricants, oils, fuel, tar, asphalt, industrial solvents and
chemicals and petrochemicals.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
SHELL TRADING (ME)
PRIVATE LIMITED
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 16968
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3316500 / 8836868
Facsimile : (971-4) 8838528
Email : mani.prasad@shell.com
Subject operates from
a medium sized suite of offices that are rented and located in the Jebel Ali
Free Zone Area of Dubai.
Name Nationality Position
·
Philip
Varkey Fhilip - Managing
Director
·
Majan
Mohamed - Director
·
Aysha
Azzan Salem Emirati Director
·
Varisra
Kertsang - Director
·
Richard
Michael Jory British Director
Date of Establishment : 1st
October 1990
Legal Form :
Subject is the United Arab
Emirates registered branch of Shell Trading (ME) Limited, a
Limited Liability Company incorporated in
Bermuda.
Shell Trading (ME) Private
Limited 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. : 600
(Expires 30/09/2015)
Chamber Member No. : 20115
Activities: Engaged in the import and distribution of
lubricants, oils, fuel, tar, asphalt, industrial solvents and
chemicals and petrochemicals.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 25 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.
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Tel: (971-4) 2229131 / 2221134
No complaints
regarding subject’s payments have been reported.
Any credit amount
that is to be offered to this company should be written under the name of
“Shell Trading (ME) Limited” and directed to the companies head office address
in Bermuda.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.06 |
|
|
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.74.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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.