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Report No. : |
353712 |
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Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
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Name : |
PETROLEUM SPECIALITIES FZE |
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Registered Office : |
Hamriyah Free Zone, Sharjah, PO Box 42180 |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
18.11.2014 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Manufacture and distribution of petroleum based speciality products |
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No. of Employee : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New business |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
IDENTIFICATION
& CONTACT DETAILS
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1) Name (s): |
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Organization Official Name |
: |
PETROLEUM
SPECIALITIES FZE |
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2) Registered
Address: |
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Address |
: |
Hamriyah Free Zone |
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Town |
: |
Sharjah |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
42180 |
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Phone (s) |
: |
(971-6) 7470163 |
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Mobile |
: |
(91-98) 20351464 |
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Email |
: |
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3) Operational
Address & Contact Details: |
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Address |
: |
Hamriyah Free Zone |
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Town |
: |
Sharjah |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
42180 |
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Phone (s) |
: |
(971-6) 7470163 |
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Mobile |
: |
(91-98) 20351464 |
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Email |
: |
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LEGAL FORM & INCORPORATION
(REGISTRATION) DETAILS
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Legal Form - Category |
: |
Free Zone Establishment - FZE |
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Date of Registration |
: |
18th November 2014 |
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Trade License Number |
: |
13226 |
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KEY
FACTS
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Operational Status |
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Normal |
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Financial Condition |
: |
Undetermined |
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Primary Business Activity |
: |
Manufacture and distribution of petroleum
based speciality products. |
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Number of Employees |
: |
2 |
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Capital |
: |
UAE Dh 200,000 |
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Note: |
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Engaged in the manufacture and distribution of petroleum based
speciality products, including oils, |
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CAPITAL
DETAILS
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Issued Capital: |
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NO OF SHARES |
VALUE OF SHARE |
AMOUNT |
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N/A |
N/A |
UAE Dh 200,000 |
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Paid Up Capital: |
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NO OF SHARES |
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AMOUNT |
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N/A |
N/A |
UAE Dh 200,000 |
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FINANCIAL
DATA
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Subject is a newly formed business and as
a result financial information is not currently available. |
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BANKERS
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1 |
Name |
Sharjah Islamic Bank |
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Address |
Al Boorj Avenue |
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PO Box |
4 Sharjah |
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Tel |
(971-6) 5547747 |
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SHAREHOLDERS
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1 |
Name |
Petroleum Specialities Pte Ltd |
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Country |
Singapore |
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Percentage |
100% |
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SENIOR
MANAGEMENT
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Sr.No |
Name |
Dsignation |
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1 |
Kushal Desai |
Managing Director |
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2 |
Sanjay Abhyankar |
General Manager |
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AFFILIATED
COMPANIES
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1 |
Name |
Apar Industries Ltd |
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Country |
India |
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PREMISES
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Subject operates from a small suite of offices
that are rented and located in the Hamriyah Free Zone Area of Sharjah. |
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PAYMENT
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No complaints regarding subject’s payments
have been reported. |
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ADVERSE
DATA
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Performance Defaults |
: |
No record found |
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Payment Defaults |
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No record found |
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Adverse Press Coverage |
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No record found |
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Litigations |
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No record found |
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Former Business Relationships |
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No record found |
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INVESTIGATOR'S
COMMENTS
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In view of subject’s infancy, extensive
payment and financial are not available, therefore dealings are recommended
to be on secured terms, and a close monitoring of subject’s business development
is advisable. |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.37 |
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Euro |
1 |
Rs.73.46 |
|
UAE DH |
1 |
Rs. 18.19 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.