|
Report No. : |
302465 |
|
Report Date : |
12.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
PROCESS GROUP INTERNATIONAL LIMITED |
|
|
|
|
Registered Office : |
Industrial City of Abu Dhabi, ICAD 1, PO Box 46153, Abu Dhabi |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
06.01.2008 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
Engaged in the design, manufacture and processing of packaging for the
gas and oilfield industry. |
|
|
|
|
No. of Employee : |
36 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Branch of A Foreign Registered Corporation |
|
Payment Behaviour : |
No Complaints |
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 :
PROCESS GROUP INTERNATIONAL LIMITED
Country of Origin :
British Virgin Islands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
6th January 2008
Trade Licence Number :
1138243
Chamber Membership Number :
311434
Issued Capital :
UAE Dh 250,000
Paid up Capital :
UAE Dh 250,000
Total Workforce :
36
Activities :
Design, manufacture and processing of packaging for the gas and
oilfield industry.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Jinson Poulouse, Finance Manager
PROCESS GROUP INTERNATIONAL LIMITED
Registered &
Physical Address
Location : Industrial
City of Abu Dhabi, ICAD 1
PO Box : 46153
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 5500899
Facsimile : (971-2) 5500898
Email : accounts@processgroupintl.com
/ sales@processgroupintl.com
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Abu Dhabi.
Name Position
Barry Graham Managing
Director
Jinson Poulouse Finance
Manager
Kieran Oust Business
Development Manager
Adele Sheikh Sales
Manager
Date of Establishment : 6th
January 2008
Legal Form : Subject is the
United Arab Emirates registered branch of Process Group International
Limited, a Limited
Liability Company incorporated in the British Virgin Islands.
Process Group International 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 the British Virgin Islands.
Trade Licence No. : 1138243 (Expires
18/03/2015)
Chamber Member No. : 311434
Issued Capital : UAE Dh 250,000
Paid up Capital : UAE Dh 250,000
Process Group Pty Ltd
Australia
Activities: Engaged in the design, manufacture and processing of packaging for the
gas and oilfield industry.
Import Countries: Europe and GCC countries.
International
Suppliers:
Profin Ltd United
Kingdom
KGF South
Korea
Operating Trend: Steady
Subject has a workforce of 36 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year Ending 30/06/13: Year Ending 30/06/14:
Total Sales US$
25,300,000 US$ 35,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Jinson Poulouse, Finance Manager
National Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
BNP Paribas
Abu Dhabi
Tel: (971-2) 4125000
No complaints regarding subject’s payments have been reported.
Date of transaction February
2013
Credit amount 5,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.62.40 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.