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Report No. : |
324922 |
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Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
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Name : |
PETRASCO MIDDLE EAST LLC |
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Registered Office : |
Mazaya Centre, Sheikh Zayed Road, Al Wasl, PO Box No.: 74635, Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
17.02.2004 |
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Com. Reg. No.: |
66078 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the provision of general warehousing services
and cargo, charter and ship management services. |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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Risk Category |
ECGC
Classification |
|
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, 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.
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Source
: CIA |
Company Name : PETRASCO
MIDDLE EAST LLC
Country of
Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 17th
February 2004
Commercial
Registration Number : 66078,
Dubai
Trade Licence
Number : 553662
Chamber
Membership Number : 84592
Issued Capital : UAE Dh
400,000
Paid up Capital : UAE Dh
400,000
Total Workforce : 20
Activities :
Providers of general warehousing services and cargo, charter and ship
management services
Financial
Condition :
Undetermined
Payments :
Nothing detrimental uncovered
PETRASCO MIDDLE EAST LLC
Building : Mazaya Centre
Street : Sheikh Zayed Road
Area : Al Wasl
PO Box : 74635
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4508312 / 3212714
Facsimile : (971-4) 4508311
Mobile : (971-50) 4538810
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Ali
Saeed Omer Al Ameri Emirati Managing
Director
Date of Establishment : 17th
February 2004
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 66078, Dubai
Trade Licence No. : 553662
(Expires 16/02/2016)
Chamber Member No. : 84592
Issued Capital : UAE Dh 400,000
Paid up Capital : UAE Dh 400,000
·
Ali
Saeed Omer Al Ameri 51%
·
Petrasco
Services Limited 49%
United Kingdom
Activities: Engaged
in the provision of general warehousing services and cargo, charter and ship management
services.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 20 employees.
Companies
registered in Dubai are not legally required to make their accounts public and no
financial information was released by the company or submitted by outside
sources.
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints
regarding subject’s payments have been reported.
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.63.83 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
VNT |
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 |
-- |
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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.