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Report No. : |
325382 |
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Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
KALHOUR OILFIELD EQUIPMENTS LTD |
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|
|
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Registered Office : |
International
Business Tower, 11th Floor, Suite 1104-1105, Burj Khalifa Avenue,
Business Bay, PO Box No.: 29508, Dubai |
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|
|
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Country : |
United Arab
Emirates |
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|
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Date of Incorporation : |
14.12.2005 |
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|
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Legal Form : |
Branch of a
Foreign Registered Corporation |
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Line of Business : |
Subject is
engaged in the import and distribution of machinery, equipment and supplies
for industries such as oilfield, industrial, power generation and
construction. |
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|
|
No. of Employees : |
35 |
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 : |
Branch of a
Foreign Registered Corporation |
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|
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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 – 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 |
Company Name : KALHOUR
OILFIELD EQUIPMENTS LTD
Country of Origin : Pakistan
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 14th
December 2005
Trade Licence
Number : 6629
Chamber Membership
Number : 218788
Total Workforce : 35
Activities :
Distributors of machinery, equipment and supplies.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
KALHOUR OILFIELD EQUIPMENTS LTD
Building : International Business Tower, 11th
Floor, Suite 1104-1105
Street : Burj Khalifa Avenue
Area : Business Bay
PO Box : 29508
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4537722
Facsimile : (971-4) 4323979
Email : kaltrdes@eim.ae
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office
(s)
Location Description
·
Musaffah
Industrial Area Office
premises
PO Box: 133225
Abu Dhabi
·
Plot
No. 560805 Warehouse
premises
South Zone V
Jebel Ali Free Zone
PO Box: 17632
Dubai
Tel: (971-4) 8806401
Fax: (971-4) 8806405
Name Nationality Position
·
Abdul
Karim Ghulam Nabi Pakistani Managing
Director
Date of Establishment : 14th
December 2005
Legal Form :
Subject is the United Arab
Emirates registered branch of Kalhour Oilfield Equipments Ltd, a
Limited Liability Company incorporated in
Pakistan.
Kalhour Oilfield Equipments Ltd
in the United Arab Emirates, operates as a Branch of a
Foreign Registered
Corporation with its registered office located at the following address:
Kalhour Oilfield Equipments Ltd
Karachi
Pakistan
Tel: (92-21) 35301904
Fax: (92-21) 35374967
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 Pakistan.
Trade Licence No. : 6629
(Expires 15/12/2015)
Chamber Member No. : 218788
Activities: Engaged in the import and distribution of
machinery, equipment and supplies for industries such as oilfield,
industrial, power generation and construction.
Subject is ISO 9000:2008 accredited.
Import
Countries: Europe and the
Far East
Brand Names: VITAS, KITZ, DOUGLAS CHERO, OMB, HEATON
VALVES, FLEXITALLIC, SMITH, DELCORTE,
TRIPLE FAST, OME, MELESI, METALFAR,
ULMA, ERNE INTER FIT, TK CORPORATION and
BENKAN
Subject has a
workforce of 35 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.
·
Union
National Bank
Baniyas Street
PO Box: 6811
Dubai
Tel: (971-4) 2211188
No complaints
regarding subject’s payments have been reported.
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.63.90 |
|
|
1 |
Rs.97.97 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
|
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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 |
|
|
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.