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Report No. : |
345913 |
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Report Date : |
21.10.2.015 |
IDENTIFICATION DETAILS
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Name : |
PROCESS GROUP INTERNATIONAL LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
06.01.2008 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the design, manufacture and processing of
packaging for the gas and oilfield industry |
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No. of Employee : |
36 |
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 : |
Branch of a foreign registered corporation |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
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 :
No Complaints
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Jinson Poulouse, Finance Manager
PROCESS GROUP
INTERNATIONAL LIMITED
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
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.
Responsibility for payments lays in the hands
of the company where it is originally r A Branch of a Foreign Registered
Corporation is not a legal entity in its own right. egistered.
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
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: Year Ending 30/06/15:
Total Sales US$
25,300,000 US$ 35,000,000 US$ 38,250,000
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.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.64.89 |
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|
1 |
Rs.100.39 |
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Euro |
1 |
Rs.73.52 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.