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Report No. : |
347925 |
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Report Date : |
29.10.2015 |
IDENTIFICATION DETAILS
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Name : |
PRIME TANKERS LLC |
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Registered Office : |
Shk. Maryam Bint Rashid Al Maktoum Building, Umm Hureir Road, Umm
Hureir 1st, PO Box 31559, Dubai |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
09.08.2000 |
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Com. Reg. No.: |
56551 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the operation of 8 vessels transporting oil products in the
Arabian and Red Sea and the Indian Ocean. Subject also trades in and supplies
bitumen products. |
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No. of Employees : |
115 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
|
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. 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 :
PRIME TANKERS LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
9th August 2000
Commercial Registration Number :
56551, Dubai
Trade Licence Number :
520465
Chamber Membership Number :
59883
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
115
Activities :
Operators of 8 vessels transporting oil products.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Suraish Babu, Accountant
PRIME TANKERS LLC
Registered &
Physical Address
Building : Shk. Maryam
Bint Rashid Al Maktoum Building
Street : Umm Hureir
Road
Area : Umm Hureir
1st
PO Box : 31559
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3366906
Facsimile : (971-4)
3366971
Email : panliner@eim.ae
/ vsl@primetankers.ae
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Dubai.
Name Nationality Position
Captain Jugwinder Singh Brar Indian Managing
Director
Ismail Abdul Rahman Ahmad Ismail Al Hammadi Emirati Director
Captain Ajay Badamikar - General
Manager
Captain Mohamed Islam - Operations
Manager
Valerian Arana - Finance
Manager
Suraish Babu - Accountant
Date of Establishment : 9th
August 2000
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 56551, Dubai
Trade Licence No. : 520465 (Expires
08/08/2015)
Chamber Member No. : 59883
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Ismail Abdul Rahman Ahmad Ismail Al Hammadi 51%
Captain Jugwinder Singh Brar 49%
Activities: Engaged in the operation of 8 vessels transporting oil products in the
Arabian and Red Sea and the Indian Ocean. Subject also trades in and supplies
bitumen products.
Local Suppliers:
ENOC Dubai
Gulf Petrochem Dubai
Ranish Petrochem Dubai
Operating Trend: Steady
Subject has a workforce of 115 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales UAE
Dh 217,000,000 UAE Dh
240,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Suraish Babu, Accountant
HSBC Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.04 |
|
UK Pound |
1 |
Rs.99.58 |
|
Euro |
1 |
Rs.71.75 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
|
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 |
|
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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.