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Report No. : |
339359 |
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Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
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Name : |
PHOCEENNE MIDDLE
EAST |
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Registered Office : |
Plot No. 703, Sheikh Zayed Road, Roundabout No. 12, Jebel Ali Free Zone, P O Box: 16866, 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 : |
10.12.1991 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and
distribution of pipes and fittings, oilfield and natural gas equipment and
related spare parts. |
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No. of Employees : |
16 |
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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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.
|
Source
: CIA |
Company Name : PHOCEENNE
MIDDLE EAST
Country of Origin : France
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 10th
December 1991
Trade Licence
Number : 666
Chamber Membership
Number : 22676
Issued Capital : UAE Dh
84,000,000
Paid up Capital : UAE Dh
84,000,000
Total Workforce :
16
Activities :
Import and distribution of pipes and fittings, oilfield and natural gas
equipment and related spare parts
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Aftab Mohamed,
Sales Executive
PHOCEENNE MIDDLE
EAST
Building : Plot No. 703
Street : Sheikh Zayed Road, Roundabout
No. 12
Area : Jebel Ali Free Zone
PO Box : 16866
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8833500 / 8836438 / 8871866
Facsimile : (971-4) 8833501 / 8837033
Email : phoceeme@emirates.net.ae / middle-east@genoyer.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone.
Name Position
·
Denise Buigs General
Manager
·
Mohamed
Yacoob Hussain Finance
Manager
·
Aftab Mohamed Sales
Executive
Date of Establishment : 10th
December 1991
Legal Form :
Subject is the United Arab
Emirates registered branch of Groupe Genoyer, a Limited Liability
Company incorporated in France.
Phoceenne Middle East in the
United Arab Emirates, operates as a Branch of a Foreign
Registered Corporation
with its registered office located at the following address:
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 France.
Trade Licence No. : 666
(Expires 09/10/2015)
Chamber Member No. : 22676
Issued Capital : UAE Dh 84,000,000
Paid up Capital : UAE Dh 84,000,000
Activities: Engaged in the import and distribution of
pipes and fittings, oilfield and natural gas equipment and related spare parts.
Import
Countries: France and Spain
Operating Trend: Steady
Subject has a
workforce of 16 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 158,000,000 UAE Dh 163,600,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were confirmed by Mr Aftab Mohamed, Sales Executive
·
ABN
Amro Bank
Deira Branch
PO Box: 2567
Dubai
Tel:
(971-4) 2512200
No complaints
regarding subject’s payments have been reported.
Credit amount 533,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
Please note that
the correct name of the subject is “Phoceenne Middle East” and not
“Phoceenine”.
Phoceenne Middle
East is a branch of a French based company, which was established in Dubai in
1991. It is engaged in the import and distribution of pipes and fittings,
oilfield and natural gas equipment and related spare parts.
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
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Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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.