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MIRA INFORM REPORT
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Report No. : |
488760 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
PETROGULF POLYMERS DMCC |
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Registered Office : |
Plot No. BB2, Jumeirah Lakes Towers, Unit No. 102, Mazaya Business Avenue,
Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
30.07.2013 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and export of polymers and chemicals. |
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No. of Employees : |
6 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March
2014.
The UAE’s dependence on oil is a significant long-term challenge. Low
oil prices have prompted the UAE to cut expenditures, including on some social
programs, but the UAE has sufficient assets in its sovereign investment funds
to cover its deficits. The government reduced fuel subsidies in August 2015,
and has announced plans to introduce excise and value-added taxes by January 1,
2018. The UAE's strategic plan for the next few years focuses on economic
diversification, promoting the UAE as a global trade and tourism hub,
developing industry, and creating more job opportunities for nationals through
improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name :
PETROGULF POLYMERS DMCC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date :
30th July 2013
DMCC Number :
4280
Trade Licence Number :
33240
Issued Capital : UAE Dh 100,000
Paid up Capital :
UAE Dh 100,000
Total Workforce :
6
Activities :
Import and export of polymers and chemicals
Financial Condition :
Fair
Payments :
No Complaints
Person Interviewed :
Mohamed Ibrahim, Managing
Director
COMPANY
NAME
PETROGULF POLYMERS DMCC
ADDRESS
Registered &
Physical Address
Building : Plot No. BB2,
Jumeirah Lakes Towers, Unit No. 102
Street : Mazaya
Business Avenue
Town : Dubai
Country : United Arab Emirates
Telephone : (92-300)
2010822
Mobile :
(971-56) 6258911
Email :
Ibrahim@umairpetrochemicals.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
Mohamed Ibrahim Pakistani Managing
Director
Faisal Garib Pakistani Director
Umair Mohamed Ibrahim Pakistani Director
Abdullah Mohamed Ibrahim Pakistani Director
Hadi Sheikh Ghaleb Pakistani Director
Ashar Siddiqi - Commercial
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 30th
July 2013
Legal Form : Limited Liability
Company
DMCC No. : 4280
Trade Licence No. : 33240
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of
Shareholder (s)
Mohamed Ibrahim
Faisal Garib
Umair Mohamed Ibrahim
Abdullah Mohamed Ibrahim
Hadi Sheikh Ghaleb
AFFILIATED
COMPANIES
Umair Petrochemicals Ltd
Karachi
Pakistan
Tel: (92-300) 2010822 / (92-21) 2466981-3 / 2418631
OPERATIONS
Activities: Engaged in the import and export of polymers and chemicals.
Import Countries: Singapore, Saudi Arabia and the United States of
America.
International Suppliers:
Somotomo Chemicals Asia Pte Ltd Singapore
Saudi Aramco Saudi
Arabia
Petro Rabigh Saudi
Arabia
National
Petrochemical Co (NATPET) Saudi Arabia
Al Azzaz Est Saudi
Arabia
Lyondell Basell United States of
America
Tricon Energy United States of America
Subject has a workforce of 6 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirate Dirhams (UAE Dh
Year
Ending 31/12/16:
Total Sales UAE
Dh 22,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Ibrahim, Managing Director
BANKERS
Habib Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.61 |
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1 |
INR 90.17 |
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Euro |
1 |
INR 78.95 |
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UAE Dh |
1 |
INR 17.38 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.