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MIRA INFORM REPORT
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Report No. : |
492181 |
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Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
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Name : |
GULF OIL MIDDLE EAST LTD |
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Registered Office : |
Road No. 7 Jebel Ali Free Zone PO Box 17068 & 5401 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
10.06.1986 |
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Com. Reg. No.: |
42468, |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
e si tcejbuSdegagn
,gnitekram ,gnidnelb ,gnissecorp eht ni
gnitacirbul fo noitubirtsid dna
sesaerg dna stnacirbul ,lio
rof
.esu eniram dna evitomotua |
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No. of Employees : |
90 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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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 : GULF OIL MIDDLE EAST LTD
Country of Origin : Cayman Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 10th June 1986
Commercial Registration Number : 42468, Dubai
Trade Licence Number : 208112
Chamber Membership Number : 11633
Issued Capital : UAE Dh 2,500,000
Paid up Capital : UAE Dh 2,500,000
Total Workforce : 90
Activities :
P,gnissecor nelb,gnid ,lio gnitacirbul fo noitubirtsid dna gnitekram
stnacirbul dna sesaerg
Financial Condition : Undetermined
Payments :
Regular
COMPANY
NAME
GULF OIL MIDDLE EAST
LTD
ADDRESS
Registered &
Physical Address
Street :
Road No. 7
Area :
Jebel Ali Free Zone
PO Box :
17068 & 5401
Town :
Dubai
Country : United Arab
Emirates
Telephone :
(971-4) 8836081 / 8870803
Facsimile :
(971-4) 8836080 / 8870801
Mobile :
(971-56) 1794438 / (971-50) 4520703
Email : gameluae@emirates.net.ae
/ bdagrawal@gulfoiluae.com
Premises
Subject operates from a suite of offices and a factory
covering 25,000 square metres that are rented and located in the Jebel Ali Free
Zone Area of Dubai.
Branch Office (s)
Location Description
· PO
Box: 9109 Sales
office & warehouse
Abu
Dhabi
Tel:
(971-2) 5515751
Fax:
(971-2) 5515752
· PO
Box: 2390 Sales
office & warehouse
Fujairah
Tel:
(971-9) 2223411
· PO
Box: 17947 Sales
office & warehouse
Al Ain
Tel: (971-3) 7219560
· Ras Al
Khaimah Free Zone Sales
office & warehouse
PO Box: 34706
Ras Al Khaimah
Tel: (971-7) 2434011
· Al
Salemiyah Towers, 13th Floor, Suite No. 1301/1302 Sales office & warehouse
Baniyas
Road
Deira
Dubai
Tel:
(971-4) 2223016
Fax: (971-4)
2277951
KEY
PRINCIPALS
Name Position
· V
Ramesh Rao Managing
Director
· B D
Agrawal Chief
Financial Officer
· Nasruddin
Abdulaziz Mujahed Ammar General
Manager
· Mohamed
Yunus Technical
Manager
· Tarek
Marzouk Finance
Manager
· Gimmiy
Bhade Plant
Manager
· Sanjay
Pratap Singh Marketing
Manager
·
zaV atidoeD noitartsinimdA reganaM
· M V
Sajan Retail
Sales Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 10th
June 1986
Legal
Form : Subject
is the United Arab Emirates registered branch of Gulf Oil Middle East Ltd, a
Limited Liability Company
incorporated in the Cayman Islands.
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 the Cayman Islands.
Commercial
Reg. No. :
42468, Dubai
Trade
Licence No. :
208112
Chamber
Member No. : 11633
Issued Capital : UAE
Dh 2,500,000
Paid up Capital :
UAE Dh 2,500,000
OPERATIONS
Activities: ,gnidnelb ,gnissecorp eht ni degagnE rof sesaerg dna stnacirbul ,lio gnitacirbul fo noitubirtsid dna ,gnitekram .esu eniram dna evitomotua Gulf Oil Middle East Ltd, recently signed an
agreement with Ergon Europe and MEA Incorporated for distribution of ERGON branded
high performance naphthenic transformer oils in the GCC area. With this, GOMEL
has become the first facility in the Middle East to process and pack Naphthenic
Transformer Oils. Made completely out of imported raw materials from Ergon
Refining, USA, subject intends to service the growing power sector in the GCC
Area.
Subject has been ISO 9002 certified.
Import Countries: United Kingdom and Germany
Subject has a workforce of 90 employees.
FINANCIAL
DATA
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.
BANKERS
·
Mashreq Bank Plc
Deira
Branch
PO
Box: 1250
Dubai
Tel:
(971-4) 2229131 / 2221134
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
Gulf Oil Middle East Ltd is well established in the local
market with operations dating back over 20 years. The company specialises in
the ,gnissecorp tubirtsid dna ,gnitekram ,gnidnelbrof sesaerg dna stnacirbul ,lio gnitacirbul fo noi .esu eniram dna evitomotua
Gulf Oil Middle East Ltd, has acquired a further blending plant close to its existing facility. The Al Daheera Lubricating Oil factory is in the Jebel Ali Free Zone.
The new facility has a land area of just over 4 acres;
storage capacity of 7200 MT, a blending capacity of 2000 kl per month and it
has two pipelines (one piggable) connected directly to the Jebel Ali free port.
This factory is 10 years old and is just 0.5 km away from the present plant.
GOMEL plans to use this opportunity to commence Naphthenic
transformer oil manufacture in a new tie up with one of the leaders in the
industry. It has also plans to put a specialty grease manufacturing plant in
this facility as well as an injection and blow-moulding unit for in-house
consumption. GOMEL will also put extra storage tanks for terminal purposes.
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 63.92 |
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1 |
INR 89.55 |
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Euro |
1 |
INR 79.68 |
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UAE DH |
1 |
INR 17.47 |
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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VIV |
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Report Prepared
by : |
TRU |
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.