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MIRA INFORM REPORT
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Report No. : |
487241 |
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Report Date : |
30.01.2018 |
IDENTIFICATION DETAILS
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Name : |
BAKER EASTERN SA |
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Registered Office : |
Techno Park, Sheikh Zayed Road, PO Box 1673, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
29.06.1983 |
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Com. Reg. No.: |
42018, Dubai |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the provision of pipeline testing services and
import and distribution of oilfield and natural gas equipment and spare
parts. |
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No. of Employees : |
25 |
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 :
BAKER EASTERN SA
Country of Origin :
Panama
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
29th June 1983
Commercial Registration Number :
42018, Dubai
Trade Licence Number :
219431
Chamber Membership Number :
10711
Issued Capital :
UAE Dh 1,700,000
Paid up Capital :
UAE Dh 1,700,000
Total Workforce :
25
Activities :
Providers of pipeline testing services and import and distribution of
oilfield and natural gas equipment and spare
parts.
Financial Condition :
Undetermined
Payments :
No Complaints
Person Interviewed :
Sunder Manikandan, Finance Manager
COMPANY
NAME
BAKER EASTERN SA
ADDRESS
Registered &
Physical Address
Location : Techno Park
Street : Sheikh Zayed
Road
PO Box :
1673
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8114000
/ 8082100 / 8836322
Facsimile : (971-4)
8114010 / 8837132
Mobile :
(971-50) 6464192
Email :
apscanningcenteruae@bakerhughes.com / sundermanikandan@bakerhughes.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
Michael Henry Seem British Managing
Director
Sunder Manikandan - Finance
Manager
Nikel Agrawal - Tax
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 29th
June 1983
Legal Form : Subject is the
United Arab Emirates registered branch of Baker Eastern SA, a Limited
Liability Company incorporated in Panama.
Baker Eastern SA in the United Arab Emirates,
operates as a Branch of a Foreign
Registered Corporation.
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 Panama.
Commercial Reg. No. : 42018, Dubai
Trade Licence No. : 219431 (Expires
25/03/2018)
Chamber Member No. : 10711
Issued Capital : UAE Dh 1,700,000
Paid up Capital : UAE Dh 1,700,000
OPERATIONS
Activities: Engaged in the provision of pipeline testing services and import and
distribution of oilfield and natural gas equipment and spare parts.
Import Countries: Europe and the Far East
Subject has a workforce of 25 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
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that local correspondents spoke to Mr Sunder Manikandan,
Finance Manager who refused to divulge any information to third parties.
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 63.55 |
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1 |
INR 89.82 |
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Euro |
1 |
INR 78.87 |
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UAE Dh |
1 |
INR 17.36 |
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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NIS |
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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
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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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.