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MIRA INFORM REPORT
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Report No. : |
512440 |
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Report Date : |
01.06.2018 |
IDENTIFICATION DETAILS
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Name : |
PROCESS GROUP
INTERNATIONAL LIMITED |
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Registered Office : |
Industrial City of
Abu Dhabi, ICAD 1, P O Box: 46153, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
30.06.2017 |
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Date of Incorporation : |
06.01.2008 |
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Legal Form : |
Branch of a
Foreign Registered Corporation |
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Line of Business : |
Design,
Manufacture and Processing of Packaging for the Gas and Oilfield Industry. |
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No. of Employees : |
40 |
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 : |
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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. 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 : PROCESS
GROUP INTERNATIONAL LIMITED
Country of Origin : British
Virgin Islands
Legal Form : Branch
of a Foreign Registered Corporation
Registration Date : 6th
January 2008
Trade Licence
Number : 1138243
Chamber Membership
Number : 311434
Issued Capital : UAE Dh
250,000
Paid up Capital : UAE Dh
250,000
Total Workforce :
40
Activities :
Design, manufacture and processing of packaging for the gas and
oilfield industry
Financial Condition : Good
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
PROCESS GROUP
INTERNATIONAL LIMITED
ADDRESS
Registered & Physical
Address
Location : Industrial City of Abu Dhabi, ICAD
1
PO Box : 46153
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5500899
Facsimile : (971-2) 5500898
Email :
accounts@processgroupintl.com/
sales@processgroupintl.com/ sales.amei@suez- oilandgas.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Abu Dhabi.
KEY
PRINCIPALS
Name Position
·
Barry
Graham Managing
Director
·
Jinson
Poulouse Finance
Manager
·
Kieran
Oust Business
Development Manager
·
Adele
Sheikh Sales
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 6th
January 2008
Legal Form :
Subject is the United Arab
Emirates registered branch of Process Group International
Limited, a Limited Liability Company
incorporated in the British Virgin Islands.
Process Group International
Limited 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 the British Virgin Islands.
Trade Licence No. : 1138243
(Expires 17/04/2019)
Chamber Member No. : 311434
Issued Capital : UAE Dh 250,000
Paid up Capital : UAE Dh 250,000
AFFILIATED
COMPANIES
·
Process
Group Pty Ltd
Australia
OPERATIONS
Activities: Engaged in the design, manufacture and
processing of packaging for the gas and oilfield industry.
Import
Countries: Europe and GCC
countries
International Suppliers:
·
Profin
Ltd United Kingdom
· KGF South
Korea
Operating Trend: Steady
Subject has a
workforce of 40 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 30/06/15: Year Ending
30/06/16: Year Ending
30/06/17:
Total Sales US$ 38,250,000 US$ 40,000,000 US$
41,800,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
BANKERS
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National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
·
BNP
Paribas
Abu Dhabi
Tel: (971-2) 4125000
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 67.45 |
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1 |
INR 89.79 |
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Euro |
1 |
INR 78.79 |
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UAE Dh |
1 |
INR 18.32 |
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 : |
NIT |
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
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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
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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.