|
|
|
MIRA INFORM REPORT
|
Report No. : |
498864 |
|
Report Date : |
23.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
LIN SCAN ADVANCED PIPELINE & TANKS SERVICES FZE |
|
|
|
|
Registered Office : |
Plot No. 1H24, Ajman-Umm Al Quwain Road (E 11), Hamriyah Free Zone, PO
Box 41933 & 62159, Sharjah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
07.03.2007 |
|
|
|
|
Legal Form : |
Free Zone Establishment – FZE |
|
|
|
|
Line of Business : |
Subject is engaged as providers of pipeline integrity services including
the following services, caliper survey and pig tracking, mapping, cleaning,
inspection by using MFL (hand held) and pipeline integrity assessment.
In-line inspection services (metal loss, stress corrosion, geometry and crack
surveys) using MFL, TFI, ultrasound and calliper technologies as well as any
combination of them. Integrity management support services such as
fitness-for-purpose assessments, repair plan recommendations, supply and
maintenance of pipeline database management systems. Pipeline cleaning
services including chemical cleaning and black powder removal. Supply of
pigging equipment such as temporary (light weight) and permanent pig traps,
transmitter/receiver set, pipeline pigs. Quick pipeline repair services using
carbon fibre technology. Professional training and expert consultancy
services. |
|
|
|
|
No. of Employees : |
15 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
SUMMARY
Company Name :
LIN SCAN ADVANCED PIPELINE & TANKS SERVICES FZE
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
7th March 2007
Trade Licence Number :
2369
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
15
Activities :
Providers of pipeline integrity services
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY
NAME
LIN SCAN ADVANCED PIPELINE & TANKS SERVICES FZE
ADDRESS
Registered &
Physical Address
Location : Plot No. 1H24
Street : Ajman-Umm Al
Quwain Road (E 11)
Area : Hamriyah
Free Zone
PO Box :
41933 & 62159
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5262042
Facsimile : (971-6)
5262043
Email : scan@emirates.net.ae
/ info@linscaninspection.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Hamriyah Free Zone Area of Sharjah.
KEY
PRINCIPALS
Name Position
Mohamed Khalid Al Shami Managing
Director
Dr Tanja Mohamed
Khalid Al Shami Vice
President
Riyad Khalid Al Shami Administration
Manager
Svetlana Kovacevic Sales
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 7th
March 2007
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 2369
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
Lin Scan Advanced
Pipeline and Tank Services LLC 100%
Ajman
AFFILIATED
COMPANIES
Lin Scan Pipeline & Tanks Services
Khalid Ibn Al Waleed Street
Al Souq Al Kabir
PO Box: 62159
Dubai
Tel: (971-4) 3552237
Fax: (971-4) 3552238
Lin Scan Germany GmbH
Gewerbepark Eschbergerweg
Gebäude 5, Im Helmerswald 2
D-66121 Saarbrücken
Germany
Tel: (49-0) 68193023622
OPERATIONS
Activities: Engaged as providers of pipeline integrity services including the
following services, caliper survey and pig tracking, mapping, cleaning, inspection
by using MFL (hand held) and pipeline integrity assessment. In-line inspection
services (metal loss, stress corrosion, geometry and crack surveys) using MFL,
TFI, ultrasound and calliper technologies as well as any combination of them.
Integrity management support services such as fitness-for-purpose assessments,
repair plan recommendations, supply and maintenance of pipeline database
management systems. Pipeline cleaning services including chemical cleaning and
black powder removal. Supply of pigging equipment such as temporary (light
weight) and permanent pig traps, transmitter/receiver set, pipeline pigs. Quick
pipeline repair services using carbon fibre technology. Professional training
and expert consultancy services.
Subject is ISO 9001:2008 accredited.
Operating Trend: Steady
Subject has a workforce of 15 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales UAE
Dh 21,200,000 UAE Dh
22,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Sharjah Islamic Bank
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.06 |
|
|
1 |
INR 92.06 |
|
Euro |
1 |
INR 80.37 |
|
UAE Dh |
1 |
INR 17.73 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.