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MIRA INFORM REPORT
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Report No. : |
500062 |
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Report Date : |
28.03.2018 |
IDENTIFICATION DETAILS
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Name : |
PRIME STAR ENERGY FZE |
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Registered Office : |
Dubai Airport Free Zone Authority, Building No. 4EA, Office No. 311,
Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
19.05.2009 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Subject is engaged in the import and distribution of crude oil,
petroleum products, aviation fuel, coal and metals. |
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No. of Employees : |
50 |
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 (30.09.2017) |
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 :
PRIME STAR ENERGY FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
19th May 2009
Trade Licence Number :
1797
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
50
Activities :
Distributors of crude oil, petroleum products, aviation fuel, coal and
metals
Financial Condition :
Good
Payments :
Regular
Operating Trend :
Steady
Person Interviewed :
Ajay Kumar, Operations Manager
COMPANY
NAME
PRIME STAR ENERGY FZE
ADDRESS
Registered Address
Location : Dubai Airport
Free Zone Authority, Building No. 4EA, Office No. 311
Town : Dubai
Country : United Arab Emirates
Physical Address
Building : Gulf Fire
Building, Office No. 105, 1st Floor
Street : Salah Eddine
Road
Area : Deira
PO Box :
293590
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2718988
Facsimile : (971-4)
2710156
Mobile : (971-50)
4550317 / 5771443
Email : info@primestargroup.ae
/ primestraenergy@gmail.com
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Dubai Airport Free Zone.
KEY
PRINCIPALS
Name Position
Hameed Salah Eddine Managing
Director
Saujith Iyyani General
Manager
Ajay Kumar Operations
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 19th
May 2009
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 1797
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
Hameed Salah Eddine 100%
AFFILIATED
COMPANIES
Prime Terminal FZE
Dubai Airport Free Zone
Tel: (971-4) 7017375
Fax: (971-4) 7017374
Ukrgazprombank PJSC
Kiev
Ukraine
OPERATIONS
Activities: Engaged in the import and distribution of crude oil, petroleum
products, aviation fuel, coal and metals.
Import Countries: USA, Qatar, Canada, Japan and West Africa
International
Suppliers:
National Oil Corporation (NOC) Libya
Tasweeq Co Qatar
Export Countries: India, Sri Lanka,
Malaysia, Thailand and Vietnam
Operating Trend: Steady
Subject has a workforce of 50 employees.
FINANCIAL
DATA
Financial highlights
provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales US$
920,000,000 US$
955,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
BANKERS
ING Banque
Switzerland
PNB Paribas
Switzerland
PAYMENT
HISTORY
Regular
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 64.80 |
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1 |
INR 92.25 |
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Euro |
1 |
INR 80.76 |
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UAE Dh |
1 |
INR 17.73 |
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 : |
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
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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.