MIRA INFORM REPORT

 

 

Report No. :

511095

Report Date :

23.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

BURJ PETROCHEM FZC

 

 

Registered Office :

Hamriyah Free Zone, 53762 Sharjah

 

 

Country :

United Arab Emirates  

 

 

Date of Incorporation :

01.01.2014

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Trading as importers, wholesalers and re-exporters of petroleum products, such as base oil, recycle base oil, R.P.O and bitumen as well as lubricants.

 

 

No. of Employees :

2 (Administrative Office) [2018]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

 

 

COMPANY SUMMARY

 

COMPANY NAME

BURJ PETROCHEM FZC

 

ADDRESS

Building

Street

Area

PO Box

N/A

N/A

Hamriyah Free Zone

53762

Sharjah

TEL/FAX 

Verified Phones: (+98 21) 2297 9336 (Tehran Office) / Fax: (+98 21) 2297 9337

EMAIL/WEBSITE

Email: info@meheregan-dev.com / Website: www.burjpetrochem.org

ACTIVITY

NACE 4690 – Non-specialised wholesale trade;

PRINCIPAL 

Ali Shirazi   

Workforce 

Commercial Director 

2 

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

01/01/2014

Not given 

Free Zone Company

Active

             

 

IDENTIFICATION

 

CO. NAME

BURJ PETROCHEM FZC

AREA

Hamriyah Free Zone

POSTAL ADDRESS

53762 Sharjah

CITY

Sharjah

COUNTRY

United Arab Emirates

TELEPHONE

(+98 21) 2297 9336 (Tehran Office) / Mobile (+98 91) 2305 9374 (Ali Shirazi)   

FAX

(+98 21) 2297 9337

VERIFIED EMAIL

info@meheregan-dev.com / alishirazi93@gmail.com / shirazi@meheregan-dev.com

WEBSITE

www.burjpetrochem.org

BUSINESS HOURS (DURING RAMADAN) 

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

09:00-16:00

12:30-13:00

REGISTERED ADDRESS

Hamriyah Free Zone, 53762 Sharjah, United Arab Emirates  

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Ali Shirazi

(Based in Iran)

Commercial Director 

WORKFORCE

NO. OF EMPLOYEES

PERIOD

2 (administrative office) 

05.2018

 

 

FINANCIAL SUMMARY

 

NOTES     

Private companies in United Arab Emirates are not required to publish or disclose balance sheets. Balance sheets are not available from other sources, and the subject interviewed declined to give any financial information, which the company regards as strictly confidential.

 

 

LEGAL STATUS 

 

INCORPORATION

01/01/2014

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

Trade License No.: Subject’s license details could not be learnt. 

Hamriyah Free Zone Authority (HFZA)

CAPITAL

Not given 

LEGAL FORM 

Free Zone Company – LLC

BUSINESS HISTORY 

The Company was incorporated in Hamriyah Free Zone in 2014. 

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

2 undisclosed Iranian national individuals

 

* According to Hamriyah Free Zone Authority, which was established by an Emiry decree in November 12, 1995, Free Zone Establishment (FZE) incorporated in Hamriyah Free Zone is a single shareholder limited liability company. A Free Zone Company (FZC) can have multiple shareholders (maximum 5 shareholders) who can be either foreign individuals or a corporate body. The minimum capital requirement for incorporating a Free Zone Establishment (FZE) or Free zone Company (FZC) is Dhs.150,000 (Approximately US$ 40,000).

100.00%

 

 

 

OPERATION 

 

BANKERS   

Emirates NBD Bank (fmly Emirates Bank  

International)

Dubai Main Branch

Baniyas Road

PO Box 2923

Dubai

Telephone: (+971 4) 225 6900

Fax      : (+971 4) 226 7718

ACTIVITY CODE (NACE)    

NACE 4690 – Non-specialised wholesale trade;

LINE OF BUSINESS    

Trading as importers, wholesalers and re-exporters of petroleum products, such as base oil, recycle base oil, R.P.O and bitumen as well as lubricants.

 

Monthly trading capacity: 1000 to 1500 MT of petroleum products.

IMPORT FROM 

Middle Eastern countries.

EXPORT TO 

China, Hong Kong, Philippines, Vietnam, Myanmar, 

Malaysia, India, U.A.E, Pakistan, Sudan, South Africa, Ivory Coast, Turkey and Afghanistan.

FACILITIES

Leased premises comprising administrative offices located at the heading address. 

RELATED COMPANIES

Associates

 

1. Mehregan Development Corp.

   NO.9 | Arab St. | Golzar St.

   Sanayeh St. | Langari St.

   Nobonyad Sq., Tehran   

   Iran

   Telephone: (+98 21) 2297 9336

   Fax      : (+98 21) 2297 9337

 

2. Trilliance

   Iran

 

3. Ghaf

   Iran

 

4. Zeno Close Partnerships

   Iran 

 

 

SPECIAL REMARKS 

 

INTERVIEWED   

Ali Shirazi (Commercial Director at Mehregan Development Corp.).  

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.02

UK Pound

1

INR 91.25

Euro

1

INR 80.07

UAE Dh

1

INR 18.55 

 

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

NIT

                                                


 

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)

 

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