MIRA
INFORM REPORT
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Report Date : |
17.07.2007 |
IDENTIFICATION DETAILS
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Name : |
VASUCHEM TECHNOLOGIES FZC |
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Registered Office : |
Warehouse No. A2-62, Saif Zone, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16th March 2005 |
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Legal Form : |
Free Zone Company – FZC |
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Line of Business : |
Manufacture of chemicals
and related products for water treatment projects. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
VASUCHEM TECHNOLOGIES FZC
Country of Origin :
Legal Form :
Free Zone Company - FZC
Registration Date :
16th March 2005
Trade Licence Number :
03-04-02843
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
18
Line of Business :
Manufacturers of chemicals and
related products for water
treatment projects.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
COMPANY NAME
VASUCHEM TECHNOLOGIES FZC
ADDRESS
Registered & Physical Address
Building : Warehouse
No. A2-62
Area : Saif Zone
PO Box : 9446
Town : Sharjah
Country :
Telephone : (971-6) 5570068
Facsimile : (971-6)
5570068
Email : sapatil@emirates.net.ae
Premises
Subject operates from a small suite of offices and a factory that are rented
and located in the Saif Zone Area of Sharjah.
KEY PRINCIPALS
· Sameer Patil Managing
Director
· Anand Nair Director
· Chirag Gantra Operations
Manager
LEGAL FORM &
OWNERS
Date of
Establishment : 16th
March 2005
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 03-04-02843
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s)
· Sameer Patil
· Anand Nair
Note to the Legal Form
A Free Zone Company (FZC) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations : Engaged in the manufacture of chemicals and related products for water
treatment projects.
Import Countries : Europe and the
Subject has a workforce of 18 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/06 :
Total Revenue UAE
Dh 6,200,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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Citibank
PO Box : 346
Sharjah
Tel : (971-6) 722533
Fax : (971-6) 373378
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2005, subject is involved in the manufacture of chemicals and related products for water
treatment projects.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
Maximum suggested credit figure: US$ 150,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)