MIRA
INFORM REPORT
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Report Date : |
15.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
TRADECHEM
INTERNATIONAL FZE |
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Registered Office : |
Building No. 3, Sheikh Zayed Street, Jebel Ali Free Zone, 18587, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
25th
February 2004 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and distribution of chemicals |
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$ 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
TRADECHEM INTERNATIONAL FZE |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Free Zone Establishment - FZE |
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Registration Date |
25th February 2004 |
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Trade Licence Number |
4524 |
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Membership Number |
83151 |
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Issued Capital |
UAE Dh 1,000,000 |
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Paid up Capital |
UAE Dh 1,000,000 |
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Total Workforce |
5 |
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Line of Business |
Import and distribution of chemicals. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
TRADECHEM INTERNATIONAL FZE
ADDRESS
Registered & Physical Address
Building : Building No. 3
Street : Sheikh Zayed Street
Area : Jebel Ali Free Zone
PO Box : 18587
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8873240 / 8673240
Facsimile : (971-4) 8873241 / 8673241
Email : admin@tradechem.ae
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Manoush Kapouriya Managing Director
LEGAL FORM & OWNERS
Date of Establishment : 25th February 2004
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 4524 (Valid until 25/02/2007)
Membership No. : 83151
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s)
Manoush Kapouriya
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
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, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged in the import and distribution of
chemicals.
Import Countries: India and Germany
Subject has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/05:
Total Revenue UAE Dh 2,600,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Bank of Dubai (NBD)
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
HSBC Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Tradechem International FZE is a relatively newly established business with operations commencing in February 2004. It is engaged in the import and distribution of chemicals.
According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk, however a measure of caution would be prudent given the lack of financial and payment due to the short operating history.
Maximum suggested credit figure: US$ 50,000
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%)