MIRA
INFORM REPORT
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Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
TRADECHEM INTERNATIONAL FZE |
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Registered Office : |
Building No. 3,
Ground Floor, Sheikh Zayed Street, Jebel Ali Free Zone, PO Box 18587, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
25.02. 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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : TRADECHEM INTERNATIONAL FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 25th February 2004
Trade Licence Number : 4524
Chamber Membership Number : 83151
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 5
Activities : Import and distribution of chemicals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
TRADECHEM
INTERNATIONAL FZE
ADDRESS
Registered & Physical Address
Building : Building No. 3, Ground Floor
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
Name Position
·
Vishwanathan
Ayer Managing
Director
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Rajesh
Kapouriya Director
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Jayant
Motiwala Finance
Manager
·
Seema
Khan Administrative
Secretary
LEGAL FORM & OWNERS
Date of Establishment : 25th
February 2004
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 4524
(Valid until 25/02/2009)
Chamber Member No. : 83151
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
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Vishwanathan
Ayer
·
Rajesh
Kapouriya
OPERATIONS
Activities: Engaged in the import and distribution of
chemicals.
Import
Countries: India and
Germany
Operating Trend: Steady
Subject has a
workforce of 5 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United Arab
Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE
Dh 7,850,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National Bank
of Dubai (NBD)
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
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HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
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Habib Bank AG
Zurich
Trade Service Centre
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.13 |
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UK Pound |
1 |
Rs.85.02 |
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Euro |
1 |
Rs.67.77 |
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. |
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%)