MIRA
INFORM REPORT
|
Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NUKOTE COATINGS SYSTEMS MIDDLE EAST |
|
|
|
|
Registered Office : |
LOB 17, Suite 231, Sheikh Zayed Road, Jebel Ali Free Zone, P
O Box – 261822, Dubai, |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
13.08.2006 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Import and Distribution of Insulation and Protection Materials, Construction
Chemicals, Industrial Solvents, Paints and Varnishes |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name :
NUKOTE COATINGS SYSTEMS MIDDLE EAST
Country of Origin :
United States of America
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
13th August 2006
Trade Licence Number :
5365
Chamber Membership Number :
110127
Total Workforce :
20
Activities :
Import and distribution of insulation and protection materials,
construction
chemicals, industrial solvents, paints and
varnishes
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Recommended Credit Limit :
US$ 100,000
COMPANY NAME
NUKOTE COATINGS SYSTEMS MIDDLE EAST
ADDRESS
Registered & Physical Address
Building : LOB 17, Suite 231
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 261822
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8811596
Facsimile : (971-4)
8818607
Email : jhammett@ncs-intl.net
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Position
Kishore Kumar Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 13th
August 2006
Legal Form : Subject is the
United Arab Emirates registered branch of Nukote Coating Systems LLC,
a
Limited Liability Company incorporated in the United States of America.
A Branch of a Foreign Registered Corporation is not a legal
entity in its own right. Responsibility for payments lays in the hands of the
company where it is originally registered.
Under these circumstances, we strongly advise that any international
trade credit should only be written under the name of the main company where
the subject holds its registered office, in this case the United States of
America.
Trade Licence No. : 5365
Chamber Member No. : 110127
OPERATIONS
Activities: Engaged in the import and distribution of insulation and protection
materials, construction chemicals,
industrial solvents, paints and varnishes.
Import Countries: China
Subject has a workforce of 20 employees.
FINANCIAL DATA
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
BANKERS
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
Nukote Coatings Systems Middle East is a relatively new business with
operations commencing in 2006. It is engaged in the import and distribution of
insulation and protection materials, construction chemicals, industrial
solvents, paints and varnishes.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)