MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
CORE CHEMICALS TRADING FZCO |
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Registered Office : |
International
City, Bur Dubai, PO Box 49004, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
January 2008 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and Distribution of Chemical Supplies |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : CORE CHEMICALS TRADING FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : January 2008
Trade Licence Number : 102545, JAFZA
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 2
Activities : Import and distribution of chemical supplies
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 50,000
COMPANY NAME
CORE CHEMICALS
TRADING FZCO
ADDRESS
Registered & Physical Address
Location : International
City, Bur Dubai
PO Box : 49004
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3674878
Facsimile : (971-4) 3674878
Mobile : (971-50) 8807756
Email : sp@market-solutions.org
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dubai.
KEY PRINCIPALS
Name Position
·
Sunil
Pasi Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : January 2008
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 102545, JAFZA
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
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Sunil
Pasi
AFFILIATED COMPANIES
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Saltech
Formulation Pvt Ltd
Gujirat
India
OPERATIONS
Activities: Engaged in the import and distribution of
chemical supplies.
Import
Countries: India and China
Subject has a
workforce of 2 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Bank of Baroda
PO Box : 3162
Dubai
Tel : (971-4) 5531955
Fax : (971-4) 5536962
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations undertaken
in Dubai did not reveal any sign of payment defaults or delays during initial
trading stages, and subject is believed to meet its payment obligations in a
timely manner, nevertheless, and in view of the company’s infancy and the lack
of a more consistent payment and financial record, a measure of caution is
advisable and a close monitoring of subject’s business development is
recommended.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.63 |
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UK Pound |
1 |
Rs.83.76 |
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Euro |
1 |
Rs.66.49 |
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%)