MIRA INFORM REPORT

 

 

Report Date :           

06.12.2011

 

IDENTIFICATION DETAILS

 

Name :

PATCHAM FZC

 

 

Registered Office :

Saif Free Zone, Plot No. C-4, 5, 6, 7 & 8, P O Box 7753, Sharjah

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

20.01.2004

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Manufacture and distribution of PVC additives, special chemicals for paint manufacturing, paints and building materials

 

 

No. of Employees :

60 Persons

 

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$ 750,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : PATCHAM FZC

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Free Zone Company - FZC

Registration Date                                   : 20th January 2004

Trade Licence Number                            : 02084, Saif Zone

Chamber Membership Number                : 700025

Issued Capital                                        : UAE Dh 500,000

Paid up Capital                                      : UAE Dh 500,000

Total Workforce                                     : 60

Activities                                               : Manufacture and distribution of PVC additives, special chemicals for

paint  manufacturing, paints and building materials.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 750,000

Person Interviewed                                 : Alpesh Pancahl, Finance Manager

 

 

 

COMPANY NAME

 

PATCHAM FZC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Saif Free Zone, Plot No. C-4, 5, 6, 7 & 8

PO Box             : 7753

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5570035

Facsimile          : (971-6) 5570038

Mobile               : (971-50) 4622952 / 5397030

Email                : patcham@emirates.net.ae / patcham@eim.ae

 

Premises

Subject operates from a medium sized suite of offices, a warehouse and a factory that are rented and located in the Saif Free Zone of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Surya Kant Apalal Patel                                                                     Managing Director

 

·       Jyopsna Surya Apalal Patel                                                               Director

 

·       Nitesh Kandilal Patel                                                                         General Manager

 

·       Alpesh Pancahl                                                                                 Finance Manager

 

·       Kavesh Kipalani                                                                                Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th January 2004

 

Legal Form                  : Free Zone Company - FZC

 

Trade Licence No.       : 02084, Saif Zone

 

Chamber Member No. : 700025

 

Issued Capital              : UAE Dh 500,000

 

Paid up Capital            : UAE Dh 500,000

 

Name of Shareholder (s)

 

·       Surya Kant Apalal Patel

 

·       Jyopsna Surya Apalal Patel

 

 

AFFILIATED COMPANIES

 

·       Emco LLC

Dubai

 

·       Al Shola Transport LLC

Fujairah

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and distribution of PVC additives, special chemicals for paint manufacturing, paints and building materials.

 

Subject’s products include, paint driers for solvent based, catalysts for 2k P.U. coatings systems, dispersing agents, anti-settling agents, anti foaming agents, thickening agents for water based as well as solvent based coating systems, catalysts for P.U. Epoxy powder coatings.

 

Subject is ISO 9001:2000 accredited.

 

Import Countries: France, Germany, Belgium and the United States of America

 

International Suppliers:

 

·       Exxon Chemicals                  France

·       Celenese                              Germany

·       Exxon Chemicals                  Belgium

·       Eastman Chemicals              United States of America

 

Operating Trend: Steady

 

Subject has a workforce of 60 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 79,300,000                   UAE Dh 85,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Alpesh Pancahl, Finance Manager

 

 

BANKERS

 

·       HSBC Bank Middle East

Al Arooba Street

PO Box: 25

Sharjah

Tel: (971-6) 5537222

Fax: (971-6) 5537880

 

·       Standard Chartered Bank

Al Boorj Avenue

PO Box: 5

Sharjah

Tel: (971-6) 5357788

Fax: (971-6) 5335500

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              June 2002

Credit amount                                        500,000

Amount overdue                         0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.40

UK Pound

1

Rs.80.20

Euro

1

Rs.68.92

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.