MIRA INFORM REPORT

 

 

Report Date :

27.09.2011

 

IDENTIFICATION DETAILS

 

Name :

CHEMCOAT TRADING LLC

 

 

Registered Office :

Grosvenor Tower, 28th Floor, Office 2801 Sheikh Zayed Road  Al Wasel Area

P.O.Box No.: 172813 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

19.02.2007

 

 

Com. Reg. No.:

1005751

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading as importers and wholesalers of wide range of industrial chemicals.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Dh 1,800,000

 

 

Status :

Moderate

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company  NAME

 

Chemcoat Trading LLC

 

 

ADDRESS

 

Building              : Grosvenor Tower, 28th Floor, Office 2801

 

Street                            : Sheikh Zayed Road

 

Area                 : Al Wasel Area

 

P.O.Box No.      : 172813

Town                 : Dubai

Country              : United Arab Emirates

 

Telephone          : (971 4) 329 6227 / Mobile (971 50) 551 9813 (Sundeep Hazari)

Fax                   : (971 4) 329 6216

E-mail               : info@chemcoatgroup.com

Website            : www.chemcoatgroup.com

 

Trading Style     : Chemcoat Group

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                     Position

 

1. Reza Morteza Khakbaz          Managing Director

 

2. Babita Ashish Seli                  Director

 

3. Sundeep Hazari                     Manager

 

Total Employees : 13

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : Dh 1,800,000

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME     : EMIRATES NBD BANK 

 

Branch   : Ground Floor, Union Properties Tower, Sheikh Zayed Road

           Trade Centre 2, Next to Jumeirah Emirates Towers

P.O. Box : 7531

Town     : Dubai

 

Telephone: (971 4) 316 0316

 

The company also has an account with :

 

Standard Chartered Bank

Al Mankhool Street

PO Box 999

Dubai

Telephone: (971 4) 352 0455

Fax      : (971 4) 352 6679

 

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to

publish or disclose balance sheets. However, the subject

interviewed offered the following information :

 

Sales Turnover      : Dh  75,000,000 - 2009 – exact

                         : Dh  90,000,000 – 2010 – exact

                        : Dh 120,000,000 – 2011 - projected

                

Net Profit          : not given but stated to be profitable

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 19 February 2007

 

C.R. No. : 1005751

 

DCCI Membership No.: 116003 (issue date: 22/02/2007)

 

Trade License No.: 591695 (expiry date: 18 February 2012)

 

Authorised Capital : Dh 300,000

 

Paid-Up Capital : Dh 300,000

 

Limited Liability Company with the following shareholders :

 

                                                                        Percentage

 

1. Reza Morteza Khakbaz                                  25%

  (Iranian national)

 

2. Babita Ashish Seli                                                      24%

  (Indian national)

 

3. Suhailah Aqil Mohammad                               51%

  (wife of Khalid Abdul Rahman Al Jasimi, UAE national)

 

* The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.                              

 

Affiliated companies of Chemcoat Trading LLC:

 

Associates

 

Polysack LLC

Grosvenor Tower, 28th Floor, Office 2801

Sheikh Zayed Road

PO Box 172813

Dubai

Telephone  : (971 4) 329 6227

Fax        : (971 4) 329 6216

 

The above company is currently a dormant.

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers and wholesalers of wide range of industrial chemicals.

 

NACE Code : 4612

 

Imports from Singapore, Taiwan, Thailand, Vietnam, South Korea, India, China, Russia and European countries.

 

Exports to GCC countries, USA and Latin America mainly Argentina.

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative offices located at the heading address. 

 

 

SPECIAL NOTE

 

Interviewed: Reza Morteza Khakbaz (Managing Director).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.62

UK Pound

1

Rs.76.68

Euro

1

Rs.66.47

 

 

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.