MIRA INFORM REPORT

 

 

Report Date :           

08.08.2012

 

IDENTIFICATION DETAILS

 

Name :

RISHICHEM MIDEAST LTD

 

 

Registered Office :

Sheikh Zayed Road, Jebel Ali Free Zone, LOB 14, PO Box: 261316, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

26.11.2005

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Distributors of speciality chemicals and polymers.

 

 

No. of Employees :

15

 

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

 

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                                     : RISHICHEM MIDEAST LTD

Country of Origin                                    : British Virgin Islands

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 26th November 2005

Trade Licence Number                            : 6498

Chamber Membership Number                : 102667

Total Workforce                                     : 15

Activities                                               : Distributors of speciality chemicals and polymers.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

RISHICHEM MIDEAST LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Sheikh Zayed Road

Area                 : Jebel Ali Free Zone, LOB 14

PO Box             : 261316

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8871959

Facsimile          : (971-4) 8871969

Email                : skumar@rishichem.ae / sales@rishichem.ae

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Sumesh Kumar                                                                          General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th November 2005

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Rishichem Mideast Ltd, a Limited            Liability Company incorporated in British Virgin Islands.

 

 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 British Virgin Islands

 

Trade Licence No.       : 6498 (Expires 07/10/2012)

 

Chamber Member No. : 102667

OPERATIONS

 

Activities: Engaged in the import and distribution of speciality chemicals and polymers.

 

Import Countries: Europe, India, South Korea and the United States of America.

 

International Suppliers:

 

Air Products                                          United States of America

Dow Corning                                          United States of America

Columbian Chemical Co                         United States of America

Estron Chemical Inc                               United States of America

Hallstar Company                                  United States of America

Anupam Colours Pvt Ltd                         India

Citycat Pigments                                               India

Bitrez Ltd                                              United Kingdom

Prom Chem Ltd                                     United Kingdom

Far Fabbrica Adesivi Resine SpA                        Italy

Picassian Polymers                               Spain

Songwon Industrial Co Ltd                      South Korea

 

Subject has a workforce of 15 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

 

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.55.50

UK Pound

1

Rs.86.40

Euro

1

Rs.68.70

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.