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Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
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Name : |
SCOTT BADER MIDDLE EAST LIMITED |
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Registered Office : |
Plot No. BO49-R01, Sheikh Zayed
Road, Jebel Ali Free Zone, PO Box: 32439 & 16785, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.06.1993 |
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Com. Reg. No.: |
849 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Manufacture of synthetic resins, polyester resins, alkyd resins and
allied materials |
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No. of Employees : |
75 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
United Arab Emirates - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
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Source : CIA |
Company Name :
SCOTT BADER MIDDLE EAST LIMITED
Country of Origin :
United Kingdom
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
1st June 1993
Registration Number :
849
Chamber Membership Number :
22182
Total Workforce :
75
Activities :
Manufacture of synthetic resins, polyester resins, alkyd resins and allied
materials
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
SCOTT BADER MIDDLE EAST LIMITED
Registered &
Physical Address
Building : Plot No.
BO49-R01
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box :
32439 & 16785
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8835025
/ 8150222
Facsimile : (971-4)
8835319
Email : info@scottbader.co.ae
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Jebel Ali Free Zone, Dubai.
Name Position
Peter Hedley Managing
Director
Mohamed Yunus Director
Karan Dahwan General
Manager
Dalton Taylor Operations
Manager
Liyaqat Ali Khan Finance
Manager
Date of Establishment : 1st
June 1993
Legal Form : Subject is the
United Arab Emirates registered branch of Scott Bader Company Limited a
Limited Liability
Company incorporated in the United Kingdom.
Scott Bader Middle East Limited
in the United Arab Emirates, operates as a Branch of a
Foreign Registered
Corporation with its registered office located at the following address:
Scott Bader Company Limited
Wollaston
Wellingborough
Northamptonshire NN29 7RL
Tel: (44-1933) 663100
Fax: (44-1933) 666608
Email: pr@scottbader.com
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
Kingdom.
Registration No. : 849
Chamber Member No. : 22182
Activities: Engaged in the manufacture
of synthetic resins, polyester resins, alkyd resins and allied
materials.
Subject has been
awarded certification to ISO 9001:2000.
Import Countries: United Kingdom, Japan and the United States of
America
Distributors:
William Abou Kalil's Agency Jordan
Union Fiberglass Factory Kuwait
Kalakar Company Limited Iran
Naranjee Hirjee and Co. LLC Oman
Export Countries: Middle East region
Operating Trend: Steady
Subject has a workforce of 75 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales UAE
Dh 20,600,000 UAE Dh
21,350,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Standard Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Dubai
Tel: (971-4) 8856600
Acc No. 01701400701
No complaints regarding subject’s payments have been reported.
Date of transaction September
2008
Credit amount 34,000
Amount overdue 0
Payment terms 45
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.55.08 |
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UK Pound |
1 |
Rs.89.53 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.