MIRA INFORM REPORT

 

 

Report Date :

22.06.2012

 

IDENTIFICATION DETAILS

 

Name :

CORROTECH CONSTRUCTION CHEMICALS

 

 

Registered Office :

MCT Building Dubai Investment Park PO Box 8344 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

02.01.2005

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacture of construction chemicals.

 

 

No. of Employees :

135

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

UAE

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                                     : CORROTECH CONSTRUCTION CHEMICALS

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 2nd January 2005

Trade Licence Number                            : 558498

Chamber Membership Number                : 93441

Invested Capital                                     : UAE Dh 300,000

Total Workforce                                     : 135

Activities                                               : Manufacture of construction chemicals.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

 CORROTECH CONSTRUCTION CHEMICALS

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : MCT Building

Area                 : Dubai Investment Park

 

PO Box             : 8344

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 8112100 / 8850666 / 3431212 / 3245467

Facsimile          : (971-4) 8112101 / 3430609

Email                : mctcorr@emirates.net.ae / khadija@mctuae.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                                   Nationality         Position

 

·       Sheikh Saeed Bin Mohamed Bin Hasher Al Maktoum               Emirati              Proprietor & General Manager

 

·       Khadija Omani                                                                           -                  Sales Manager

 

·       Sunil Tazor                                                                                -                  Financial Controller

 

·       Collin Casin                                                                               -                  Administration Manager 

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2nd January 2005

 

Legal Form                  : Sole Proprietorship

 

Trade Licence No.       : 558498

 

Chamber Member No. : 93441

 

Invested Capital           : UAE Dh 300,000

 

Sheikh Saeed Bin Mohamed Bin Hasher Al Maktoum is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Corrosion Technical Services

Dubai

 

·       Corrotech Building Maintenance

Dubai

 

·       Molecular Corrosion Technology (MCT)

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of construction chemicals.

 

Import Countries: France and Spain.

 

Subject has a workforce of approximately 135 employees.

 

 

FINANCIAL DATA

 

Companies registered in Dubai are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Emirates National Bank of Dubai

Baniyas Street

     PO Box: 777

     Dubai

     Tel: (971-4) 2222241

 

 

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.56.42

UK Pound

1

Rs.88.45

Euro

1

Rs.71.52

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.