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Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
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Name : |
HOUSE OF CHEMICALS |
|
|
|
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Registered Office : |
Kalfan Mizer Al
Swaidi Building, Sheikh Rashid Bin Saeed Road, P O Box 5150, Abu Dhabi |
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|
|
|
Country : |
United Arab Emirates |
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|
|
|
Financials (as on) : |
31.12.2011 |
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|
|
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Date of Incorporation : |
25.04.1989 |
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|
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Com. Reg. No.: |
47725, Abu Dhabi |
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|
|
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Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Distributors of industrial
chemicals |
|
|
|
|
No. of Employees : |
12 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
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.
|
Source : CIA |
Company Name : HOUSE OF CHEMICALS
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 25th April 1989
Commercial Registration Number : 47725, Abu Dhabi
Trade Licence Number : 1015365
Chamber Membership Number : 11711
Invested Capital : UAE Dh 300,000
Total Workforce : 12
Activities : Distributors of industrial chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
HOUSE OF CHEMICALS
Registered &
Physical Address
Building : Kalfan Mizer Al Swaidi Building
Street : Sheikh Rashid Bin Saeed Road
PO Box : 5150
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 4457644
Facsimile : (971-2) 4457660
Email : hochem@emirates.net.ae / hocdubai@hochems.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Abu Dhabi.
Name Nationality Position
·
Narindara
Pandiya Indian Proprietor
& General Manager
·
Suhail
Majid Emirati Local
Sponsor
·
Colette
Menezes - Assistant
General Manager
·
Milad
Dinesh
- Financial
Controller
Date of Establishment : 25th
April 1989
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 47725, Abu
Dhabi
Trade Licence No. : 1015365
(Expires 25/01/2013)
Chamber Member No. : 11711
Invested Capital
: UAE Dh 300,000
Mr Narindara
Pandiya is the sole proprietor of the business.
·
House
of Chemicals LLC
PO Box: 2196
Dubai
Tel: (971-4) 2855105
Fax: (971-4) 2861312
Activities: Engaged in the
import and distribution of industrial chemicals.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 12 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 8,000,000 UAE Dh 8,800,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
No complaints
regarding subject’s payments have been reported.
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the
business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.07 |
|
UK Pound |
1 |
Rs.84.95 |
|
Euro |
1 |
Rs.68.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.