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Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SASOL
MIDDLE EAST FZCO |
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|
|
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Registered Office : |
Jebel Ali Free
Zone, LOB 16,
Office No. 303, Gate No. 4, PO Box 61089, Dubai |
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Country : |
United Arab Emirates |
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|
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.07.2005 |
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Com. Reg. No.: |
57210 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Import and export of chemicals and
solvents. |
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No. of Employees : |
35 |
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 |
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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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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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 :
SASOL MIDDLE EAST
FZCO
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date :
1st July 2005
Commercial Registration Number :
57210
Trade Licence Number :
2332
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
35
Activities :
Import and export of
chemicals and solvents.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Saleem Balkadtam, Logistics Manager
SASOL
MIDDLE EAST FZCO
Registered &
Physical Address
Location : Jebel Ali Free
Zone, LOB 16, Office
No. 303, Gate No. 4
PO Box : 61089
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8068300
Facsimile : (971-4) 8068400
Email : info@sasol.com
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Jebel Ali Free Zone, Dubai.
Name Position
Stephan Simon Managing
Director
Amjad Nazir Commercial
Manager
Yacoub Botha Finance
Manager
Saleem Balkadtam Logistics
Manager
Date of Establishment : 1st
July 2005
History : Subject began in
2005 as a Limited Liability Company, however in 2011 it changed legal
status and became a Free Zone Company.
Legal Form : Free Zone Company
- FZCO
Commercial Reg.
No. : 57210
Trade Licence No. : 2332 (Expires
16/05/2013)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
Sasol SA 100%
1 Sturdee Avenue
Rosebank
PO Box 5486
Johannesburg
South Africa
Tel: (27-11) 4413111
Fax: (27-11) 7885092
Sasol Gulf
Jebel Ali Free Zone
Dubai
United Arab Emirates
Tel: (971-4) 8835179
Activities: Engaged in
the import and export of chemicals and solvents.
Import Countries: India and South Africa
Export Countries: Bangladesh, Sri
Lanka, India, Nepal, Pakistan, Afghanistan, Iran, Iraq, CIS, GCC, Oman, Jordan,
Syria, Lebanon, Cyprus, Turkey, Egypt, Libya, Algeria and Morocco
Operating Trend: Steady
Subject has a workforce of 35 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 29,650,000 UAE Dh
33,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Saleem Balkadtam, Logistics
Manager
Habib Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
Standard Chartered Bank
Jebel Ali Branch
PO Box: 999
Dubai
Acc No. 01-7072546-01
No complaints regarding subject’s payments have been reported.
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.54.38 |
|
UK Pound |
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.69.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.