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Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
RISHICHEM MIDEAST LTD |
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|
|
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free
Zone, LOB 12, Office No. 114,
P O Box 261316, Dubai |
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|
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Country : |
United Arab Emirates |
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|
|
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Date of Incorporation : |
26.11.2005 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Distributors of speciality
chemicals and polymers. |
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|
|
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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 : |
Branch of a Foreign Registered Corporation |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
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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 |
|
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 : 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
Person Interviewed : Joyti Ghandi, Administration Executive
RISHICHEM MIDEAST
LTD
Registered &
Physical Address
Street : Sheikh Zayed
Road
Area : Jebel
Ali Free Zone, LOB 12, Office No.
114
PO Box : 261316
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8871959
Facsimile : (971-4) 8871969
Email : skumar@rishichem.ae / sales@rishichem.ae / smankame@rishchem.com
Please note that
subject’s previous address was, Sheikh Zayed Road, Jebel Ali Free Zone, LOB 14, Office No. 329, 3rd Floor, Dubai.
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Dubai.
Name Position
·
Sumesh Kumar General
Manager
·
Sagar Mankame Financial
Controller
·
Joyti Ghandi Administration
Executive
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
Chamber Member No. : 102667
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.
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.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel:
(971-4) 2535000
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.54.88 |
|
UK Pound |
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
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.