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Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
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Name : |
ION EXCHANGE |
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Registered Office : |
Warehouse No. WN 18, Hamriyah Free Zone, P O Box 49247, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.04.2007 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and assembly of water treatment equipment, resins and chemicals. |
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No. of Employees : |
30 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 country 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. 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 : ION EXCHANGE
Country of Origin : India
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 27th April 2007
Trade Licence Number : 2497/2498
Total Workforce : 30
Activities : Import and assembly of water treatment equipment, resins and
chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Shiju Diva Karan, Finance Manager
ION EXCHANGE
Registered &
Physical Address
Building : Warehouse No. WN 18
Area :
Hamriyah Free Zone
PO Box : 49247
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5261606 / 5261909
Facsimile : (971-6) 5261607
Mobile : (971-50) 5860907
Email : uaesales@ionexchangeglobal.com
/ shijudivakaran@ionexchange.co.in
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Hamriyah Free Zone Area of Dubai.
Name Position
·
Sunil
Nair General
Manager
·
Shiju
Diva Karan Finance
Manager
·
Mathu
Kumar Technical
Manager
Date of Establishment : 27th
April 2007
Legal Form :
Subject is the United Arab
Emirates registered branch of ION Exchange (India) Ltd, a
Limited Liability Company incorporated in India.
Ion Exchange in the United Arab
Emirates, operates as a Branch of a Foreign
Registered Corporation.
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 India.
Trade Licence No. :
2497/2498 (Expires 26/04/2014)
Activities: Engaged in the import and assembly of water
treatment equipment, resins and chemicals.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 30 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Revenue UAE
Dh 27,900,000 UAE Dh
29,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Shiju Diva Karan, Finance Manager
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
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.65.42 |
|
UK Pound |
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.32 |
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.