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Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
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Name : |
LIWA CHEMICALS FOR PETROLEUM & INDUSTRIAL SUPPLIES ESTABLISHMENT |
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Registered Office : |
Marina Plaza Building, Lulu Street, PO Box 29861, Abu Dhabi |
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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 : |
10.07.1997 |
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Com. Reg. No.: |
35452, Abu Dhabi |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import and distribution of chemicals, well drilling
equipment, lubricants and greases. |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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) |
|
UAE |
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 |
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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 : LIWA CHEMICALS FOR PETROLEUM &
INDUSTRIAL SUPPLIES
ESTABLISHMENT
Country of Origin :
Abu Dhabi, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
10th July 1997
Commercial Registration Number :
35452, Abu Dhabi
Economic
Department Number :
1001423
Chamber Membership Number :
74223
Invested Capital :
UAE Dh 1,000,000
Total Workforce :
20
Activities :
Distributors of chemicals, well drilling equipment, lubricants and greases.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Libi Lakshmanan, Financial Manager
LIWA CHEMICALS FOR PETROLEUM & INDUSTRIAL SUPPLIES ESTABLISHMENT
Building : Marina Plaza
Building
Street : Lulu Street
PO Box :
29861
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6334446
/ 6817810
Facsimile : (971-2)
6334436 / 6817820
Email : liwachem@emirates.net.ae / hamza@liwachem.ae
/ grupliwa@eim.ae
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Abu Dhabi.
Name Position
· Saleh Salem Bin Omair Al
Shamsi Proprietor & General
Manager
· Suha Pardkar Assistant
General Manager
·
Rejo Jose Sales
Manager
· Libi Lakshmanan Financial
Manager
· Mohamed Mansour Commercial
Manager
Date of
Establishment : 10th
July 1997
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 35452, Abu Dhabi
Trade Licence No. : 1001423 (Expires 27/08/2013)
Chamber Member No. : 74223
Invested Capital : UAE Dh 1,000,000
Mr Saleh
Salem Bin Omair Al Shamsi is the sole proprietor of the business.
· Liwa Investment
Holding
Abu Dhabi
Activities: Engaged in the import and distribution of chemicals, well drilling
equipment, lubricants and greases.
Import Countries: Australia, India, China and the United Kingdom.
International Suppliers:
· Atmos
International Ltd United Kingdom
Operating Trend: Steady
Subject has a workforce of 20 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 Sales UAE
Dh 18,600,000 UAE Dh
20,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Libi Lakshmanan, Financial Manager
·
Abu Dhabi Commercial Bank
Corniche Street
PO Box: 2054
Abu Dhabi
Tel: (971-2) 6275500
Fax: (971-2) 6275400
No complaints regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Established in 1997, subject is owned and managed by Mr Saleh Salem Bin Omair who
is well respected in the local business community.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the business is
deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.52.97 |
|
UK Pound |
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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.