MIRA INFORM REPORT
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Report Date : |
02.07.2013 |
IDENTIFICATION DETAILS
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Name : |
KNIGHTSBRIDGE CHEMICALS FZE |
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Registered Office : |
Hamriyah Free Zone, Plot No. 1-D-03 & 04 PO Box 41671 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 : |
15.04.2002 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Manufacture of chemical resins. |
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No. of Employees : |
51 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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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 |
UAE - 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 : KNIGHTSBRIDGE CHEMICALS FZE
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 15th April 2002
Trade Licence Number : 356
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 51
Activities : Manufacture of chemical resins.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Javid, Financial Controller
KNIGHTSBRIDGE CHEMICALS FZE
Location : Hamriyah Free
Zone, Plot No. 1-D-03 & 04
PO Box : 41671
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5263922
Facsimile : (971-6) 5263923
Email : info@knbridge.com
/ info@knightsbridgechemicals.com
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Hamriyah Free Zone Area of Sharjah.
Name Position
· Tucker Link Chairman
· Robert A Scott Director
· George Rapport Director
· Eric T Link Chief
Executive Officer
· Giovanni Gianni
Angelucci Finance
Manager
· Waleed Hamouda Plant
Manager
· Andrew Roy Neal Marketing
Manager
· Ahmed Al Hassan Business
Development Manager
· Mohamed Javid Financial
Controller
Date of
Establishment : 15th
April 2002
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 356
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Knightsbridge Chemicals Limited 100%
Bermuda
· Knightsbridge Chemicals DMCC
PO Box: 114408
Dubai
Tel: (971-4) 4470765
Fax: (971-4) 4470764
DMCC No. 30624
· International Chemicals Company SAE
19 El Batal Ahmed
Abdel Aziz Street
Mohandessin, Giza
Cairo
Egypt
Tel: (20-2) 33457818
Fax: (20-2) 33053954
Activities: Engaged in the manufacture of chemical resins.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 51 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 56,750,000 UAE Dh
59,300,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Javid, Financial
Controller
·
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.14 |
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1 |
Rs.90.05 |
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Euro |
1 |
Rs.77.06 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.