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Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
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Name : |
KEMSOL LIMITED |
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|
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Registered Office : |
Sheikh Zayed Road,
Jebel Ali Free Zone, PO Box 18295, Dubai |
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|
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Country : |
United Arab
Emirates |
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|
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
17.12.2000 |
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|
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Legal Form : |
Branch of a
Foreign Registered Corporation |
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|
|
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Line of Business : |
Distributors of
industrial chemicals, chemical raw materials for PVC and pipes. |
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|
|
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No. of Employees : |
12 |
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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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 : KEMSOL LIMITED
Country of Origin : United
Kingdom
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 17th
December 2000
Trade Licence
Number : 2797
Chamber Membership
Number : 61513
Total Workforce : 12
Activities :
Distributors of industrial chemicals, chemical raw materials for PVC and
pipes.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
KEMSOL LIMITED
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 18295
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8839800
Facsimile : (971-4) 8839910
Email : info@kemsoluae.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
Ashit Gunvantlal
Shah Indian Managing
Director
Hetal Topat - Finance
Manager
Date of
Establishment : 17th December 2000
Legal Form :
Subject is the United Arab
Emirates registered branch of Kemsol Limited, a Limited Liability Company
incorporated in United Kingdom.
Kemsol Limited 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 the United Kingdom.
Trade Licence
No. : 2797
Chamber Member
No. : 61513
Activities: Engaged
in the import and distribution of industrial chemicals, chemical raw materials
for PVC and pipes.
Import
Countries: Europe, South Africa and the Far East.
Agencies Held:
SASOL Solvents South Africa
Export
Countries: GCC countries.
Operating Trend: Steady
Subject has a
workforce of 12 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 8,500,000 UAE Dh 9,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
HSBC Bank Middle
East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 253500
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.54.70 |
|
|
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.