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Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
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Name : |
TRADECHEM INTERNATIONAL FZE |
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Registered Office : |
LOB No. 15, Office No. 410, Jebel Ali Free Zone, PO Box 18587, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
25.02.2004 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Distributors of chemicals |
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No. of Employees : |
4 |
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 Complaint |
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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 |
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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 |
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 :
TRADECHEM INTERNATIONAL FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
25th February 2004
Trade Licence Number :
4524
Chamber Membership Number :
83151
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
4
Activities :
Distributors of chemicals
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Jayant Motiwala, Finance Manager
TRADECHEM INTERNATIONAL FZE
Building : LOB No. 15,
Office No. 410
Area : Jebel Ali
Free Zone
PO Box : 18587
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8876371 / 8876372
Facsimile : (971-4) 8876373
Mobile :
(971-50) 5523148
Email : admin@tradechem.ae
Please note that subject’s previous address was, LOB No. 3, Office No.
AG11, Ground Floor, Sheikh Zayed Street, 5th Roundabout, Jebel Ali
Free Zone, Dubai.
Subject operates from a small suite of offices that are rented and located
in the Jebel Ali Free Zone.
Name Nationality Position
· Vishwanathan
Ayer Indian Managing Director
· Aayush Rajesh Kapouriya Indian Director
· Jayant
Motiwala - Finance
Manager
· Seema
Khan - Administrative
Secretary
Date of
Establishment : 25th
February 2004
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 4524
Chamber Member No. : 83151
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Vishwanathan
Ayer
· Aayush Rajesh Kapouriya
Activities: Engaged in the import and distribution of bulk chemicals for the soap
industry and petrochemicals.
Import Countries: Europe, India and Singapore.
International Suppliers:
· Shell Singapore
·
Huntsman France
·
Total France
Operating Trend: Steady
Subject has a workforce of 4 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/03/11: Year
Ending 31/03/12:
Total Sales US$
75,820,000 US$ 77,295,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Jayant
Motiwala, Finance Manager
·
Emirates National Bank of Dubai (NBD)
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222241
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
·
Habib Bank AG Zurich
Trade Service
Centre
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4)
2221281
Fax: (971-4)
2284631
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.54.29 |
|
UK Pound |
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.70.61 |
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit
not recommended |
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-- |
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.