MIRA INFORM REPORT
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Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
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Name : |
CHEMCOAT TRADING
LLC |
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Registered Office : |
Grosvenor
Tower, Suite No. 2801, 28th Floor, Sheikh Zayed Road, P O Box 172813, Dubai |
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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 : |
24.02.2007 |
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Com. Reg. No.: |
1005751, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Import and distribution
of construction and laboratory chemicals and plastic raw materials. |
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No. of Employees : |
11 |
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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United Arab Emirates |
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 |
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
SUMMARY
Company Name : CHEMCOAT
TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 24th
February 2007
Commercial Registration
Number : 1005751, Dubai
Trade Licence
Number : 591695
Chamber Membership
Number : 116003
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 11
Activities :
Import and distribution of construction and laboratory chemicals and plastic raw materials.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Vipin
Madakanthinkal, Financial Controller
COMPANY NAME
CHEMCOAT TRADING
LLC
ADDRESS
Registered & Physical
Address
Building : Grosvenor Tower, Suite No. 2801,
28th Floor
Street : Sheikh Zayed Road
PO Box : 172813
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3296227
Facsimile : (971-4) 3296216
Mobile : (971-50) 6978807
Email : info@chemcoatgroup.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Note Subject was previously located
at the following address:
Al Attar Tower, 9th
Floor, Office No. 902
Sheikh Zayed Road
Dubai
Tel: (971-4) 3439033
KEY PRINCIPALS
Name Nationality Position
·
Reza
Mortaza Khak Paz Iranian Managing Director
·
Babita
Ashish Indian Director
·
Suhaila
Aqil Mohamed Emirati Director
·
Vipin
Madakanthinkal - Financial
Controller
·
Adnan
Shashant - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 24th
February 2007
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1005751,
Dubai
Trade Licence No. : 591695
Chamber Member No. : 116003
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
·
Suhaila
Aqil Mohamed 51%
·
Reza
Mortaza Khak Paz 25%
·
Babita
Ashish 24%
AFFILIATED COMPANIES
·
Polysack
Trading LLC
Dubai
·
Chemcoat
International FZE
Dubai
OPERATIONS
Activities: Engaged in the import and distribution of construction
and laboratory chemicals, plastic raw materials,
monomers, solvents, and
industrial chemicals.
Import
Countries: Netherlands
Operating Trend: Steady
Subject has a
workforce of 11 employees.
FINANCIAL DATA
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
87,861,111 UAE Dh
90,064,903
Local sources
consider subject’s financial condition to be Good.
The above figures were provided by Mr Vipin Madakanthinkal, Financial Controller
BANKERS
·
Commercial
Bank of Dubai
Mankhool Street
PO Box: 2668
Dubai
Tel: (971-4) 3523355
Fax: (971-4) 3527655 / 2524796
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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
|
Indian Rupees |
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US Dollar |
1 |
Rs.55.99 |
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|
1 |
Rs.84.19 |
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Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.