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Report Date : |
16.10.2013 |
IDENTIFICATION DETAILS
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Name : |
UNION CHEMICAL FACTORY |
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Registered Office : |
New Industrial
Area, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.07.2004 |
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Com. Reg. No.: |
170, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacturer of lubricants, oils and greases |
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No. of Employees : |
25 |
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
Concern Name : UNION CHEMICAL FACTORY
Country of Origin : Ajman, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 25th July 2004
Commercial Registration Number : 170, Ajman
Trade Licence Number : 12819
Chamber Membership Number : 7558
Invested Capital : UAE Dh 500,000
Total Workforce : 25
Activities : Manufacture of lubricants, oils and greases.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Shamim Al Zaman, Finance Manager
UNION CHEMICAL
FACTORY
Registered &
Physical Address
Location : New Industrial Area
PO Box : 2715
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7437722 / 7439502
Facsimile : (971-6) 7435069
Email : unionchemicalfactory@gmail.com
Premises
Subject operates from
a medium sized suite of offices and a factory that are rented and located in
the Industrial Area of Ajman.
Branch Office (s)
Location Description
·
Sharjah
Industrial Area Sales
office & warehouse premises
PO Box: 40319
Sharjah
Tel: (971-6) 5421002
Fax: (971-6) 5421003
Name Position
·
Ahmed Habib Hassan Proprietor
& General Manager
·
Mohamed Habib Hassan Assistant
General Manager
·
Mohamed
Nahidhi Production
Manager
·
Shamim
Al Zaman Finance
Manager
Date of Establishment : 25th
July 2004
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 170, Ajman
Trade Licence No. : 12819
(Expires 09/06/2014)
Chamber Member No. : 7558
Invested Capital
: UAE Dh 500,000
Mr Ahmed Habib Hassan is the sole
proprietor of the business.
·
Al
Mehdar Distilled Water Factory
PO Box: 40319
Sharjah
Tel: (971-6) 5421002
Fax:
(971-6) 5421003
·
Super Star General Trading LLC
Dubai
Tel: (971-4)
2732738
Activities: Engaged in the manufacture of lubricants,
oils and greases.
Import
Countries: Europe and the
United States of America
Brand Names: SUPERSTAR and ALLIED
Operating Trend: Steady
Subject has a
workforce of 25 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 Revenue UAE Dh 62,250,000 UAE Dh 65,000,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr Shamim Al Zaman, Finance Manager
·
Commercial
Bank of Dubai
Immigration Road
PO Box: 677
Sharjah
Tel: (971-6) 5740666
Fax: (971-6) 5740044
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 concern is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
|
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 |
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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 |
|
-- |
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.