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Report Date : |
24.10.2013 |
IDENTIFICATION DETAILS
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Name : |
BELCHINA (UAE) LTD FZC |
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Registered Office : |
Hamriyah Free Zone |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.04.2005 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Distributors of scrap materials, heavy industrial equipment and plastics |
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No. of Employees : |
5 |
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) |
|
UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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
Source
: CIA
Company Name : BELCHINA (UAE) LTD FZC
Country of Origin :
Legal Form : Free Zone Company - FZC
Registration Date : 25th April 2005
Trade Licence Number : 1119
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 5
Activities : Distributors of scrap materials, heavy industrial equipment and plastics
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
BELCHINA (UAE) LTD FZC
Location : Hamriyah Free
Zone
PO Box : 41835
Town : Sharjah
Country :
Telephone : (971-6) 5261353
Facsimile : (971-6) 2651331
/ 2207768
Building :
Street :
Area : Al Qusais
Area
PO Box : 45311
Town :
Country :
Telephone : (971-4) 2207769
/ 2693937
Facsimile : (971-4)
2207768
Email : belchina@emirates.net.ae
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Hamriyah Free Zone Area of Dubai.
Name Position
· Karan Baheti Managing
Director
· Rose Fredberg General
Manager
· Lakhan Heada Financial
Controller
Date of
Establishment : 25th
April 2005
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 1119
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Karan Baheti 100%
· Foshan Shipping and Trading Ltd
· Glaxy Foundries (Pvt) Ltd
· Indonile Metal Trading LLC
· GMM Belchina FZC
· Baheti Exports Limited
Activities: Engaged in the import and distribution of scrap materials, heavy
industrial equipment and plastics.
Import Countries: Europe and the
Operating Trend: Steady
Subject has a workforce of 5 employees.
Financial highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE
Dh 9,320,000 UAE Dh
9,870,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Bank of
PO Box: 3162
Tel: (971-4)
5531955
Fax: (971-4) 5536962
Acc No. 90030200002794
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
|
1 |
Rs.99.75 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
|
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 |
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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.