MIRA INFORM REPORT

Report Date :

31.10.2013

IDENTIFICATION DETAILS

Name :	RICHMOND PETROCHEM TRADING FZE
Registered Office :	Citadel Tower, Suite No. 901 Business Bay PO Box 12537 Dubai
Country :	United Arab Emirates
Date of Incorporation :	03.06.2006
Legal Form :	Free Zone Establishment - FZE
Line of Business :	Distributors of chemicals, bitumen and base oils
No. of Employees :	5

NOTES :

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ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
UAE	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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 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

SUMMARY

Company Name : RICHMOND PETROCHEM TRADING FZE

Country of Origin : Dubai, United Arab Emirates

Legal Form : Free Zone Establishment - FZE

Registration Date : 3^rd June 2006

Trade Licence Number : 1799

Issued Capital : UAE Dh 500,000

Paid up Capital : UAE Dh 500,000

Total Workforce : 5

Activities : Distributors of chemicals, bitumen and base oils

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

RICHMOND PETROCHEM TRADING FZE

ADDRESS

Registered & Physical Address

Building : Citadel Tower, Suite No. 901

Area : Business Bay

PO Box : 12537

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 4508530 / 4508531

Facsimile : (971-4) 4508534

Mobile : (971-55) 7751339

Email : alireza@richmondpetro.com

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

KEY PRINCIPALS

Name Position

· Hitesh Mehta Managing Director

· Ali Reza Ostowart General Manager

LEGAL FORM & OWNERS

Date of Establishment : 3^rd June 2006

Legal Form : Free Zone Establishment - FZE

Trade Licence No. : 1799, Hamriyah Free Zone

Issued Capital : UAE Dh 500,000

Paid up Capital : UAE Dh 500,000

Name of Shareholder (s) Percentage

· Hitesh Mehta 100%

OPERATIONS

Activities: Engaged in the import and distribution of chemicals, bitumen and base oils.

Import Countries: Europe and the Far East.

Subject has a workforce of 5 employees.

FINANCIAL DATA

Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· HSBC Bank Middle East

Deira Souk Branch

PO Box: 66

Dubai

Tel: (971-4) 2535000

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

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.49
UK Pound	1	Rs.98.71
Euro	1	Rs.84.49

INFORMATION DETAILS

Report Prepared by :

SDA

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