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Report Date : |
04.04.2014 |
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, P O Box 18587, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
25.02.2004 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
importer and distributor of bulk chemicals for the
soap industry and petrochemicals. |
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No. of Employees |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
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 |
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
Registered &
Physical Address
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 / 8873151 / 8873240
Facsimile : (971-4) 8876373 / 8873241
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.
Premises
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
(Expires 25/02/2015)
Chamber Member No. : 83151
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Aayush Rajesh Kapouriya 90%
·
Vishwanathan Ayer 10%
Activities: Engaged in the import and distribution of
bulk chemicals for the soap industry and petrochemicals.
Import
Countries: Europe, India,
Thailand and Singapore.
International
Suppliers:
·
Shell Singapore
· Huntsman France
· Total France
· Top Solvent Ireland
· PTT Co Ltd Thailand
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 31/03/12: Year Ending
31/03/13:
Total Revenue US$ 77,295,000 US$ 32,012,186
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr Jayant Motiwala, Finance Manager
·
Habib
Bank AG Zurich
Trade Service Centre
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
·
National
Bank of Fujairah
PO Box: 2979
Dubai
Tel: (971-4) 3971700 / 5078300
Fax: (971-4) 3979100 / 3973922
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.60.12 |
|
UK Pound |
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.82.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
|
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 |
|
|
-- |
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.