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Report Date : |
30.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASIAN PETROCHEMICALS MARKETING COMPANY FZE |
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|
|
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Registered Office : |
JAFZA View No.
18, 7th Floor, Office No:
LB180708, Jebel Ali Free Zone, P O Box
261747, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
21.11.2011 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
importer and distributor of petrochemical products
and polymers. |
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No of Employees : |
04 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 : ASIAN PETROCHEMICALS MARKETING COMPANY FZE
Also Known As : APMC FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 21st November 2011
Trade Licence Number : 127185
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 4
Activities : Distributors of petrochemical products and polymers
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Ronnie Zabeh, Accountant
ASIAN
PETROCHEMICALS MARKETING COMPANY FZE
APMC FZE
Registered &
Physical Address
Location : JAFZA View No. 18, 7th
Floor, Office No: LB180708
Area : Jebel Ali Free Zone
PO Box : 261747
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8840355
Facsimile : (971-4) 8840354
Email : maryam@apmc.ae
/ zoleyn@ilsgroup.com / ronnie@apmc.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Jebel Ali Free
Zone Area of Dubai.
Name Nationality Position
·
Henri
Nader Zoleyn French Managing
Director
·
Ronnie
Zabeh - Accountant
·
S Raju - Sales
Co-Ordinator
·
Nazeri
Farashti - Financial
Controller
Date of Establishment : 21st
November 2011
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 127185
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s) Percentage
·
Henri
Nader Zoleyn 100%
·
Petrochemical
Commercial Co FZE
Jebel Ali Free Zone
Dubai
Tel: (971-4) 88330063
Fax: (971-4) 88330064
Activities: Engaged in the import and distribution of
petrochemical products and polymers.
Import
Countries: Indian, China,
Saudi Arabia and Belgium.
International Suppliers:
·
Sigma Plastochem India
·
C J Shah Chemical India
·
Sinoma Petrochemical China
·
SABIC Saudi
Arabia
·
Borouge Belgium
Subject has a
workforce of 4 employees.
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.
·
Bank of
Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
·
National
Bank of Ras Al Khaimah
PO Box: 1531
Dubai
Tel: (971-4) 2226291
Fax: (971-4) 2281312
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.60.52 |
|
|
1 |
Rs.101.77 |
|
Euro |
1 |
Rs.83.92 |
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 |
|
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.