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Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
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Name : |
SCOTT BADER MIDDLE EAST LIMITED |
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Registered Office : |
Plot No.
BO49-R01, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.06.1993 |
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Com. Reg. No.: |
849 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Manufacture of Synthetic Resins, Polyester Resins, Alkyd Resins and Allied
Materials. |
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No. of Employees : |
75 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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.
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Source
: CIA |
Company Name : SCOTT BADER MIDDLE EAST LIMITED
Country of Origin : United
Kingdom
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 1st
June 1993
Registration Number : 849
Chamber Membership
Number : 22182
Total Workforce : 75
Activities :
Manufacture of synthetic resins, polyester
resins, alkyd resins and allied
materials
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : David
Rossowo, Finance Manager
SCOTT BADER MIDDLE EAST LIMITED
Building : Plot No. BO49-R01
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 32439 & 16785
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8835025 / 8150222 /
8150213
Facsimile : (971-4) 8835319
Email : info@scottbader.ae
Subject operates
from a medium sized suite of offices and a factory that are rented and located in
the Jebel Ali Free Zone, Dubai.
Name Position
·
John
Kemp Chief
Executive Officer
·
Dalton
Taylor Operations
Manager
·
David
Rossowo Finance
Manager
Date of Establishment : 1st
June 1993
Legal Form :
Subject is the United Arab
Emirates registered branch of Scott Bader Company Limited a Limited Liability Company incorporated in
the United Kingdom.
Scott Bader Middle East Limited in the United Arab Emirates, operates as a Branch
of a
Foreign Registered
Corporation with its registered office located at the following address:
Scott Bader Company Limited
Wollaston
Wellingborough
Northamptonshire NN29 7RL
Tel: (44-1933) 663100
Fax: (44-1933) 666608
Email: pr@scottbader.com
A Branch of a Foreign
Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays
in the hands of the company where it is originally
registered.
Under these circumstances, we
strongly advise that any international trade credit should
only be written under the name
of the main company where the subject holds its registered
office, in this case the United
Kingdom.
Registration No. : 849
Chamber Member No. : 22182
Activities: Engaged in the manufacture of synthetic resins, polyester resins, alkyd resins and allied
materials.
Subject has been awarded
certification to ISO 9001:2000.
Import
Countries: United Kingdom, Japan
and the United States of America
Distributors:
·
William
Abou Kalil's Agency Jordan
·
Union
Fiberglass Factory Kuwait
·
Kalakar
Company Limited Iran
·
Naranjee
Hirjee and Co. LLC Oman
·
Humade
Corporation Taiwan
·
SABIC Saudi
Arabia
·
Petrochem Dubai,
United Arab Emirates
Export
Countries: Middle East
region
Brand Name: CRYSTIC
Operating Trend: Steady
Subject has a
workforce of 75 employees.
Financial
highlights provided by local sources are given below:
Currency: United States
Dollars (US$)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales US$ Dh
66,750,000 US$
70,200,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr David Rossowo, Finance Manager
·
Standard
Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Dubai
Tel: (971-4) 8856600
Acc No. 01701400701
No complaints
regarding subject’s payments have been reported.
Credit amount 34,000
Amount overdue 0
Payment terms 45
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
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|
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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-- |
NB |
New Business |
-- |
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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.