MIRA INFORM REPORT

 

 

 

 

Report Date :

30.12.2014

 

IDENTIFICATION DETAILS

 

Name :

PAPER CHASE INTERNATIONAL INC

 

 

Registered Office :

Lot No. MOD 470, Sheikh Zayed Road,  Jebel Ali Free Zone, PO Box: 17651  Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

22.02.2000

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Processors and distributors of recovered paper and scrap metals.

 

 

No. of Employees :

25

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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

 

SUMMARY

 

Company Name                                    : PAPER CHASE INTERNATIONAL INC

Country of Origin                                   : British Virgin Islands

Legal Form                                           : Branch of a Foreign Registered Corporation

Registration Date                                  : 22nd February 2000

Trade Licence Number                           : 2494

Chamber Membership Number               : 58602

Issued Capital                                       : UAE Dh 185,000

Paid up Capital                                     : UAE Dh 185,000

Total Workforce                                     : 25

Activities                                               : Processors and distributors of recovered paper and scrap metals.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

COMPANY NAME

 

PAPER CHASE INTERNATIONAL INC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Lot No. MOD 470

Street               : Sheikh Zayed Road

Area                 : Jebel Ali Free Zone

PO Box            : 17651

Town                : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 8871333

Facsimile          : (971-4) 8871307

Email                : pci@papchase.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Jebel Ali Free Zone Area of Dubai.

 

 

KEY PRINCIPALS

 

Name                                       Nationality                                            Position

 

Shiraz Hamirani                         Indian                                                   Managing Director

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : 22nd February 2000

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Paper Chase International Inc,  a  Limited Liability Company incorporated in the British Virgin Islands.

 

Paper Chase International Inc in the United Arab Emirates, operates as a Branch of a  Foreign Registered Corporation.

 

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 British Virgin Islands.

 

Trade Licence No.        : 2494

 

Chamber Member No.  : 58602

 

Issued Capital              : UAE Dh 185,000

 

Paid up Capital            : UAE Dh 185,000

 

 

OPERATIONS

 

Activities:                     Engaged in the import, processing and distribution of recovered paper and scrap metals.

 

Import Countries:         Europe and the Far East.

 

Subject has a workforce of 25 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

 

Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

Tel: (971-4) 2229131 / 2221134

 

 

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.63.65

UK Pound

1

Rs.99.14

Euro

1

Rs.77.60

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

 

 

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