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Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
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Name : |
PETROCHEM MIDDLE |
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Registered Office : |
Sheikh Zayed Road, Roundabout No. 7, Jebel Ali Free Zone, Lob No. 4, Office No. 4G-18, P O Box 17028 & 23910, Dubai |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
20.06.1995 |
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Com. Reg. No.: |
130 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Subject is engaged in the import, export, marketing and distribution
of chemicals, raw materials, oil field supplies, industrial solvents, paints and
varnishes, as well as construction chemicals. |
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No. of Employees : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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
|
Source
: CIA |
Company Name :
PETROCHEM MIDDLE
Country of Origin :
Legal Form :
Free Zone Establishment - FZE
Registration Date :
20th June 1995
Commercial Registration Number :
130
Trade Licence Number :
7177
Chamber Membership Number :
34479
Issued Capital :
UAE Dh 2,000,000
Paid up Capital :
UAE Dh 2,000,000
Total Workforce :
120
Activities :
Import, export, marketing and distribution of chemicals
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Hussaini Wasi, Finance Manager
PETROCHEM MIDDLE
Registered &
Physical Address
Street :
Area : Jebel Ali
Free Zone, Lob No. 4, Office No. 4G-18
PO Box : 17028 &
23910
Town :
Country :
Telephone : (971-4) 8839222
/ 8835871
Facsimile : (971-4)
8834133
Email : logistics@petrocheme.com / info@petrocheme.com / satish@petrocheme.com
Premises
Subject operates from a suite of offices and warehousing facilities with
a storage capacity of 11,000 metric tonnes that are rented and located in the
Jebel Ali Free Zone.
Branch Offices
Location Description
Tel: (971-4) 3329192
Fax: (971-4) 3329200
Cluster X, X2 Tower Office
premises
Tel: (971-4) 4179300
Fax: (971-4) 4179393 / 4779399
Name Position
Yogesh Mehta Managing
Director
Venu Gopal Nayar Sales
Manager
Ramesh Mahjan Terminal
Manager
Venu Gopal Nayar Commercial
Manager
Satish Mallingam Finance
Manager
Nazan Nokhbat Logistics
Manager
Ramesh Mahjan Operations
Manager
Date of Establishment : 20th June 1995
Legal Form : Free Zone Establishment
– FZE
Commercial Reg. No. : 130
Trade Licence No. : 7177
Chamber Member No. : 34479
Issued Capital : UAE Dh 2,000,000
Paid up Capital :
UAE
Dh 2,000,000
Name of
Shareholder (s) Percentage
Petrochem Gulf Holdings Ltd 100%
Petrochem Middle
City Tower II, Office No. 1603
PO Box: 23910
Tel: (971-4) 3329192
Fax: (971-4) 3329200
Email: sales@petrocheme.com
Membership No. 34789
Activities: Engaged in the import,
export, marketing and distribution of chemicals, raw materials, oil field
supplies, industrial solvents, paints and varnishes, as well as construction
chemicals. Subject has a product range of over 180 types of chemicals and
exports over 120,000 metric tonnes per annum.
The company are
distributors for:
- ARCO Chemicals - Petro SA
-
- KAO Chemicals - Anupam
- Tego Chemie - Merisol
- Sasol Solvents - Petro SA
- Borealis BP - Polimeri Europa
- Reliance
Subject is ISO 9001 & 4001 accredited.
Import Countries: Europe,
Asia and the United States of America
Export Countries: Subject exports chemicals to approximately
25 countries throughout the GCC region, Middle East, India, Asia and Europe.
Operating Trend: Steady
Subject has a workforce of 120 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales UAE
Dh 1,125,000,000 UAE Dh
1,240,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
Standard Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Dubai
Tel: (971-4) 8856600
Acc No. 01-70935945-01
HSBC Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
Acc No. 020-154795-100 & 020-154795-001
No complaints regarding subject’s payments have been reported.
Petrochem Middle East FZE was established in 1995 and specialises in the
import, export, marketing and distribution of various chemicals. It deals with
a number of well known international suppliers and exports over 120,000 metric
tonnes of products per annum.
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.60.14 |
|
|
1 |
Rs.103.00 |
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Euro |
1 |
Rs.81.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
-- |
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.