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Report Date : |
19.03.2014 |
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Tel. No.: |
00 97 16 557 1241 |
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Fax No.: |
00 97 16 557 1243 |
IDENTIFICATION DETAILS
|
Name : |
RICHMOND MERCANTILE LIMITED FZC |
|
|
|
|
Registered Office : |
Sharjah Airport International Free Zone, Warehouse No C3 – 12 PO Box 8412 Sharjah |
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|
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Country : |
United Arab Emirates |
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Date of Incorporation : |
11.01.2001 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Engaged in the import and distribution of petroleum products,
including fuel, oil, bitumen, steel and scrap metal. |
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|
|
|
No. of Employees : |
10 |
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 |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
UAE - 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 : RICHMOND MERCANTILE LIMITED FZC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 11th January 2001
Trade Licence Number : 01138
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 10
Activities : Distributors of petroleum products, including fuel, oil, bitumen, steel and
scrap metal
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Syed Asnaian, Senior Accountant
RICHMOND MERCANTILE LIMITED FZC
Location : Sharjah
Airport International Free Zone, Warehouse No C3 - 12
PO Box :
8412
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5571241
/ 5571242 / 5570767 / 5570768 / 5572542/6
Facsimile : (971-6)
5571243
Mobile : (971-50)
4822146
Email : richcom@emirates.net.ae
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Saif Zone Area of Sharjah.
Name Position
· Hussain Maloobhoy Managing
Director
· Salman Sultan
Maloobhoy Director
· Richard Maloobhoy General
Manager
· Bob Khan Assistant
General Manager
· Sekar Chandra Financial
Controller
· Syed Asnaian Senior
Accountant
Date of
Establishment : 11th
January 2001
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 01138 (Expires 23/11/2014)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Hussain Maloobhoy
· Salman Sultan
Maloobhoy
· Richmark Holding
Mauritius
· Elrich Bituminous
Systems FZC
PMB Plant & Bitumen Terminal, Khalid
Port, Saif Zone
PO Box: 9472
Sharjah
Tel: (971-6) 5571241
Fax: (971-6) 5571243
Activities: Engaged in the import and distribution of petroleum products, including
fuel, oil, bitumen, steel and scrap metal.
Import Countries: Europe and the Far East
Subject has a workforce of 10 employees.
Companies registered in Sharjah, 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.
·
Credit Suisse
Trade Finance
Service Centre
17 Rue de Lausanns
GH 1211 Geneva 70
Switzerland
·
Standard Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel:
(971-6) 5357788
Fax:
(971-6) 5543604
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.95 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.