MIRA INFORM REPORT

 

 

Report Date :

22.09.2014

 

IDENTIFICATION DETAILS

 

Name :

ABC CHEMICAL EXPORTS PVT LTD

 

 

Registered Office :

Saif Zone, PO Box: 8330, Sharjah

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

24.06.2001

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Import and export of chemicals, chemical raw materials and dyeing materials

 

 

No. of Employees :

3

 

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

 

 

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

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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                                     : ABC CHEMICAL EXPORTS PVT LTD

Country of Origin                                    : India

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 24th June 2001

Trade Licence Number                            : 1003

Total Workforce                                     : 3

Activities                                               : Import and export of chemicals, chemical raw materials and dyeing 

   materials

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : B Manju, Sales Executive

 

COMPANY NAME

 

ABC CHEMICAL EXPORTS PVT LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Saif Zone

PO Box             : 8330

Town                 : Sharjah

Country             : United Arab Emirates

 

Telephone         : (971-6) 5579612 / 5579613

Facsimile          : (971-6) 5579614

Email                : uae@abcchemical.com

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Saif Zone Area of Sharjah.

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Venay Heru                                                                                           Managing Director

 

B Manju                                                                                                Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 24th June 2001

 

Legal Form      : Subject is the United Arab Emirates registered branch of ABC Chemicals Export Pvt Ltd, a Limited Liability Company incorporated in India.

 

ABC Chemicals Export Pvt Ltd in the United Arab Emirates, operates as a Branch of a Foreign Registered Corporation with its registered office located at the following address:

 

ABC Chemicals Export Pvt Ltd

104 Damji Shamji Udyog Bhawan

  Veera Desai Road

  Andheri

  Mumbai 400 053

  India

  Tel: (91-22) 67292100

  Fax: (91-22) 26734896

 

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 India.

 

Trade Licence No.       : 1003

 

 

AFFILIATED COMPANIES

 

ABC Chemical (China)

3F Wanzhong Building No. 1303

Yan’an Road

Shanghai

China

Tel: (8621) 52174268

Fax: (8621) 62384921

 

ABC Chemical (USA)

333 Jackson Avenue, Suite No. 4

Syosset

NY 11791

United States of America

Tel: (1-516) 5131611

Fax: (1-516) 5199028

 

ABC Chemical (Egypt)

603 El Horiyah Road, 3rd Floor, Apartment No. 24

Alexandria

Egypt

Tel: (20-3) 5769667

 

ABC Chemical (Thailand)

Q House Lumpini Building

1 South Santhorn Road

Level 27, Tungmahamek

Sathorn

Bangkok 10120

Thailand

Tel: (66) 23103646

Fax: (66) 26103601

 

 

OPERATIONS

 

Activities: Engaged in the import and export of chemicals, chemical raw materials and dyeing materials.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 3 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

Sharjah Islamic Bank

Al Boorj Avenue

PO Box: 4

Sharjah

Tel: (971-6) 5547747

 

 

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.60.81

UK Pound

1

Rs.100.06

Euro

1

Rs.78.47

 

INFORMATION DETAILS

 

Analysis Done by :

 KAR

 

 

Report Prepared by :

SDA

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.