|
Report No. : |
352471 |
|
Report Date : |
03.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
M UNION CHEMICAL TRADING FZC |
|
|
|
|
Registered Office : |
E1 1217 Amberjem Tower, Ajman Free Zone, Ajman |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Date of Incorporation : |
17.07.2014 |
|
|
|
|
Legal Form : |
Free Zone Company – FZC |
|
|
|
|
Line of Business : |
Engaged in the import and distribution of raw chemicals materials, for
the paint, printing ink, drilling and textiles industries. |
|
|
|
|
No. of Employees : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
-- |
NB |
New Business |
-- |
|
|
Status : |
New Business |
|
Payment Behaviour : |
Unknown |
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 STATES 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. The country's free
trade zones - offering 100% foreign ownership and zero taxes - are helping to
attract foreign investors. The global financial crisis of 2008, 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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name :
M UNION CHEMICAL TRADING FZC
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
17th July 2014
Trade Licence Number :
11645
Issued Capital :
UAE Dh 185,000
Paid up Capital :
UAE Dh 185,000
Total Workforce : 4
Activities :
Distributors of raw chemicals materials
Financial Condition :
Undetermined
Payments :
Unknown
M UNION CHEMICAL TRADING FZC
Registered &
Physical Address
Location : E1 1217
Amberjem Tower, Ajman Free Zone
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7646308
Mobile : (971-52)
8314217
Email : info@uct-global.com
Premises
Subject operates from a small suite of offices that are rented and located
in the Ajman Free Zone.
Name Nationality Position
Adnan Shahzad Pakistani Managing
Director
Mudather Shahzad Pakistani Director
Date of Establishment : 17th
July 2014
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 11645
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
Name of
Shareholder (s)
Adnan Shahzad
Mudather Shahzad
Activities: Engaged in the import and distribution of raw chemicals materials, for
the paint, printing ink, drilling and textiles industries.
Subject’s products include, paints and coatings, PVC and plasticizers,
PET, styrentic products, engineering plastics, glycols, ethanolamines, papers
and olefin products.
Import Countries: South Korea, India and Singapore.
International
Suppliers:
LG South
Korea
Harish JKN Petroleum India
CKG Chemicals Singapore
Export Countries: GCC countries, Asia and
Africa (subject caters to more than 2,500 customers)
Subject has a workforce of 4 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
National Bank of Abu Dhabi
Main Street
PO Box: 988
Ajman
Tel: (971-6) 5422996
Fax: (971-6) 5425750
Unknown
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a close
monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.62 |
|
|
1 |
Rs.100.34 |
|
Euro |
1 |
Rs.70.67 |
|
UAE Dirham |
1 |
Rs.18.17 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.