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Report No. : |
326750 |
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Report Date : |
19.06.2015 |
IDENTIFICATION DETAILS
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Name : |
RAR RESIN & CHEMICAL INDUSTRY JLT |
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Registered Office : |
One Lake Plaza, Office 204, Building 1104, 11th Cluster,
Plot No. PH2-T2, Jumeirah Lakes Towers, PO Box 231051 & 47381, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
27.11.2011 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Engaged in the import and distribution of resins, solvents, powders,
pigments, dyes, pastes and other chemical additives. |
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No. of Employees : |
25 |
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 |
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Status : |
Satisfactory |
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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 – 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 |
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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. 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
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 diversification and creating more opportunities for nationals through
improved education and increased private sector employment.
|
Source
: CIA |
Company Name : RAR RESIN & CHEMICAL INDUSTRY
JLT
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company – FZ LLC
Registration Date :
27th November 2011
Trade Licence Number :
65893
Chamber Membership Number : 198847
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
25
Activities :
Distributors of chemicals, resin and chemical materials
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Anu Mahes, Financial Controller
RAR RESIN & CHEMICAL INDUSTRY JLT
Registered &
Physical Address
Location : One Lake
Plaza, Office 204, Building 1104, 11th Cluster, Plot No. PH2-T2,
Jumeirah Lakes
Towers
PO Box :
231051 & 47381
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 4356517
Facsimile : (971-4)
4356518
Email : info@rarresin.com
/ admin@rar-fze.ae
/ rarchem@rarfze.ae
Premises
Subject operates from a medium sized suite of offices that are rented and
located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
Jebel Ali Industrial Area No. 2 Warehouse
premises
PO Box: 47403
Dubai
Tel: (971-4) 2580212
Fax: (971-4) 2580211
Name Nationality Position
Rabieh Antonis Reaidy Canadian Managing
Director
Moheb Isaac - General
Manager
Anu Mahes - Financial
Controller
Denzil Fernando - Group
Financial Manager
Tony Tabswani - Administration
Manager
Date of Establishment : 27th
November 2011
Legal Form : Free Zone Company
– FZ LLC
Trade Licence No. : 65893 (Expires
09/02/2016)
Chamber Member No. : 198847
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Rabieh Antonis Reaidy 100%
Emver Paint Industry LLC
Jebel Ali Free Zone
Dubai
Tel: (971-4) 8802255
Rar Holding
Dubai
Activities: Engaged in the import and distribution of resins, solvents, powders,
pigments, dyes, pastes and other chemical additives.
Import Countries: Europe and GCC countries.
Subject has a workforce of 25 employees.
Companies registered in Dubai are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
HSBC Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
No complaints regarding subject’s payments have been reported.
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.63.85 |
|
|
1 |
Rs.100.99 |
|
Euro |
1 |
Rs.72.45 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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|
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
-- |
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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.