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Report No. : |
314592 |
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Report Date : |
27.03.2015 |
IDENTIFICATION DETAILS
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Name : |
LIWA CHEMICALS FOR
PETROLEUM & INDUSTRIAL SUPPLIES LLC |
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|
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Registered Office : |
Marina Plaza
Building, Lulu Street, P O Box 29861, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
10.07.1997 |
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Com. Reg. No.: |
35452, Abu Dhabi |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of Chemicals, Well Drilling Equipment,
Lubricants and greases. Subject’s products and services include: ·
Instrumentation & Process Control Equipment ·
Mechanical & Thermal Equipment ·
Power & Electrical Equipment ·
Drilling & Equipment’s Supply ·
Maritime Supplies ·
Chemicals & Catalyst Supply ·
Filtration systems ·
Safety & firefighting equipment ·
Measuring systems ·
Lubricants & Sealants ·
EPC contracting & Project handling ·
Fabrication ·
Paints & Coatings ·
Shutdown ·
Mechanical Services ·
Electrical Services ·
Consulting Services ·
Manpower ·
Company Representation · Foreign Company Sponsorship |
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No of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 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 : LIWA CHEMICALS FOR PETROLEUM & INDUSTRIAL SUPPLIES
LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 10th July 1997
Commercial Registration Number : 35452, Abu Dhabi
Trade Licence Number : 1001423
Chamber Membership Number : 74223
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 20
Activities : Distributors of chemicals, well drilling equipment, lubricants and
greases.
Financial Condition : Fair
Payments : No Complaints
Operating Trend : Steady
Person Interviewed : Libi Lakshmanan, Financial Manager
LIWA CHEMICALS FOR PETROLEUM &
INDUSTRIAL SUPPLIES LLC
Registered &
Physical Address
Building : Marina Plaza Building
Street : Lulu Street
PO Box : 29861
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6334446 / 6817810
Facsimile : (971-2) 6334436 / 6817820
Mobile : (971-50) 5685217
Email : liwachem@emirates.net.ae / hamza@liwachem.ae
/ grupliwa@eim.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
Name Position
·
Saleh Salem Bin Omair Al Shamsi Managing
Director
·
Salem Saleh Salem Bin Omar Al Shamsi Director
·
Kommu Rohit Sales
Manager
· Libi Lakshmanan Financial Manager
·
Mohamed
Mansour Commercial
Manager
Date of Establishment : 10th
July 1997
History : Subject began in 1997 as a Sole
Proprietorship, however in February 2013 it re-registered as a Limited
Liability Company.
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 35452, Abu
Dhabi
Trade Licence No. : 1001423
(Expires 24/08/2015)
Chamber Member No. : 74223
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Saleh Salem Bin Omair Al Shamsi 99%
·
Salem Saleh Salem Bin Omar Al Shamsi 1%
·
Liwa
Investment Holding
Abu Dhabi
Activities: Engaged in the import and distribution of
chemicals, well drilling equipment, lubricants and greases.
Subject’s products and services include:
·
Instrumentation & Process Control Equipment
·
Mechanical & Thermal Equipment
·
Power & Electrical Equipment
·
Drilling & Equipments Supply
·
Maritime Supplies
·
Chemicals & Catalyst Supply
·
Filtration systems
·
Safety & firefighting equipment
·
Measuring systems
·
Lubricants & Sealants
·
EPC contracting & Project handling
·
Fabrication
·
Paints & Coatings
·
Shutdown
·
Mechanical Services
·
Electrical Services
·
Consulting Services
·
Manpower
·
Company Representation
·
Foreign Company Sponsorship
Import
Countries: Australia,
India, China and the United Kingdom.
International
Suppliers:
·
Atmos
International Ltd United Kingdom
Operating Trend: Steady
Subject has a
workforce of 20 employees.
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Revenue UAE Dh 42,400,000 UAE Dh 44,650,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Libi Lakshmanan, Financial Manager
·
Abu
Dhabi Commercial Bank
Corniche Street
PO Box: 2054
Abu Dhabi
Tel: (971-2) 6275500
Fax: (971-2) 6275400
No complaints regarding
subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Local sources report
that payment obligations are met in a generally timely manner and the operating
history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
|
UK Pound |
1 |
Rs.93.26 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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.