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Report No. : |
320314 |
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Report Date : |
05.05.2015 |
IDENTIFICATION DETAILS
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Name : |
BRENT RESOURCES DMCC |
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|
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Registered Office : |
Villa No. 2, Street No. 1, Meadows 5, Emirates Living, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
03.06.2014 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of refined oil products and
chemical raw materials. |
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No. of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
|
-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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. 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 :
BRENT RESOURCES DMCC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date :
3rd June 2014
Trade Licence Number :
32294
Chamber Membership Number :
245270
Issued Capital :
UAE Dh 100,000
Paid up Capital :
UAE Dh 100,000
Total Workforce :
2
Activities :
Distributors of refined oil products and chemical raw materials.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Ashish Tawakley, Administration Manager
BRENT RESOURCES DMCC
Registered &
Physical Address
Building : Villa No. 2
Street : Street No. 1
Area : Meadows 5,
Emirates Living
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 4521300
Facsimile : (971-4)
4521300
Mobile : (971-50)
4543252 / (971-56) 6045432
Email : preeti@brentresources.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
Preeti Tawakley Indian Managing
Director
Ashish Tawakley - Administration
Manager
Date of Establishment : 3rd
June 2014
Legal Form : Limited Liability
Company
Trade Licence No. : 32294 (Expires
02/06/2015)
Chamber Member No. : 245270
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of Shareholder (s) Percentage
Preeti Tawakley 100%
Activities: Engaged in the import and distribution of refined oil products and
chemical raw materials.
Import Countries: Europe and the Far East
Subject has a workforce of 2 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
Standard Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
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.63.57 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
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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 |
|
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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 |
|
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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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.