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Report No. : |
321732 |
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Report Date : |
07.05.2015 |
IDENTIFICATION DETAILS
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Name : |
BOROUGE PTE LTD |
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Registered Office : |
Sheikh Khalifa Energy Complex, Borouge Tower, Gate No. 2, Corniche Road,
Khalidiya, PO Box 6951, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
25.08.1999 |
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Legal Form : |
Branch of A Foreign Registered Corporation |
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Line of Business : |
Sales and Marketing of High Performance Polyolefin Products. |
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No. of Employee : |
270 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Branch of A Foreign Registered Corporation |
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Payment Behaviour : |
Regular |
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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 |
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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 :
BOROUGE PTE LTD
Country of Origin :
Singapore
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
25th August 1999
Trade Licence Number :
1001590
Chamber Membership Number :
79110
Issued Capital :
UAE Dh 8,000,000
Paid up Capital :
UAE Dh 8,000,000
Total Workforce : 270
Activities :
Sales and marketing of high performance polyolefin products
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Kasha T Harris, Financial Controller
BOROUGE PTE LTD
Registered &
Physical Address
Building :
Sheikh Khalifa Energy Complex, Borouge Tower, Gate No. 2
Street : Corniche
Road
Area : Khalidiya
PO Box : 6951
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6070602
/ 6070888 / 6073000 / 6070807 / 6070524
Facsimile : (971-2)
6070666 / 6070999 / 6070889
Email : info@borouge.com
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Abu Dhabi.
Name Position
Abdulaziz Al Hajiri Chief
Executive Officer
Sultan Ali Al Fahimi Senior
Vice President
Salim Al Khamsi Senior
Vice President
Hussain Sultan Lootah Senior Vice
President
Khalfan Al Muhairi Marketing
Manager
Fadel Al Hamili Administration
Manager
Reem Al Anbari Finance
Manager
Kasha T Harris Financial
Controller
Date of Establishment : 25th
August 1999
Legal Form : Subject is the
United Arab Emirates registered branch of Borouge Pte Ltd, a Limited Liability
Company incorporated in Singapore
Borouge Pte Ltd in the United Arab Emirates, operates as a Branch of
a Foreign Registered Corporation with its registered office located at the
following address:
Borouge Pte Ltd
438A Alexandra Road
No. 08-01 Alexandra Technopark
Singapore 119967
Tel: (65) 6275 4100
Fax: (65) 6377 1233
Email: sales.singapore@borouge.com
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 Singapore.
Trade Licence No. : 1001590
Chamber Member No. : 79110
Issued Capital : UAE Dh 8,000,000
Paid up Capital : UAE Dh 8,000,000
Borouge Abu Dhabi Polymer Ltd
PO Box: 6925
Abu Dhabi
Mem No. 76107
Activities: Subject specializes in the sales and marketing of high performance
polyolefin products, as well as bimodal high, medium, and linear low-density
polyethylene. Borouge’s products are used in applications for plastic film and
moulding packaging as well as industrial and domestic pipes.
Borouge’s target markets include the Middle East, East Africa, the
Indian subcontinent, Northeast Asia, Southeast Asia, and Asia Pacific.
Import Countries: The Far East and Europe
Operating Trend: Steady
Subject has a workforce of approximately 270 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/12: Year Ending 31/12/13: Year Ending 31/12/13:
Total Sales UAE
Dh 700,000,000 UAE Dh
709,500,000 UAE Dh
717,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Kasha T Harris,
Financial Controller
Bank of Baroda
Abu Dhabi
Tel: (971-2) 6330244
HSBC Bank Middle East
PO Box: 242
Abu Dhabi
Tel: (971-2) 8004440 / 6147259
Fax: (971-2) 6331564
No complaints regarding subject’s payments have been reported.
Please note that the correct name of the subject is “Borouge Pte Ltd”
and not “Borouge Pvt Ltd”.
Borouge Pte Ltd was established in August 1999 and specialises in the
sales and marketing of high performance polyolefin and polyethylene products.
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.63.64 |
|
|
1 |
Rs.96.81 |
|
Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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.