MIRA INFORM REPORT

Report No. :	347475
Report Date :	05.11.2015

IDENTIFICATION DETAILS

Name :	MONOCHEM LTD
Registered Office :	Swiss Tower, Office No. 204-B Jumeirah Lakes Towers, Dubai, 309073
Country :	United Arab Emirates
Date of Incorporation :	08.12.2013
Legal Form :	Limited Liability Company
Line of Business :	Distributors of acrylic and other synthetic fibres for the textile industry.
No. of Employees :	3

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 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 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

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name		:	MONOCHEM LTD
2) Registered Address:
Address		:	Swiss Tower, Office No. 204-B Jumeirah Lakes Towers
Town		:	Dubai
Country		:	United Arab Emirates
PO Box		:	309073
Phone (s)		:	(971-4) 4470799
Facsimile		:	(971-4) 4470799
Email		:	n.v.deryagina@gmail.com
3) Operational Address & Contact Details:
Address		:	Swiss Tower, Office No. 204-B Jumeirah Lakes Towers
Town		:	Dubai
Country		:	United Arab Emirates
PO Box		:	309073
Phone (s)		:	(971-4) 4470799
Facsimile		:	(971-4) 4470799
Email		:	n.v.deryagina@gmail.com
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category		:	Limited Liability Company
Date of Registration		:	8th December 2013
Commercial Registration Number		:	IC20131709, Dubai
KEY FACTS
Operational Status		:	Normal
Financial Condition		:	Undetermined
Primary Business Activity		:	Distributors of acrylic and other synthetic fibres for the textile industry.
Number of Employees		:	3
Capital		:	UAE Dh 10,000
CAPITAL DETAILS
Issued Capital:
NO OF SHARES			VALUE OF SHARE		AMOUNT
N/A			N/A		UAE Dh 10,000
Paid Up Capital:
NO OF SHARES					AMOUNT
N/A			N/A		UAE Dh 10,000
FINANCIAL DATA
Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.
BANKER
1	Name			Noor Islamic Bank
	Address			Emaar Square Building
	City			Dubai
	Tel			(971-4) 8006667
SHAREHOLDERS
Sr.No	Name of Shareholders				No. of Shares
1	Ms Natalia Deryagina				100%
SENIOR MANAGEMENT
Sr.No	Name				Dsignation
1	Ms Natalia Deryagina				Managing Director
AFFILIATED COMPANIES
1	Name			Texam Limited
	Address			Dubai
	CR No			117342
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country			Activity
1	Uzbekistan			Import
2	Russia			Import
3	Belarus			Import
International Suppliers:
Sr.No	Name			Country
1	JSC Lukoil			Belarus
PREMISES
Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.
PAYMENT
Unknown
ADVERSE DATA
Performance Defaults		:	No record found
Payment Defaults		:	No record found
Adverse Press Coverage		:	No record found
Litigations		:	No record found
Former Business Relationships		:	No record found
INVESTIGATOR'S COMMENTS
Please note that we were unable to contact the subject directly during our investigation. The company was established in December 2013 and is engaged in the import and distribution of acrylic and other synthetic fibres for the textile industry. Subject has signed several sales contracts during the month of April and buyers have already opened the Letters of Credits in favour of the company for a total amount of around US$ 150,000. The banks that the L/C have been opened with are MCB Bank Limited (Pakistan) and Faysal Bank Limited (Pakistan).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.57
UK Pound	1	Rs.101.13
Euro	1	Rs.71.80

INFORMATION DETAILS

Analysis Done by :	HNA
Report Prepared by :	TRU

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%)

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