MIRA INFORM REPORT

Report No. :	344058
Report Date :	13.10.2015

IDENTIFICATION DETAILS

Name :	PETROCHEM MIDDLE EAST FZE

Registered Office :	Sheikh Zayed Road, Roundabout No. 7 Jebel Ali Free Zone, Lob No. 4, Office No. 4G-18 P. O. Box No. : 17028 & 23910

Country :	United Arab Emirates

Date of Incorporation :	20.06.1995

Legal Form :	Free Zone Establishment - FZE

Line of Business :	Subject is engaged in the import, export, marketing and distribution of chemicals, raw materials, oil field supplies, industrial solvents, paints and varnishes, as well as construction chemicals

No. of Employee :	120

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Regular

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

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

Company name

PETROCHEM MIDDLE EAST FZE

IDENTIFICATION & CONTACT DETAILS

1) Name (s):

Organization Official Name

PETROCHEM MIDDLE EAST FZE

2) Registered Address:

Address

Sheikh Zayed Road, Roundabout No. 7 Jebel Ali Free Zone, Lob No. 4, Office No. 4G-18, Dubai

PO Box

17028 & 23910

Phone (s)

(971-4) 8839222

(971-4) 8835871

Facsimile

(971-4) 8834133

logistics@petrocheme.com

Mobile

info@petrocheme.com

kshitij@petrocheme.com

satish@petrocheme.com

Country

United Arab Emirates

3) Operational Address & Contact Details:

Address

Sheikh Zayed Road, Roundabout No. 7 Jebel Ali Free Zone, Lob No. 4, Office No. 4G-18

PO Box

17028 & 23910

Phone (s)

(971-4) 8839222

(971-4) 8835871

Facsimile

(971-4) 8834133

logistics@petrocheme.com

Mobile

info@petrocheme.com

kshitij@petrocheme.com

satish@petrocheme.com

Country

United Arab Emirates

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

Legal Form - Category

Free Zone Establishment - FZE

Date of Registration

20th June 1995

Trade License Number

7177

Expiry Date

n/a

Commercial Registration Number

130

OTHER REGISTRATION/ MEMBERSHIPS

Chamber Membership Number

34479

Expiry Date

n/a

KEY FACTS

Operational Status

Normal

Financial Condition

Steady

Primary Business Activity

Import, export, marketing and distribution of chemicals (1)

Number of Employees

120

Capital

UAE Dh 2,000,000

Note: 1

Engaged in the import, export, marketing and distribution of chemicals, raw materials, oil field supplies, industrial solvents, paints and varnishes, as well as construction chemicals. Subject has a product range of over 180 types of chemicals and exports over 700,000 metric tonnes per annum.

CAPITAL DETAILS

Issued Capital:

NO OF SHARES

VALUE OF SHARE

AMOUNT

N/A

UAE Dh 2,000,000

Paid Up Capital:

NO OF SHARES

AMOUNT

N/A

UAE Dh 2,000,000

FINANCIAL DATA

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 2,280,000,000

UAE Dh 2,500,000,000

Local sources consider subject’s financial condition to be Good.

The above figures were provided by Mr Kshitij Mendiratla, Accountant

BANKERS

Name

Standard Chartered Bank

Address

Jebel Ali Free Zone

Po Box

999 Dubai

Tel

(971-4) 8856600

Acc No

01-70935945-01

Name

HSBC Bank Middle East

Address

Deira Souk Branch

Po Box

66 Dubai

Tel

(971-4) 2535000

Acc No

020-154795-100 & 020-154795-001

BRANCH OFFICE

Address

Dubai

Tel

(971-4) 3329192

Fax

(971-4) 3329200

Description

Office premises

Address

Cluster X, X2 Tower Jumeirah Lakes Towers Dubai

Tel

(971-4) 4179300

Fax

(971-4) 4179393

(971-4) 4779399

Description

Office premises

AFFILIATED COMPANIES

Name

Petrochem Middle East LLC

Address

City Tower II, Office No. 1603 Sheikh Zayed Road, Dubai

PO Box

23910

Tel

(971-4) 3329192

Fax

(971-4) 3329200

Mail

sales@petrocheme.com

Membership No

34789

SHAREHOLDERS

S. No.

Name of Shareholders

Country

No. of Shares

Petrochem Gulf Holdings Ltd Bermuda

n/a

100%

Total Share

100%

SENIOR MANAGEMENT

S. No.

Name

Nationality

Dsignation

Yogesh Mehta

Managing Director

Amer Kamal

Sales Manager

Ramesh Mahjan

Terminal Manager

Venu Gopal Nayar

Commercial Manager

Mark Hawkes

Finance Manager

Nazan Nokhbat

Logistics Manager

Satish Grover

Operations Manager

Kshitij Mendiratla

Accountant

INTERNATIONAL TRADE ACTIVITY MARKETS

Sr.No

Country

Activity

Europe

Import

Asia

Import

United States of America

Import

Export Countries:

Subject exports chemicals to approximately 25 countries

GCC

Middle East

India

Asia

Europe

Local Suppliers:

Name

Country

Shell Middle East

Dubai

Balmar Lowrie

Dubai

Daewoo Chemicals

Dubai

DISTRIBUTORS OF

ARCO Chemicals

Cray Valley

KAO Chemicals

Tego Chemie

Sasol Solvents

Borealis BP

Reliance India

Petro SA

Lyondell

Anupam

Merisol

Petro SA

Polimeri Europa

Shell

CERTIFICATIONS

Subject is ISO 9001 & 4001 accredited.

PREMISES

Subject operates from a suite of offices and warehousing facilities with a storage capacity of 11,000 metric tonnes that are rented and located in the Jebel Ali Free Zone.

PAYMENT

No complaints regarding subject’s payments have been reported.

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

Person Interviewed : Kshitij Mendiratla, Accountant

Petrochem Middle East FZE was established in 1995 and specialises in the import, export, marketing and distribution of various chemicals. It deals with a number of well known international suppliers and exports over 700,000 metric tonnes of products per annum.

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.64.73
UK Pound	1	Rs.99.30
Euro	1	Rs.73.60

INFORMATION DETAILS

Analysis Done by :	KIN

Report Prepared by :	ASH

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.