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Report No. : |
344576 |
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Report Date : |
13.10.2015 |
IDENTIFICATION DETAILS
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Name : |
SASOL MIDDLE EAST FZCO |
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Registered Office : |
Jebel Ali Free Zone, LOB 16, Office No. 303, Gate No. 4, PO Box: 61089, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.07.2005 |
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Com. Reg. No.: |
57210 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Subject is Engaged in the import and export of chemicals and solvents |
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No. of Employee
: |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – 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 |
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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. 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 :
SASOL MIDDLE EAST FZCO
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date :
1st July 2005
Commercial Registration Number :
57210
Trade Licence Number :
2332
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
35
Activities :
Import and export of chemicals and solvents
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Benny Paulose, Finance Manager
SASOL MIDDLE EAST FZCO
Location : Jebel Ali Free
Zone, LOB
16, Office No. 303, Gate No. 4
PO Box : 61089
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8068300 / 8068371 / 8835179
Facsimile : (971-4) 8068400
Email : info@sasol.com
/ benny.paulose@sasol.com
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Jebel Ali Free Zone, Dubai.
Name Position
· Nazar Mangesh Managing
Director
· Amjad Nazir Commercial
Manager
· Benny Paulose Finance
Manager
· Saleem Balkadtam Logistics
Manager
· Rajes Doli Sales
Manager
Date of
Establishment : 1st
July 2005
History : Subject began in
2005 as a Limited Liability Company, however in 2011 it changed legal
status and became a Free Zone Company.
Legal Form : Free Zone Company
- FZCO
Commercial Reg. No. : 57210
Trade Licence No. : 2332
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Sasol
SA 100%
1 Sturdee Avenue
Rosebank
PO Box: 5486
Johannesburg
South Africa
Tel: (27-11) 4413111
Fax: (27-11) 7885092
Activities: Engaged
in the import and export of chemicals and solvents.
Import Countries: India and South Africa.
Export Countries: Bangladesh, Sri
Lanka, India, Nepal, Pakistan, Afghanistan, Iran, Iraq, CIS, GCC, Oman, Jordan,
Syria, Lebanon, Cyprus, Turkey, Egypt, Libya, Algeria and Morocco.
Operating Trend: Steady
Subject has a workforce of 35 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year Ending 30/06/14: Year Ending 30/06/15:
Total Sales US$
173,614,350 US$
174,802,547
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Benny Paulose, Finance Manager
·
Habib Bank Ltd
Trade Service
Centre
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4)
2221281
Fax: (971-4)
2284631
·
Standard Chartered Bank
Jebel Ali Branch
PO Box: 999
Dubai
Acc No.
01-7072546-01
No complaints regarding subject’s payments have been reported.
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 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.73.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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|
|
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.