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MIRA INFORM REPORT
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Report No. : |
503975 |
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Report Date : |
17.04.2018 |
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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Financials (as on) : |
30.06.2017 |
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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 Engaged in the import and export of chemicals and solvents |
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No. of Employees : |
35 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
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 :
Regular
Operating Trend :
Steady
COMPANY
NAME
SASOL MIDDLE EAST FZCO
ADDRESS
Registered & Physical Address
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 / 8817856
Facsimile : (971-4) 8068400
Email : info@sasol.com / benny.paulose@sasol.com
/ irene.tocle@sasol.com
Premises
Subject operates from a medium sized suite of offices and a
warehouse that are rented and located in the Jebel Ali Free Zone, Dubai.
KEY
PRINCIPALS
Name Position
Nazar Mangesh Managing
Director
Amjad Nazir Commercial
Manager
Benny Paulose Finance
Manager
Rajes Doli Sales
Manager
Irene Tocle Administration
Manager
LEGAL
FORM & OWNERS
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
Name of Shareholder (s) Percentage
Sasol SA 100%
1 Sturdee Avenue
Rosebank
PO Box: 5486
Johannesburg
South Africa
Tel: (27-11) 4413111
Fax: (27-11) 7885092
OPERATIONS
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
DATA
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 30/06/16: Year Ending
30/06/17:
Total sales US$
175,346,117 US$
176,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
BANKERS
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
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the following
databases; Office of Foreign Assets Control (OFAC), United Nations Security
Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List,
EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse
could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.45 |
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1 |
INR 93.28 |
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Euro |
1 |
INR 80.74 |
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UAE DH |
1 |
INR 17.89 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.