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MIRA INFORM REPORT
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Report No. : |
491941 |
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Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
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Name : |
BOROUGE PTE LTD |
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Registered Office : |
Borouge Tower, Sheikh Khalifa Energy Complex, Gate No. 2, Corniche Road,
Khalidiya, PO Box 6951 & 6925, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2016 |
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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 : |
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. |
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No. of Employees : |
280 |
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 : |
Branch of a Foreign Registered Corporation |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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. 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 :
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 :
280
Activities :
Sales and marketing of high performance polyolefin products
Financial Condition :
Good
Payments :
No Complaints
Operating Trend :
Steady
Person Interviewed :
Malay Shah, Credit Analyst
COMPANY
NAME
BOROUGE PTE LTD
ADDRESS
Registered &
Physical Address
Building : Borouge
Tower, Sheikh Khalifa Energy Complex, Gate No. 2
Street : Corniche
Road
Area : Khalidiya
PO Box :
6951 & 6925
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6070602
/ 6070888 / 6073000 / 6070807 / 6070524 / 7080000 / 7088888
Facsimile : (971-2)
6070666 / 6070999 / 6070889 / 7080999
Email : info@borouge.com
/ malay.shah@borouge.com
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Abu Dhabi.
KEY
PRINCIPALS
Name Position
Ahmed Omar Abdullah 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
Mohamed Sultan Credit
Manager
Malay Shah Credit
Analyst
LEGAL
FORM & OWNERS
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
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
AFFILIATED
COMPANIES
Borouge Abu Dhabi Polymer Ltd
PO Box: 6925
Abu Dhabi
Mem No. 76107
OPERATIONS
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 280 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/14: Year Ending
31/12/15: Year Ending
31/12/16:
Total Sales UAE
Dh 717,000,000 UAE Dh
721,250,000 UAE Dh
725,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Kasha T Harris,
Financial Controller
BANKERS
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
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Borouge Pte Ltd was established in August 1999 and specialises in the
sales and marketing of high performance polyolefin and polyethylene products.
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 64.28 |
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1 |
INR 89.02 |
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Euro |
1 |
INR 78.93 |
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UAE Dh |
1 |
INR 17.49 |
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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DIV |
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Report Prepared
by : |
NIT |
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
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.