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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

482925

Report Date :

01.01.2018

 

IDENTIFICATION DETAILS

 

Name :

PAPER CHASE INTERNATIONAL INC

 

 

Registered Office :

Lot No. MOD 470 Sheikh Zayed Road, Street No: N303 Jebel Ali Free Zone, P.O. Box 17651,  Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

1982

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Subject is engaged in the import, processing and distribution of recovered paper. Subject offers confidential papershredding, bailing, collection and transportation

 

 

No. of Employees :

25

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Branch of a Foreign Registered Corporation

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

PAPER CHASE INTERNATIONAL INC

 

2) Registered Address:

Address

:

Lot No. MOD 470 Sheikh Zayed Road, Street No: N303 Jebel Ali Free Zone

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

17651

Phone (s)

:

(971-4) 8871333 (Ext 127)

Facsimile

:

(971-4) 8871307

Mobile

:

(971-56) 4543618

Email

 

pci@papchase.com / accounts@papchase.com

 

3) Operational Address & Contact Details:

Address

:

Lot No. MOD 470 Sheikh Zayed Road, Street No: N303 Jebel Ali Free Zone

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

17651

Phone (s)

:

(971-4) 8871333 (Ext 127)

Facsimile

:

(971-4) 8871307

Mobile

:

(971-56) 4543618

Email

 

pci@papchase.com / accounts@papchase.com

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Branch of a Foreign Registered Corporation*

Start Date

:

1982

Date of Registration

:

22nd February 2000

Trade License Number

:

2494

Note:

Subject is the United Arab Emirates registered branch of Paper Chase International Inc, a Limited Liability Company incorporated in the British Virgin Islands.

  Paper Chase International Inc in the United Arab Emirates, operates as a Branch of a  
  Foreign Registered Corporation.
+A90
  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 the British Virgin Islands+A107

 

OTHER REGISTRATION/ MEMBERSHIPS

 

Chamber Membership Number

:

58602

 

 

KEY FACTS

 

Operational Status

:

Steady

Financial Condition

:

Good

Primary Business Activity

:

Processors and distributors of recovered paper

Number of Employees

:

25

Capital

:

UAE Dh 185,000

Note:

Engaged in the import, processing and distribution of recovered paper. Subject offers confidential paper
shredding, bailing, collection and transportation.

 

CAPITAL DETAILS

 

Issued Capital:

No of Shares

No of Shares

Amount

N/A

N/A

UAE Dh 185,000

 

Paid Up Capital:

No of Shares

No of Shares

Amount

N/A

N/A

UAE Dh 185,000

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

Currency: United States Dollars (US$)

 

Year Ending 31/12/15:

Year Ending 31/12/16:

Total Revenue

US$ 65,000,000

US$ 66,000,000

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

The above figures were provided by Mr Sushail Kumar, Finance Manager

 

BANKERS

 

1

Name

Mashreq Bank Plc

 

Address

Deira Branch

 

PO Box

1250 Dubai

 

Tel

(971-4) 2229131 / 2221134

 

SENIOR MANAGEMENT

 

Sr.No

Name

Nationality

Designation

1

Shiraz Hamirani

Indian

Managing Director

2

Sushail Kumar

_

Finance Manager

3

Zoheeb Hamirani

_

Commercial Manager

4

Aziz Babu

_

Sales Manager

 

AFFILIATED COMPANIES

 

1

Name

Gulf Recycling FZC

 

Address

Ajman

 

2

Name

Paper Chase International LLC

 

Address

Maliha Road Industrial Area No. 17

 

PO Box

19879 Sharjah

 

Tel

(971-6) 5345597

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.No

Country

Activity

1

Europe

Import

2

Far East

Import

 

PREMISES

 

Subject operates from a medium sized suite of offices that are rented and located in the Jebel Ali Free Zone Area of Dubai.

 

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   : Sushail Kumar, Finance Manager

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

INR 64.93

UK Pound

1

INR 86.06

Euro

1

INR 76.39

UAE DH

1

INR 17.37

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

KET

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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