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MIRA INFORM REPORT
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Report No. : |
484126 |
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Report Date : |
04.01.2018 |
IDENTIFICATION DETAILS
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Name : |
KEMSOL LIMITED |
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Registered Office : |
Sheikh Zayed Road Jebel Ali
Free Zone PO Box 18295 Dubai |
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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 : |
17.12.2000 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the import and distribution of
industrial chemicals, solvents and chemical raw materials for PVC and pipes. |
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No. of Employees : |
25 |
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+ |
Low Risk |
Business dealings permissible with low
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 (30.06.2017) |
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 : KEMSOL LIMITED
Country of Origin : United Kingdom
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 17th December 2000
Trade Licence Number : 2797
Chamber Membership Number : 61513
Total Workforce : 25
Activities : Distributors of industrial chemicals, solvents and chemical raw materials
for PVC and pipes
Financial Condition : Good
Payments : Regular
Operating Trend : Steady
Person Interviewed : Paradeep Pontharth, Accountant
COMPANY
NAME
KEMSOL LIMITED
ADDRESS
Registered &
Physical Address
Street :
Sheikh Zayed Road
Area :
Jebel Ali Free Zone
PO Box :
18295
Town :
Dubai
Country : United Arab
Emirates
Telephone :
(971-4) 8839800
Facsimile : (971-4)
8839910
Email : info@kemsoluae.com
/ hetal@kemsoluae.com
/ zubin@kemsoluae.com
/ shridhar@kemsoluae.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 Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
· Ashit
Gunvantal Shah Indian Managing
Director
· Lakovos
Loguthetas Dutch Director
· Shridard
Parameswarn - Chief
Executive Officer
· Hetal
Topat - Finance
Controller
· Zobin Irani
- Commercial
Manager
· Paradeep
Pontharth - Accountant
LEGAL
FORM & OWNERS
Date
of Establishment : 17th
December 2000
Legal
Form : Subject
is the United Arab Emirates registered branch of Kemsol Limited, a Limited
Liability
Company incorporated in United Kingdom.
Kemsol Limited in the United Arab Emirates, operates as a Branch of a
Foreign Registered
Corporation.
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 United Kingdom.
Trade
Licence No. : 2797
Chamber
Member No. : 61513
AFFILIATED
COMPANIES
· Kemsol
Middle East LLC
Jebel
Ali Free Zone
Dubai
Tel: (971-4)
8839800
OPERATIONS
Activities: Engaged in the import and distribution
of industrial chemicals, solvents and chemical raw materials for
PVC and pipes.
Import Countries: United States of America, South
Africa, India, Taiwan, South Korea and Hong Kong
Suppliers:
·
Merisol South
Africa
·
TPCC Taiwan
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Crescent
Chemicals Ltd India
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Jubilant Life
Science Ltd India
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LG Chemical South Korea
·
Dynamic (Hong Kong) Ltd Hong
Kong
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ICC Chemicals
Corporation United States of
America
·
Al Nahda Trading
LLC Dubai
Agencies Held:
· SASOL
Solvents South
Africa
Export Countries: GCC countries
Operating Trend: Steady
Subject has a workforce of 25 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16:
Total Sales UAE
Dh 150,000,000
Local sources consider subject’s financial condition to be
Good.
The above figures were provided by Mr Paradeep Pontharth,
Accountant
BANKERS
·
HSBC Bank Middle East
Deira
Souk Branch
PO
Box: 66
Dubai
Tel:
(971-4) 253500
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 63.48 |
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1 |
INR 86.41 |
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Euro |
1 |
INR 76.54 |
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UAE DH |
1 |
INR 17.27 |
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 : |
TRU |
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
·
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.