|
|
|
MIRA INFORM REPORT
|
Report No. : |
485011 |
|
Report Date : |
08.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
KRISCON DMCC |
|
|
|
|
Registered Office : |
X2 Tower, 34th Floor, Office No. 3410 Jumeirah Lakes Towers, PO Box 390294, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
12.10.2016 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Subject
is engaged in the import and distribution of petrochemicals, polymer,
solvents and glycol. |
|
|
|
|
No. of Employees : |
6 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
NB |
|
Credit Rating |
Explanation |
Rating Comments |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
Status : |
New Business |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 |
Company
name
KRISCON
DMCC |
|||
|
|
|||
IDENTIFICATION
& CONTACT DETAILS
|
|||
|
|
|||
|
1) Name (s): |
|||
|
Organization Official Name |
: |
KRISCON DMCC |
|
|
|
|||
|
2) Registered Address: |
|||
|
Address |
: |
X2 Tower, 34th Floor, Office No. 3410
Jumeirah Lakes Towers |
|
|
Town |
: |
Dubai |
|
|
Country |
: |
United Arab Emirates |
|
|
PO Box |
: |
390294 |
|
|
Phone (s) |
: |
(971-4) 3792920 |
|
|
Facsimile |
: |
(971-4) 3792921 |
|
|
Mobile |
: |
(971-52) 9054134 |
|
|
Email |
|
harshad@krischem.com /
sales@krisconchemicals.com / sales@krisconchem.com |
|
|
|
|||
|
3) Operational Address & Contact
Details: |
|||
|
Address |
: |
X2 Tower, 34th Floor, Office No. 3410
Jumeirah Lakes Towers |
|
|
Town |
: |
Dubai |
|
|
Country |
: |
United Arab Emirates |
|
|
PO Box |
: |
390294 |
|
|
Phone (s) |
: |
(971-4) 3792920 |
|
|
Facsimile |
: |
(971-4) 3792921 |
|
|
Mobile |
: |
(971-52) 9054134 |
|
|
Email |
|
harshad@krischem.com /
sales@krisconchemicals.com / sales@krisconchem.com |
|
|
: |
|||
LEGAL
FORM & INCORPORATION (REGISTRATION) DETAILS
|
|||
|
|
|||
|
Legal Form - Category |
: |
Limited Liability Company |
|
|
Date of Registration |
: |
12th October 2016 |
|
|
DMCC No |
: |
185277 |
|
|
|
|||
OTHER
REGISTRATION/ MEMBERSHIPS
|
|||
|
|
|||
|
Chamber Membership Number |
: |
276927 |
|
KEY
FACTS
|
|||
|
|
|||
|
Operational Status |
: |
Normal |
|
|
Financial Condition |
: |
Undetermined |
|
|
Primary Business Activity |
: |
Distributors of petrochemicals, polymer,
solvents and glycol |
|
|
Number of Employees |
: |
6 |
|
|
Capital |
: |
UAE Dh 1,000,000 |
|
|
Note: |
|||
|
Engaged in the import and distribution of
petrochemicals, polymer, solvents and glycol. |
|||
|
|
|||
CAPITAL
DETAILS
|
|||
|
|
|||
|
Issued Capital: |
|||
|
No of Shares |
No of Shares |
Amount |
|
|
N/A |
N/A |
UAE Dh 1,000,000 |
|
|
|
|||
|
Paid Up Capital: |
|||
|
No of Shares |
No of Shares |
Amount |
|
|
N/A |
N/A |
UAE Dh 1,000,000 |
|
|
|
|||
FINANCIAL
DATA
|
|||
|
|
|||
|
Subject is a newly formed business and as a
result financial information is not currently available. |
|||
|
|
|||
BANKERS
|
|||
|
|
|||
|
1 |
Name |
Habib Bank Ltd |
|
|
|
Address |
Murshid Bazaar |
|
|
|
PO Box |
888 Dubai |
|
|
|
Tel |
(971-4) 2221281 |
|
|
|
Fax |
(971-4) 2284631 |
|
|
|
Acc No |
20127771676403 |
|
|
|
|||
SHAREHOLDERS
|
|||
|
|
|||
|
Sr.No |
Name |
Nationality |
Percentage |
|
1 |
Harshad Uphadyay |
Indian
|
100% |
|
|
|||
SENIOR
MANAGEMENT
|
|||
|
|
|||
|
Sr.No |
Name |
Nationality |
Designation |
|
1 |
Harshad Uphadyay |
Indian |
Managing Director |
|
2 |
Reju Menon |
_ |
Financial Controller |
|
|
|||
INTERNATIONAL
TRADE ACTIVITY MARKETS
|
|||
|
|
|||
|
Sr.No |
Country |
Activity |
|
|
1 |
Europe |
Import |
|
|
2 |
Far East |
Import |
|
|
|
|||
|
Local Suppliers: |
|||
|
Sr.No |
Name |
Country |
|
|
1 |
Shell |
Dubai |
|
|
2 |
Daewoo Chemical |
Dubai |
|
|
|
|||
PREMISES
|
|||
|
|
|||
|
Subject operates from a small suite of
offices that are rented and located in the Central Business Area of Dubai. |
|||
|
|
|||
PAYMENT
|
|||
|
|
|||
|
Unknown |
|||
|
|
|||
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 : Harshad Uphadyay, Managing Director |
|||
|
In view of subject’s infancy, extensive
payment and financial are not available, therefore dealings are recommended to
be on secured terms, and a close monitoring of subject’s business development
is advisable. |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.38 |
|
|
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
|
UAE Dh |
1 |
INR 17.22 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.