MIRA INFORM REPORT

Report No. :	485290
Report Date :	11.01.2018

IDENTIFICATION DETAILS

Name :	SCOTT BADER MIDDLE EAST LIMITED
Registered Office :	Plot No. BO49-R01 Sheikh Zayed Road Jebel Ali Free Zone Dubai PO Box 32439 & 16785
Country :	United Arab Emirates
Financials (as on) :	31.12.2017
Date of Incorporation :	01.06.1993
Legal Form :	Branch of a Foreign Registered Corporation
Line of Business :	Subject is engaged in the manufacture of synthetic resins, polyester resins, alkyd resins and allied materials.
No. of Employees :	75

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Branch of a foreign registered corporation
Payment Behaviour :	Regular
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			:		SCOTT BADER MIDDLE EAST LIMITED
2) Registered Address:
Address			:	Plot No. BO49-R01 Sheikh Zayed Road Jebel Ali Free Zone
Town			:	Dubai
Country			:	United Arab Emirates
PO Box			:	32439 & 16785
Phone (s)			:	(971-4) 8835025 / 8150222 / 8150213
Facsimile			:	(971-4) 8835319
Mobile			:	(971-56) 6449524
Email				info@scottbader.ae
3) Operational Address & Contact Details:
Address			:	Plot No. BO49-R01 Sheikh Zayed Road Jebel Ali Free Zone
Town			:	Dubai
Country			:	United Arab Emirates
PO Box			:	32439 & 16785
Phone (s)			:	(971-4) 8835025 / 8150222 / 8150213
Facsimile			:	(971-4) 8835319
Mobile			:	(971-56) 6449524
Email				info@scottbader.ae
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category			:	Branch of a Foreign Registered Corporation
Date of Registration			:	1st June 1993
Trade License Number			:	849
Expires Date			:	31/10/2018
Legal Form:
Subject is the United Arab Emirates registered branch of Scott Bader Company Limited a Limited Liability Company incorporated in the United Kingdom. Scott Bader Middle East Limited in the United Arab Emirates, operates as a Branch of a Foreign Registered Corporation with its registered office located at the following address: Scott Bader Company Limited Wollaston Wellingborough Northamptonshire NN29 7RL Tel: (44-1933) 663100 Fax: (44-1933) 666608 Email: pr@scottbader.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 the United Kingdom.
OTHER REGISTRATION/ MEMBERSHIPS
Chamber Membership Number			:	22182
KEY FACTS
Operational Status			:	Steady
Financial Condition			:	Good
Primary Business Activity			:	Manufacture of synthetic resins, polyester resins, alkyd resins and allied materials
Number of Employees			:	75
Note:
Engaged in the manufacture of synthetic resins, polyester resins, alkyd resins and allied materials. Subject has been awarded certification to ISO 9001:2000.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
		Year Ending 31/12/16:						Year Ending 31/12/17:
Total Sales		US$ 74,000,000						US$ 75,300,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local sources.
BANKERS
1	Name						Standard Chartered Bank
	Address						Jebel Ali Free Zone
	PO Box						999 Dubai
	Tel						(971-4) 8856600
	Acc No						1701400701
SENIOR MANAGEMENT
Sr.No	Name						Designation
1	Jonathan Simon Kemp						Chief Executive Officer
2	Vas Mohamed Yonas						Operations Manager
3	David Rossow						Finance Manager
4	Sayed Mohamed						Human Resources Officer
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country						Activity
1	United Kingdom						Import
2	Japan						Import
3	United States of America						Import
4	GCC countries						Export
Sr.No	Name						Country
1	William Abou Kalil's Agency						Jordan
2	Union Fiberglass Factory						Kuwait
3	Kalakar Company Limited						Iran
4	Naranjee Hirjee and Co. LLC						Oman
5	Humade Corporation						Taiwan
6	SABIC						Saudi Arabia
7	Petrochem						Dubai
PREMISES
Subject operates from a medium sized suite of offices and a factory that are rented and located in the Jebel Ali Free Zone Area of Dubai.
PAYMENT
Regular
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
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 63.83
UK Pound	1	INR 86.28
Euro	1	INR 76.13
UAE DH	1	INR 17.34

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

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	TRU

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.