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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

484887

Report Date :

12.01.2018

 

IDENTIFICATION DETAILS

 

Name :

MIDWEST TRADE INTERNATIONAL FZE

 

 

Registered Office :

E 44F-39, Hamriyah Free Zone, PO Box 52712, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

03.03.2013

 

 

Legal Form :

Free Zone Establishment – FZE

 

 

Line of Business :

Subject is engaged in the import, distribution and export of polymers, plastics, synthetic and natural rubbers, rubber process aids, plastic polymers, base oil, industrial solvents, performance and specialty chemicals.

 

 

No. of Employees :

5

 

 

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 :

Satisfactory

 

 

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

 

 

 

Company name

 

MIDWEST TRADE INTERNATIONAL FZE

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

MIDWEST TRADE INTERNATIONAL FZE

 

2) Registered Address:

Address

:

E 44F-39, Hamriyah Free Zone

Town

:

Sharjah

Country

:

United Arab Emirates

PO Box

:

52712

Phone (s)

:

(971-6) 5614194

Facsimile

:

(971-6) 5614194

Mobile

:

(971-55) 5161557 / 1555786

Email

 

mwtint@hotmail.com/  info@midwestco.ae

 

3) Operational Address & Contact Details:

Address

:

E 44F-39, Hamriyah Free Zone

Town

:

Sharjah

Country

:

United Arab Emirates

PO Box

:

52712

Phone (s)

:

(971-6) 5614194

Facsimile

:

(971-6) 5614194

Mobile

:

(971-55) 5161557 / 1555786

Email

 

mwtint@hotmail.com/  info@midwestco.ae

Note:

Please note that subject’s previous address was, E LOB Office No. E2-117 F-51, Hamriyah Free Zone, Sharjah.

:

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Free Zone Establishment - FZE

Date of Registration

:

3rd March 2013

Trade License Number

:

10454

KEY FACTS

 

Operational Status

:

Normal

Financial Condition

:

Fair

Primary Business Activity

:

Distributors of polymers, plastics, synthetic and natural rubbers, rubber process aids, plastic polymers, base oil, industrial solvents, performance and specialty chemicals

Number of Employees

:

5

Capital

:

UAE Dh 350,000

Note:

Engaged in the import, distribution and export of polymers, plastics, synthetic and natural rubbers, rubber
process aids, plastic polymers, base oil, industrial solvents, performance and specialty chemicals.

 

CAPITAL DETAILS

 

Issued Capital:

No of Shares

No of Shares

Amount

N/A

N/A

UAE Dh 350,000

 

Paid Up Capital:

No of Shares

No of Shares

Amount

N/A

N/A

UAE Dh 350,000

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

 

Year Ending 31/12/16:

Year Ending 31/12/17:

Total Sales

UAE Dh 63,800,000

UAE Dh 65,250,000

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

The above financial figures are based on estimations by our local sources.

 

BANKERS

 

1

Name

Abu Dhabi Commercial Bank

 

Address

Mina Road

 

PO Box

4377 Sharjah

 

Tel

(971-6) 5737000

 

Fax

(971-6) 5725331

 

2

Name

Mashreq Bank Plc

 

Address

Al Boorj Avenue Sharjah

 

Tel

(971-6) 5351366 / 5354873

 

Fax

(971-6) 5372903

 

SHAREHOLDERS

 

Sr.No

Name

Nationality

Percentage

1

Dr Zuhoor Illahi Cheema

Pakistani

100%

 

SENIOR MANAGEMENT

 

Sr.No

Name

Nationality

Designation

1

Dr Zuhoor Illahi Cheema

Pakistani

Managing Director

2

Amir Javed

_

Commercial Manager

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.No

Country

Activity

1

Saudi Arabia

Import

2

Pakistan

Import

3

China

Import

 

International Suppliers:

Sr.No

Name

Country

1

Gulf Chemicals

 Saudi Arabia

2

Saudi Dunes Recycling Oil Factory

Saudi Arabia

3

International Petrochemical Pvt Ltd

Pakistan

4

Nawah Chemical Factory

Saudi Arabia

5

Zainhou Petrochemical Ltd

China

 

PREMISES

 

Subject operates from a small suite of offices that are rented and located in the Hamriyah Free Zone Area of Sharjah.

 

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

 

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 63.74

UK Pound

1

INR 86.01

Euro

1

INR 76.14

UAE Dh

1

INR 17.33

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

TPT

 

 

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.