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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

516402

Report Date :

27.06.2018

 

IDENTIFICATION DETAILS

 

Name :

ABACUS CHEMIE DMCC

 

 

Registered Office :

Unit No: 1904 Mazaya Business Avenue BB2 Plot No: JLTE-PH2-BB2 Jumeirah Lakes Towers Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

30.10.2011

 

 

Com. Reg. No.:

DMCC-31966

 

 

Legal Form :

DMCC Free Zone - Limited Liability Company

 

 

Line of Business :

Wholesale of chemical products

 

 

No. of Employees :

4

 

 

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 :

Good

 

 

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

(31.12.2017)

Current Rating

(01.04.2018)

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, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. 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

 

SUMMARY 

 

COMPANY NAME

Abacus Chemie DMCC

 

ADDRESS

Building

Street

Area

PO Box

Mazaya Business Avenue BB2, Unit No 1904

Plot No: JLTE-PH2-BB2

Jumeirah Lakes Towers

37499

Dubai

PHONE  

Verified Phones: (+971 4) 360 8606 / (+971 4) 331 9501 (MCA Auditing, subject’s auditing company)

EMAIL/WEBSITE

Email: info@abacusdmcc.com / ashok.s@mca.co.in / Website: N/A 

ACTIVITY

NACE 4675 - Wholesale of chemical products;

PRINCIPAL 

Viswanathan Krishnamoorthy

Workforce 

Managing Director 

4  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

30/10/2011

DMCC-31966

DMCC Free Zone - Limited Liability Company

Active

CAPITAL

CURRENCY

AMOUNT

AED 

100,000  

             

 

IDENTIFICATION

 

CO. NAME

Abacus Chemie DMCC

BUILDING

Mazaya Business Avenue BB2, Unit No 1904

STREET

Plot No: JLTE-PH2-BB2

AREA

Jumeirah Lakes Towers

POSTAL ADDRESS

37499 Dubai

CITY

Dubai

COUNTRY

United Arab Emirates

PHONE

(+971 4) 360 8606 / (+971 4) 331 9501 (MCA Auditing, subject’s auditing company) / Mobile (+971 50) 595 0179 (Ms. Janaki V.)

VERIFIED EMAIL

info@abacusdmcc.com / ashok.s@mca.co.in

BUSINESS HOURS

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

10:30-19:00

14:00-15:00

REGISTERED ADDRESS

Unit No: 1904

Mazaya Business Avenue BB2

Plot No: JLTE-PH2-BB2

Jumeirah Lakes Towers

Dubai

UAE

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Viswanathan Krishnamoorthy

(currently on business trip/vacation)

Managing Director 

 

Ms. Janaki V.

(currently on business trip/vacation)

 

Mr. Vikram

 

Mr. Ashok

 

Director

 

 

 

Office Manager

 

Head of Auditing at  MCA Auditing

WORKFORCE

NO. OF EMPLOYEES

PERIOD

4

06.2018

 

 

FINANCIAL SUMMARY

 

TURNOVER  

31/12/2017

31/12/2016

USD 17,065,000

USD 21,402,000

NET PROFIT / (LOSS)   

31/12/2017

31/12/2016

USD    300,000

USD    210,000

FISCAL YEAR-END 

31 December. 

 

 

LEGAL STATUS 

 

INCORPORATION

30/10/2011

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

Trade License No.: DMCC-31966 (expiry date: 04/12/2018)

Dubai Multi Commodities Centre

OTHER REGISTRATION NO.     

Registration No.: DMCC2950

AUTHORISED CAPITAL     

AMOUNT

CURRENCY

100,000

AED

PAID-UP CAPITAL  

AMOUNT

CURRENCY 

100,000

AED

BUSINESS HISTORY

The Company was incorporated in Dubai Multi Commodities Centre on 30 October 2011.   

LEGAL FORM     

DMCC Free Zone - Limited Liability Company

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

1. Viswanathan Krishnamoorthy

   Nationality: Indian

 

2. Ms. Janaki V.

   Nationality: Indian

 

* Dubai Multi Commodities Centre (DMCC) is a free zone authority offering 100% business ownership, a guaranteed 50 year tax holiday and freehold property options. Entities licensed by DMCC (Free Zone Establishment or Free Zone Companies / LLC) are not required to have a local sponsor.

50.00%

 

 

50.00%   

 

 

 

OPERATION 

 

BANKERS   

Emirates NBD Bank (Fmly Emirates Bank

International)

Baniyas Square

PO Box: 2923

Dubai

Telephone: (+971 4) 228 3101

Fax      : (+971 4) 222 6773

AUDITORS    

MCA Auditing

4th Floor, Al Rostamani Building, Office 402  Sheikh Zayed Road

Dubai

PO Box: 3168

Dubai

Tel: (+971 4) 331 9501

Fax: (+971 4) 331 9502

ACTIVITY CODE (NACE)    

4675 - Wholesale of chemical products;

LINE OF BUSINESS    

Trading as importers, re-exporters and wholesalers of mainly industrial chemical products.  

IMPORT FROM 

Worldwide, mainly from Europe, South East and Far East Asian countries.  

EXPORT TO 

India. 

FACILITIES

Leased premises comprising administrative offices located at the heading address. 

 

 

PAYMENT RECORDS 

 

CREDIT OPINION   

We consider it is acceptable to deal with subject.

 

 

SPECIAL REMARKS 

 

INTERVIEWED   

Mr. Ashok (Head of Auditing at MCA Auditing).  

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.17

UK Pound

1

INR 90.47

Euro

1

INR 79.74

UAE DH

1

INR 18.67

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

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)

 

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