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MIRA INFORM REPORT
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Report No. : |
495096 |
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Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
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Name : |
PATCHAM FZC |
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Registered Office : |
Saif Free Zone, Plot No. C-4, 5, 6, 7 & 8, PO Box: 7753, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
20.01.2004 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Subject is engaged in the manufacture and distribution of PVC additives,
special chemicals for paint manufacturing, paints and building materials |
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No. of Employees : |
60 |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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, 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.
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Source
: CIA |
SUMMARY
Company Name : PATCHAM FZC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 20th January 2004
Trade Licence Number : 02084, Saif Zone
Chamber Membership Number : 700025
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 60
Activities : Manufacture and distribution of PVC additives, special chemicals
for paint manufacturing, paints and building materials
Financial Condition : Fair
Payments : No complaints
COMPANY
NAME
PATCHAM FZC
ADDRESS
Registered & Physical
Address
Location : Saif Free
Zone, Plot No. C-4, 5, 6, 7 & 8
PO Box :
7753
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5570035
Facsimile : (971-6)
5570038
Mobile : (971-50)
4622952 / 5397030
Email : patcham@emirates.net.ae
/ patcham@eim.ae / jinoy@patchamltd.com
/ sumit@patcham.com
Premises
Subject operates from a medium sized suite of offices, a warehouse and a
factory that are rented and located in the Saif Free Zone of Sharjah.
KEY
PRINCIPALS
Name Position
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Pallav Apalal Patel Managing
Director
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Mayank Apalal Patel Director
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Nitesh Kandilal Patel General
Manager
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Sumit Rajdei Finance
Manager
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Kavesh Kipalani Sales
Manager
LEGAL
FORM & OWNERS
Date of
Establishment : 20th
January 2004
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 02084, Saif Zone
Chamber Member No. : 700025
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
Percentage
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Pallav Apalal Patel 75%
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Mayank Apalal Patel 25%
AFFILIATED
COMPANIES
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Emco LLC
Dubai
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Al Shola Transport LLC
Fujairah
OPERATIONS
Activities: Engaged in the manufacture and distribution of PVC additives, special
chemicals for paint manufacturing, paints and building materials.
Subject’s products include, paint driers for
solvent based, catalysts for 2k P.U. coatings systems, dispersing agents,
anti-settling agents, anti foaming agents, thickening agents for water based as
well as solvent based coating systems, catalysts for P.U. Epoxy powder
coatings.
Subject is ISO 9001:2000 accredited.
Import Countries: France, Germany, Belgium and the United States of
America
International Suppliers:
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Exxon Chemicals France
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Celenese Germany
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Exxon Chemicals Belgium
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Eastman Chemicals United
States of America
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Hasel Middle East Dubai
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Petrochem Dubai
Subject has a workforce of 60 employees.
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 65,000,000 UAE Dh 68,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
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HSBC Bank Middle East
Al Arooba Street
PO Box: 25
Sharjah
Tel: (971-6)
5537222
Fax: (971-6)
5537880
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Standard Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel: (971-6) 5357788
Fax: (971-6) 5335500
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that the correct name of the subject is “Patcham FZC” and
not “Patchem FZC”.
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 65.23 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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UAE Dh |
1 |
INR 17.78 |
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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VIV |
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Report Prepared
by : |
SYL |
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:
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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
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Industry
scenario / competitor analysis
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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.