MIRA INFORM REPORT

 

 

Report No. :

495931

Report Date :

05.03.2018

           

 

 

IDENTIFICATION DETAILS

 

Name :

TARGET PETROCHEMICAL SOLUTIONS FZE

 

 

Registered Office :

Po Box 42189, P-1, Hamriya Business Centre Hamriya Free Zone Sharjah

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

26.07.2017

 

 

Legal Form :

Free Zone Establishment – FZE

 

 

Line of Business :

Subject is engaged in the import and distribution of petrochemical products, lubricants and chemicals.

 

 

No. of Employees :

05

 

 

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

 

Maximum Credit Limit :

US$ 5,000

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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

:

TARGET PETROCHEMICAL SOLUTIONS FZE

 

2) Registered Address:

Address

:

P-1, Hamriya Business Centre Hamriya Free Zone

Town

:

Sharjah

Country

:

United Arab Emirates

PO Box

:

42189

Mobile

:

(971-50) 9022405 / (966-53) 4550315

Email

 

info@targetpetro.com

 

3) Operational Address & Contact Details:

Address

:

P-1, Hamriya Business Centre Hamriya Free Zone

Town

:

Sharjah

Country

:

United Arab Emirates

PO Box

:

42189

Mobile

:

(971-50) 9022405 / (966-53) 4550315

Email

 

info@targetpetro.com

 

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Free Zone Establishment - FZE

Date of Registration

:

26th July 2017

Trade License Number

:

16213

 

KEY FACTS

 

Operational Status

:

Normal

Financial Condition

:

Undetermined

Primary Business Activity

:

Distributors of petrochemical products, lubricants and chemicals

Number of Employees

:

5

Capital

:

UAE Dh 150,000

Note:

Engaged in the import and distribution of petrochemical products, lubricants and chemicals.

Subject’s product range includes:
• Fuel Oil
• Gas Oil
• Base Oil Sn500 / Sn 300/ Sn150/ Sn 70 (Virgin/Recycled)
• Lube Oil/Grease (Any Types)
• Bitumen
• Methanol
• Mono Ethylene Glycol (Meg)
• White Spirit (Grade A / Grade B)
• Diesel (10ppm/ 1000ppm)
• Kerosene
• Aviation Kerosene
• Specialty Chemicals (Dg / Non Dg)
• Caustic Soda Flakes
• Petrochemical / Oil And Gas Project Materials

 

 

CAPITAL DETAILS

 

Issued Capital:

No of Shares

No of Shares

Amount

N/A

N/A

UAE Dh 150,000

 

Paid Up Capital:

No of Shares

No of Shares

Amount

N/A

N/A

UAE Dh 150,000

 

 

FINANCIAL DATA

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

1

Name

HSBC Bank Middle East

 

PO Box

25 Sharjah

 

Tel

(971-6) 5537222

 

Fax

(971-6) 5537880

 

 

SHAREHOLDERS

 

Sr.No

Name

Nationality

Percentage

1

Imtiaz Ahmed

Indian

100%

 

 

SENIOR MANAGEMENT

Sr.No

Name

Nationality

Designation

1

Imtiaz Ahmed

Indian

Managing Director

2

James Mathew

_

General Manager

 

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.No

Country

Activity

1

Europe

Import

2

Far East

Import

 

 

PREMISES

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

 

 

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

In view of subject’s infancy, extensive payment and financial records are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

Credit recommendation

Proposed Credit Limit

:

US$ 5,000

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.22

UK Pound

1

INR 89.71

Euro

1

INR 79.50

UAE (Dh)

1

INR 17.72

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

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.