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MIRA INFORM REPORT
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Report No. : |
499055 |
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Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
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Name : |
DOW CHEMICAL
PACIFIC (SINGAPORE) PTE LTD |
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Registered Office : |
Jafza View 18
& 19, 1st Floor, Office 111, Jebel Ali Free Zone, P O Box: 261627, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
01.10.2014 |
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Legal Form : |
Branch of a
Foreign Registered Corporation |
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Line of Business : |
Import and
distribution of industrial solvents, acids, alkaline, insulation and
protection materials, petrochemicals and basic industrial chemicals. |
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No. of Employees : |
10 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Branch of a Foreign
Registered Corporation |
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Payment Behaviour : |
Regular |
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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. 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 : DOW
CHEMICAL PACIFIC (SINGAPORE) PTE LTD
Country of Origin : Singapore
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 1st
October 2014
Trade Licence
Number : 145544
Chamber Membership
Number : 247698
Total Workforce :
10
Activities :
Distributors of industrial solvents and chemicals, acids, alkaline,
insulation and protection materials,
petrochemicals
Financial Condition : Fair
Payments :
Regular
Person Interviewed : Ramesh Taparia, Finance Manager
COMPANY
NAME
DOW CHEMICAL
PACIFIC (SINGAPORE) PTE LTD
ADDRESS
Registered & Physical
Address
Building : Jafza View 18 & 19, 1st Floor,
Office 111
Area : Jebel Ali Free
Zone
PO Box : 261627
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4537000 / 8831828
Facsimile : (971-4) 4537117
Email : mhumaidan@dow.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Jebel Ali Free
Zone Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
·
Bugra Cetian - General
Manager
·
Veshnu
Shankar Indian Commercial
Manager
·
Mubarak
Humaidan Emirati Public
Relations Officer
·
Ramesh Taparia - Finance
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 1st
October 2014
Legal Form :
Subject is the United Arab
Emirates registered branch of Dow Chemical Pacific
Singapore Pvt Ltd, a Limited
Liability Company incorporated in Singapore.
Dow Chemical Pacific Singapore
Pvt Ltd in the United Arab Emirates, operates as a
Branch of a Foreign
Registered Corporation
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
Singapore.
Trade Licence No. : 145544
Chamber Member No. : 247698
AFFILIATED
COMPANIES
·
Dow
Chemical IMEA GmbH
Imaar Square
PO Box: 7893
Dubai
Tel: (971-4) 4537000
Email: mhumaidan@dow.com
Licence No. 208641
Member No. 6022
OPERATIONS
Activities: Engaged in the import and distribution of
industrial solvents, acids, alkaline, insulation and protection
materials, petrochemicals and
basic industrial chemicals.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 10 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16:
Total Sales UAE Dh 65,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Ramesh Taparia,
Finance Manager
BANKERS
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
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 65.04 |
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|
1 |
INR 90.56 |
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Euro |
1 |
INR 79.78 |
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UAE Dh |
1 |
INR 17.75 |
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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DIV |
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Report Prepared
by : |
TRU |
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:
·
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.