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MIRA INFORM REPORT
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Report No. : |
509384 |
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Report Date : |
17.05.2018 |
IDENTIFICATION DETAILS
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Name : |
KRISCON MIDDLE EAST FZE |
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Registered Office : |
Jebel Ali Free Zone Area, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19.01.2017 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Subject Is Engaged in the import and distribution of chemical
raw materials. |
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No. of Employees : |
5 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Relatively new Business |
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Payment Behaviour : |
Unknown |
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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 :
KRISCON MIDDLE EAST FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
19th January 2017
Trade Licence Number :
186283
Chamber Membership Number :
285895
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
5
Activities :
Distributors of chemical raw materials
Financial Condition :
Undetermined
Payments :
Unknown
COMPANY
NAME
KRISCON
MIDDLE EAST FZE
ADDRESS
Registered Address
Location : Jebel
Ali Free Zone Area
Town : Dubai
Country : United
Arab Emirates
Physical Address
Location : Cluster
X2, Jumeirah Lake Towers
PO Box :
390294
Town : Dubai
Country : United
Arab Emirates
Telephone :
(971-4) 3792920
Mobile :
(971-55) 9200194 / (971-52) 9054134
Email :
riju@krisconchem.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
Harshad Uphadiya Indian Managing
Director
Riju Menon - Sales
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 19th
January 2017
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 186283
Chamber Member No. : 285895
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Name of Shareholder (s) Percentage
Harshad Uphadiya 100%
AFFILIATED
COMPANIES
Kriscon DMCC
X2 Tower, 34th Floor, Office No. 3410
Jumeirah Lakes Towers
PO Box: 390294
Dubai
Tel: (971-4) 3792920
Fax: (971-4) 3792921
Member No. 276927
OPERATIONS
Activities: Engaged in the import and distribution of chemical raw materials.
Import Countries: Europe and the Far East
Subject has a workforce of 5 employees.
FINANCIAL
DATA
Subject is a newly formed business and as a result financial
information is not currently available.
BANKERS
Citibank
Khalid Bin Waleed Street
Bur Dubai
PO Box: 749
Dubai
Tel: (971-4) 2522100
Fax: (971-4) 2524942
PAYMENT
HISTORY
Unknown
GENERAL
COMMENTS
Please note that the correct name of the subject is “Kriscon
Middle East FZE” and not “Kriscon Middle East Dubai”.
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.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.83 |
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1 |
INR 91.68 |
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Euro |
1 |
INR 80.29 |
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UAE DH |
1 |
INR 18.43 |
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 : |
KET |
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
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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
·
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.