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MIRA INFORM REPORT
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Report No. : |
510673 |
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Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
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Name : |
BELCHINA (UAE) LTD FZE |
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Registered Office : |
Hamriyah Free Zone, Plot No. 1-K-07/03, PO Box: 41835, 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 : |
25.04.2005 |
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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 scrap materials,
heavy industrial equipment and plastics. |
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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 : |
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 : |
Good |
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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, 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 : BELCHINA (UAE) LTD FZE
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 25th April 2005
Trade Licence Number : 1119
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 5
Activities : Distributors of scrap materials, heavy industrial equipment and plastics
Financial Condition : Good
Payments : Regular
COMPANY
NAME
BELCHINA (UAE) LTD FZE
ADDRESS
Registered Address
Location : Hamriyah Free
Zone, Plot No. 1-K-07/03
PO Box :
41835
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5261353
Facsimile : (971-6)
2651331 / 2207768
Mobile : (971-50) 1505302
Physical Address
Building :
RAK Building, Office No. 317
Street : Al Nahda
Road
Area : Al Qusais
Area
PO Box :
45311
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2207769
/ 2693937
Facsimile : (971-4)
2207768
Mobile : (971-50)
9569409
Email : belchina@emirates.net.ae
/ info@belchina.com
/ aditiya@belchina.net
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
KEY
PRINCIPALS
Name Position
·
Karan Baheti Managing
Director
·
Aditya Baheti General
Manager
·
Lakhan Heada Financial
Controller
·
Darshan Patel Finance
Manager
LEGAL
FORM & OWNERS
Date of
Establishment : 25th
April 2005
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 1119
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
Percentage
·
Karan Baheti 100%
AFFILIATED
COMPANIES
·
Foshan Shipping and Trading Ltd
·
Glaxy Foundries (Pvt) Ltd
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Indonile Metal Trading LLC
·
GMM Belchina FZC
·
Baheti Exports Limited
OPERATIONS
Activities: Engaged in the import and distribution of scrap materials, heavy
industrial equipment and plastics.
Import Countries: Europe, India and South Africa
International Suppliers:
·
Pan Gulf Material Ltd Sharjah
·
Shareef Steel Sharjah
·
Trafugura Dubai
·
Mahvesh Overseas India
·
Power Battery Co South Africa
Subject has a workforce of 5 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 140,000,000 UAE Dh
148,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
Bank of Baroda
Sheikh Rashid Building, 2nd Floor
Ali Bin Abi Talib Street
PO Box: 3162
Dubai
Tel: (971-4)
3136670
Fax: (971-4)
3136610
Acc No.
90030200002794
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.
Local sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed 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 68.02 |
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|
1 |
INR 91.25 |
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Euro |
1 |
INR 80.07 |
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UAE Dh |
1 |
INR 18.62 |
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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NIS |
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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:
·
Financial
condition covering various ratios
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Company
background and operations size
·
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.