MIRA
INFORM REPORT
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Report Date : |
2nd March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
POLYCAT FZC |
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Registered Office : |
Free Trade Zone,
A-97, PO Box: 181560, Dubai, United Arab Emirates |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
23.11.2005 |
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Legal Form : |
Free Zone Company
- FZC |
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Line of Business : |
Engaged in the import and distribution of medical
products, including antioxidants, one-pack stabiliser systems, acid scavengers,
UV absorbers, hindered amine light stabilisers (HALS), flame retardants,
antifogging agents, antistatic agents, slip agents, antimicrobials and
clarifying agents. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 75,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
POLYCAT FZC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Free Zone Company - FZC |
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Registration Date |
23rd November 2005 |
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Trade Licence
Number |
1035 |
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Issued Capital |
UAE Dh 1,000,000 |
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Paid up Capital |
UAE Dh 1,000,000 |
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Total Workforce |
5 |
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Line of Business |
Distributors of medical products. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
POLYCAT FZC
ADDRESS
Registered & Physical Address
Location : Free Trade Zone, A-97
PO Box : 181560
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2970584
Facsimile : (971-4) 2652304
Mobile : (971-50) 4568390
Email : tssk@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Free Trade Zone Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Yang X’ufang Chinese Managing
Director
·
Helmut Kim German Director
·
Santana
Krishnan - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 23rd
November 2005
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 1035
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
·
Yang X’ufang
·
Helmut Kim
Note to the Legal Form
A Free Zone Company (FZC) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of medical products, including antioxidants, one-pack stabiliser systems, acid scavengers, UV absorbers, hindered amine light stabilisers (HALS), flame retardants, antifogging agents, antistatic agents, slip agents, antimicrobials and clarifying agents.
Import Countries : Europe and the Far East.
International
Suppliers :
·
Keim Additec
Surface GmbH Germany
Subject has a
workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
·
Emirates Bank
International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel :
(971-4) 2256256 / 2256900
Fax : (971-4)
2268005 / 2267718
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2005, subject is involved in the import and distribution of medical products,
including antioxidants, one-pack stabiliser systems, acid scavengers, UV
absorbers, hindered amine light stabilisers (HALS), flame retardants,
antifogging agents, antistatic agents, slip agents, antimicrobials and
clarifying agents.
The above credit
figure is higher than transactions previously seen and a measure of caution
would be prudent.
Maximum suggested
credit figure: US$ 75,000
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
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