MIRA
INFORM REPORT
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Report Date : |
11.10.2007 |
IDENTIFICATION DETAILS
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Name : |
UNIPLAS
INTERNATIONAL EST |
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Registered Office : |
Al
Majaz Area, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
29th December 2003 |
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Com. Reg. No.: |
47283, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of plastics. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : UNIPLAS INTERNATIONAL EST
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 29th December 2003
Commercial Registration Number : 47283, Sharjah
Trade Licence Number : 525295
Membership Number : 61441
Invested Capital : UAE Dh 500,000
Total Workforce : 20
Line of Business : Distributors of plastics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
UNIPLAS
INTERNATIONAL EST
ADDRESS
Registered & Physical Address
Location : Al
Majaz Area
PO Box : 38688 & 60392
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5730167
Facsimile : (971-6) 5730168
Mobile : (971-50) 6266186
Email : info@uniplasinternational.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Nikhil Dhruva Indian Proprietor & General Manager
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Faisal Khalifa Obaid Al Rashid Emirati Local Sponsor
LEGAL FORM &
OWNERS
Date of Establishment : 29th
December 2003
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 47283,
Sharjah
Trade Licence No. : 525295
(Expires 27th December 2007)
Membership No. : 61441
Invested Capital
: UAE Dh 500,000
Mr Nikhil Dhruva is the sole proprietor of the
business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
plastics, including HDPE, LDPE, LLDPE, PP, PS, PVC, EPS, GPPS, HIPS, ABS, SBR,
NBR, EVA, TDI,
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 20 employees.
FINANCIAL
HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE Dh 6,580,000 UAE Dh
7,100,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Standard
Chartered Bank
Al Boorj Avenue
PO Box : 5
Sharjah
Tel : (971-6) 5357788
Fax : (971-6) 5543604
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2003, subject is owned and managed by Mr Nikhil
Dhruva who is an Indian national operating in Sharjah under the local
sponsorship of Mr Faisal Khalifa Obaid Al Rashid.
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 business is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 150,000
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. |
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%)