MIRA INFORM REPORT
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Report Date : |
19.09.2007 |
IDENTIFICATION DETAILS
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Name : |
POLYGON FZC |
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Registered Office : |
Saif Zone, Plot
No. A3113, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2nd April 2003 |
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Legal Form : |
Free Zone Company – FZC |
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Line of Business : |
Engaged in the
import and distribution of general merchandise, specializing in electronic and
communication products. |
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 : POLYGON FZC
Country of Origin :
Legal Form : Free Zone Company - FZC
Registration Date : 2nd April 2003
Trade Licence Number : 010401709, Saif Zone
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 8
Line of Business : Import and distribution of general merchandise, specialising in
electronic and communication products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
POLYGON FZC
ADDRESS
Registered & Physical Address
Location : Saif Zone, Plot No. A3113
PO Box : 8743
Town : Sharjah
Country :
Telephone : (971-6) 5570781
Facsimile : (971-6) 5570781
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Saif Zone.
KEY PRINCIPALS
·
Vijay
Kumar Singh Managing
Director
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V. I.
B. Kumar Director
·
Sanjay
Ashwani Despandi Director
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Anand
Shanker General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 2nd
April 2003
Legal Form :
Free Zone Company - FZC
Trade Licence No. :
010401709, Saif Zone
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s)
·
Vijay
Kumar Singh
·
V. I.
B. Kumar
·
Sanjay
Ashwani Despandi
Note to the Legal Form
A Free Zone Company- or FZC - is an organisation formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such organisations must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital.
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, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged in the import and distribution of
general merchandise, specialising in electronic and communication products.
Import
Countries:
Operating Trend: Steady
Subject has a
workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 3,700,000 UAE Dh 4,150,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National
Bank of Sharjah
PO Box : 4
Sharjah
Tel : (971-6) 5547747
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The
Standard Chartered Bank
PO Box : 5
Sharjah
Tel : (971-6) 5357788
Fax : (971-6) 5335500
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Polygon FZC is a
relatively new business with operations commencing in 2003. It is engaged in
import and distribution of general merchandise, specialising in electronic and
communication products.
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding the manner in which payments
are fulfilled. As such the business is considered to be a fair trade risk and
the above credit figure is deemed admissible.
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%)