MIRA
INFORM REPORT
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Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ZENATH POLYMER |
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Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, PO Box
7113, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
26.07. 2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Traders of Industrial and Liquefied Natural Gas, Rubber,
Non Edible Oil, Basic Industrial Chemicals, Cotton and Natural Fibres,
Petrochemicals, Plastic and Nylon Raw Materials |
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$ 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ZENATH POLYMER
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 26th July 2005
Trade Licence Number : 6190
Chamber Membership Number : 99556
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 25
Activities : Traders of industrial and liquefied natural gas, rubber, non edible oil, basic industrial chemicals, cotton and natural fibres, petrochemicals, plastic and nylon raw materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 400,000
COMPANY NAME
ZENATH POLYMER
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 7113
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2713006
Facsimile : (971-4) 2713003
Email : zenathpolymer@etazenath.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Position
·
Tamim
Nasser General
Manager
·
Anbu
Pathy Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 26th
July 2005
Legal Form :
Limited Liability Company
Trade Licence No. : 6190
(Expires 06/05/2008)
Chamber Member No. : 99556
Issued Capital : UAE Dh 300,000
Paid up Capita l : UAE Dh 300,000
Name of Shareholder (s)
·
Emirates
Trading Agency
Dubai
Tel: (971-4) 2713333
OPERATIONS
Activities: Engaged as traders of industrial and
liquefied natural gas, rubber, non edible oil, basic industrial
chemicals, cotton and
natural fibres, petrochemicals, plastic and nylon raw materials.
Import
Countries: India and China
Operating Trend: Steady
Subject has a
workforce of 25 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
94,000,000 UAE Dh
98,600,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Anbu Pathy,
Commercial Manager.
BANKERS
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Emirates Bank
International Ltd
Jebel Ali Free Zone Branch
PO Box: 2923
Dubai
Tel: (971-4) 8815551
Fax: (971-4) 8815545
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be 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 |
Rs.42.33 |
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UK Pound |
1 |
Rs.84.32 |
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Euro |
1 |
Rs.66.75 |
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%)