MIRA INFORM REPORT
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Report Date : |
05.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
POWER ADDITIVES |
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Registered Office : |
Port Khalid Free Zone, PO Box 2466
& 4116, Umm Al Quwain |
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Country : |
United Arab
Emirates |
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Year of Establishment : |
2005 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Manufacturer of polymers |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 75,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : POWER ADDITIVES
Country of Origin : Umm Al Quwain, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 2005
Trade Licence Number : 034, Umm Al Quwain
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 15
Activities : Manufacture of polymers
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 75,000
COMPANY NAME
POWER ADDITIVES
ADDRESS
Registered &
Physical Address
Location : Port Khalid Free Zone
PO Box : 2466 & 4116
Town : Umm Al Quwain
Country : United Arab Emirates
Telephone : (971-6) 7650386
Facsimile : (971-6) 7650387
Mobile : (971-50) 4542613
Premises
Subject operates from a suite of offices and a factory that are rented
and located in the Industrial Area of Umm Al Quwain.
KEY PRINCIPALS
Name Position
· Parmesh
Patel Managing
Director
· Mina
Patel Director
· Guptishra
Patel Director
· Rupesh
Sharma Factory
Manager
· Arul
Raj Marketing
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 2005
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 034, Umm Al
Quwain
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s)
· Parmesh
Patel
· Mina
Patel
· Guptishra
Patel
OPERATIONS
Activities: Engaged in the manufacture of polymers. Subject is currently in the
production trial phase with full
commercial production scheduled to commence by the end of 2009.
Subject has a workforce of 15 employees.
FINANCIAL DATA
Companies registered in Sharjah, 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
King Faisal Road
PO Box : 315
Umm Al Quwain
Tel : (971-6) 7656050
Fax : (971-6) 7656005
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 |
|
US Dollar |
1 |
Rs.44.26 |
|
UK Pound |
1 |
Rs.79.19 |
|
Euro |
1 |
Rs.64.42 |
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%)