|
Report Date : |
28.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
PLASTOFAB TECHNOLOGY SERVICES INC |
|
|
|
|
Registered Office : |
Lob 10, Suite
105, Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 17883, Dubai |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.11.2000 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
Import and distribution of construction chemicals |
|
|
|
|
No. of Employees : |
12 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Branch of a Foreign Registered Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company Name : PLASTOFAB TECHNOLOGY SERVICES INC
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 1st November 2000
Trade Licence Number : 2795
Chamber Membership Number : 64867
Issued Capital : UAE Dh 180,000
Paid up Capital : UAE Dh 180,000
Total Workforce : 12
Activities : Import and distribution of construction chemicals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
PLASTOFAB
TECHNOLOGY SERVICES INC
Registered &
Physical Address
Building : Lob 10,
Street :
Area : Jebel Ali Free Zone
PO Box : 17883
Town :
Country :
Telephone : (971-4) 8814533 / 8813770
Facsimile : (971-4) 8814551
Email : sjalam@emirates.net.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Jebel Ali Free
Zone,
Name Nationality Position
·
Syed
Jaweed Alam Indian Managing
Director
Date of Establishment : 1st
November 2000
Legal Form :
Subject is the United Arab
Emirates registered branch of Plastofab Technology Services Inc, a Limited
Liability Company incorporated in the
Plastofab Technology Services
Inc in the
A Branch of a Foreign
Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays
in the hands of the company where it is originally
registered.
Under these circumstances, we
strongly advise that any international trade credit should
only be written under the name
of the main company where the subject holds its registered office, in this case
the
Trade Licence No. : 2795
(Expires 03/10/2012)
Chamber Member No. : 64867
Issued Capital : UAE Dh 180,000
Paid up Capital : UAE Dh 180,000
Activities: Engaged in the import and distribution of
construction chemicals.
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 12 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total sales UAE Dh 8,700,000 UAE Dh 9,200,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
HSBC
Bank
Deira Souk Branch
PO Box: 66
Tel: (971-4) 2535000
No complaints
regarding subject’s payments have been reported.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.73 |
|
|
1 |
Rs.87.26 |
|
Euro |
1 |
Rs.69.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.