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Report Date : |
07.09.2012 |
IDENTIFICATION DETAILS
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Name : |
SALSABEEL PLASTIC
TRADING MIDDLE EAST LLC |
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|
|
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Registered Office : |
Zomorrodah
Building, A Block, 5th Floor, Suite 54A, Zabeel Road, Karama 3146,
Dubai |
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|
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
22.05.1996 |
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Com. Reg. No.: |
52750, Dubai |
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Legal Form : |
Limited Liability
Company |
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|
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Line of Business : |
Distributors of
plastic and nylon raw materials |
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|
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No. of Employees : |
Not Available |
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 : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED ARAB EMIRATES - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual
trade surplus. Successful efforts at economic diversification have reduced the
portion of GDP based on oil and gas output to 25%. Since the discovery of oil
in the UAE more than 30 years ago, the UAE has undergone a profound
transformation from an impoverished region of small desert principalities to a
modern state with a high standard of living. The government has increased
spending on job creation and infrastructure expansion and is opening up
utilities to greater private sector involvement. In April 2004, the UAE signed
a Trade and Investment Framework Agreement with Washington and in November 2004
agreed to undertake negotiations toward a Free Trade Agreement with the US,
however, those talks have not moved forward. The country's Free Trade Zones -
offering 100% foreign ownership and zero taxes - are helping to attract foreign
investors. The global financial crisis, tight international credit, and
deflated asset prices constricted the economy in 2009. UAE authorities tried to
blunt the crisis by increasing spending and boosting liquidity in the banking
sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed
real estate prices. Dubai lacked sufficient cash to meet its debt obligations,
prompting global concern about its solvency. The UAE Central Bank and Abu
Dhabi-based banks bought the largest shares. In December 2009 Dubai received an
additional $10 billion loan from the emirate of Abu Dhabi. The economy is
expected to continue a slow rebound. Dependence on oil, a large expatriate
workforce, and growing inflation pressures are significant long-term
challenges. The UAE''s strategic plan for the next few years focuses on
diversification and creating more opportunities for nationals through improved
education and increased private sector employment.
Source : CIA
Company Name :
SALSABEEL PLASTIC TRADING MIDDLE EAST LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 22nd
May 1996
Commercial Registration
Number : 52750, Dubai
Trade Licence
Number : 241922
Chamber Membership
Number : 38668
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Activities :
Distributors of plastic and nylon raw materials
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
SALSABEEL PLASTIC
TRADING MIDDLE EAST LLC
Building : Zomorrodah Building, A Block, 5th
Floor, Suite 54A
Street : Zabeel Road
Area : Karama
PO Box : 3146
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3365501
Facsimile : (971-4) 3353788
Email : sptrdg@emirates.net.ae / info@sptme.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Polassery
Raman Sudhakaran Indian Managing
Director
·
Polassery
Sudhakaran Abhilash Indian Director
·
Sultan
Ahmed Khalfan Al Ghaith Emirati Director
Date of Establishment : 22nd
May 1996
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 52750, Dubai
Trade Licence No. : 241922
(Expires 21/05/2013)
Chamber Member No. : 38668
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Sultan
Ahmed Khalfan Al Ghaith 51%
·
Polassery
Raman Sudhakaran 29%
·
Polassery
Sudhakaran Abhilash 20%
Activities: Engaged in the import and distribution of
plastic and nylon raw materials.
Import
Countries: India, Germany,
China, Korea, Taiwan and Malaysia.
International
Suppliers:
·
Reliance
Industries Ltd India
·
Recron
Malaysia Sdn Bhd Malaysia
·
Marubeni
Corporation Japan
·
Taiyo
Vinyl Corporation Taiwan
·
Chi Mei
Corporation Taiwan
·
Samyang
Corporation South
Korea
·
Jebsen
& Jessen Germany
·
Wuxi
Xingda Group China
·
SRF Ltd India
Operating Trend: Steady
Subject has a
workforce of 12 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Revenue UAE Dh 11,240,000 UAE Dh 11,860,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Arab
Bank Plc
Ittihad Street
PO Box: 11364
Dubai
Tel: (971-4) 2228845
Fax: (971-4) 2285974 / 2940847
No complaints
regarding subject’s payments have been reported.
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 company
is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.97 |
|
|
1 |
Rs.89.02 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.