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Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SYNTHOMER DEUTSCHLAND GMBH |
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Registered Office : |
East Wing 2, Office No. 201 Dubai Airport Free Zone PO Box 54645 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.07.2006 |
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Com. Reg. No.: |
OVR-6980 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Distributors of adhesives |
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No. of Employees : |
8 |
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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UAE - 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 : SYNTHOMER DEUTSCHLAND GMBH
Country of Origin : Germany
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 1st July 2006
Commercial Registration Number : OVR-6980
Trade Licence Number : 6980
Chamber Membership Number : 109538
Total Workforce : 8
Activities : Distributors of adhesives
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
SYNTHOMER DEUTSCHLAND GMBH
Location : East Wing 2,
Office No. 201
Area : Dubai
Airport Free Zone
PO Box : 54645
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2994808
Facsimile : (971-4)
2994806
Email : syed.abbas@polymer-1atex
Subject operates from a small suite of offices that are rented and
located in the Dubai Airport Free Zone.
Name Position
· David Spensley Managing
Director
Date of
Establishment : 1st
July 2006
Legal Form : Subject is the
United Arab Emirates registered branch of Polymer Latex GmbH, a Limited
Liability Company incorporated in
Germany.
Synthomer Deutschland GmbH in the United Arab Emirates, operates as a Branch
of a
Foreign
Registered Corporation.
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 Germany.
Commercial Reg.
No. : OVR-6980
Trade Licence No. : 6980 (Expires 30/06/2013)
Chamber Member No. : 109538
Activities: Engaged in the import and distribution of adhesives.
Import Countries: Europe and the Far East.
Subject has a workforce of 8 employees.
Companies registered in Dubai, 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.
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box: 999
Dubai
Tel: (971-4)
2520455
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.54.39 |
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|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
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 |
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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 |
|
-- |
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.