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Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
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Name : |
UNIPLAS
INTERNATIONAL EST |
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Registered Office : |
Al Buheira Tower Plaza, 20th Floor, Office No. PH02,
Corniche Al Buheira Street, Al
Majaz Area, P O Box 60392, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
29.12.2003 |
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Com. Reg. No.: |
47283, Sharjah |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Distributors of
Plastics. |
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No. of Employees : |
22 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 country 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. 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 : UNIPLAS INTERNATIONAL
EST
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 29th
December 2003
Commercial
Registration Number : 47283,
Sharjah
Trade Licence
Number : 525295
Chamber Membership
Number : 61441
Invested Capital : UAE Dh 500,000
Total Workforce : 22
Activities :
Distributors of plastics.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Samuel Shah, Finance Manager
UNIPLAS INTERNATIONAL
EST
Building : Al Buheira Tower Plaza, 20th
Floor, Office No. PH02
Street : Corniche Al Buheira Street
Area : Al Majaz Area
PO Box : 60392
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5730167
Facsimile : (971-6) 5730168
Mobile : (971-50) 6266186
Email : info@uniplasinternational.com
/ uniplas@uniplasinternational.com
Subject operates
from a medium sized suite of offices that are rented and located in the
Industrial Area of Sharjah.
Name Nationality Position
·
Nikhil Dhruva Bhai Indian Proprietor
·
Chittal Mehta - General
Manager
·
Samuel Shah - Finance
Manager
Date of Establishment : 29th
December 2003
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 47283,
Sharjah
Trade Licence No. : 525295
Chamber Member No. : 61441
Invested Capital
: UAE Dh 500,000
Mr Nikhil Dhruva Bhai is the sole proprietor of the
business. Mr Nikhil Dhruva Bhai is an Indian national
who operates in Sharjah under the local sponsorship of Mr Faisal Khalifa Obaid
Al Rashid.
·
Uniplas International FZE
Saif Zone
Sharjah
Activities: Engaged
in the import and distribution of plastics, including HDPE, LDPE, LLDPE, PP,
PS, PVC, EPS, GPPS, HIPS, ABS, SBR, NBR,
EVA, TDI, DOP, PA, PET, resin bottle grade and extrusion and bag making
machinery.
Import
Countries: Europe and the Far East.
International
Suppliers:
·
Thai Plastic Thailand
·
PTT Plastic Thailand
Operating Trend: Steady
Subject has a
workforce of 22 employees.
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales UAE Dh 1,101,250,074 UAE Dh 1,560,180,184
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Samuel Shah, Finance Manager
·
Standard
Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel: (971-6) 5357788
Fax: (971-6) 5543604
No complaints regarding
subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60 days
Payment Method Letters of
Credit
Paying record No
Complaints
Currency US
Dollars
Established in
2003, subject is owned and managed by Mr Nikhil
Dhruva Bhai who is an Indian national
operating in Sharjah under the local sponsorship of Mr. Faisal Khalifa Obaid Al
Rashid.
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 business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.