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Report Date : |
01.01.2015 |
IDENTIFICATION DETAILS
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Name : |
AMGULF POLYMERS & CHEMICALS LTD |
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Registered Office : |
Warehouse No. MO0227, Sheikh Zayed Road, Between 6 an 7th Roundabout, Jebel Ali Free Zone, PO Box : 16970, Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
01.05.1991 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Distributor of
industrial chemicals. |
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No. of Employees : |
16 |
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 |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
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.
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Source
: CIA |
Company Name : AMGULF POLYMERS & CHEMICALS LTD
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 1st May 1991
Trade Licence Number : 623
Chamber Membership Number : 20902
Issued Capital : UAE Dh 1,850,000
Paid up Capital : UAE Dh 1,850,000
Total Workforce : 16
Activities : Distributor of industrial chemicals.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Dan Rivera, Sales Executive
COMPANY NAME: AMGULF POLYMERS & CHEMICALS LTD
Building : Warehouse No. MO0227
Street : Sheikh Zayed Road, Between 6
& 7th Roundabout
Area : Jebel Ali Free Zone
PO Box : 16970
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8816611
Facsimile : (971-4) 8815209
Email : mailbox@amgulf.com
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
·
Amlan
Hasmukh Shah Canadian General
Manager
·
Joy
Mukhergee - Purchasing
Manager
·
Jayshree
Ratani - Finance
Manager
·
Dan
Rivera - Sales
Executive
Date of Establishment : 1st
May 1991
Legal Form :
Subject is the United Arab
Emirates registered branch of Amgulf Polymers &
Chemicals Ltd, a Limited Liability Company incorporated in the
British Virgin
Islands.
Amgulf Polymers & Chemicals
Ltd 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 the British
Virgin Islands.
Trade Licence No. : 623
(Expires 30/06/2017)
Chamber Member No. : 20902
Issued Capital : UAE Dh 1,850,000
Paid up Capital : UAE Dh 1,850,000
Activities: Engaged in the import and distribution of
industrial chemicals and petrochemicals.
Import
Countries: Thailand, Oman
and Saudi Arabia.
International Suppliers:
·
Indo Rama Polyester Industries Thailand
·
Octal SAOC Oman
·
SABIC Saudi
Arabia
·
Petro Rabigh Saudi
Arabia
Subject has a
workforce of 16 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.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
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.63.33 |
|
|
1 |
Rs.98.58 |
|
Euro |
1 |
Rs.77.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
VNT |
RATING EXPLANATIONS
|
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 |
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.