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Report No. : |
321023 |
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Report Date : |
09.05.2015 |
IDENTIFICATION DETAILS
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Name : |
TOP POLYMERS FZC |
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Registered Office : |
Ajman Free Zone, New Main Gate, Block No. E1-04, E1 & E1-06, PO Box No. 4085, Ajman |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
09.06.2013 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Subject is engaged in the import and distribution of polymer and rubber materials, including synthetic rubber, butyl grades, reclaiming materials, vulcanization materials, blowing agents, waxes, lubricant additives, viscosity index improvers, castor oil derivatives and pigments. |
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No. of Employees : |
12 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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United Arab
Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
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. 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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 : TOP POLYMERS FZC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 9th June 2013
Trade Licence Number : 8475
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 12
Activities : Distribution of polymer and rubber materials
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
TOP POLYMERS FZC
Location : Ajman Free Zone, New Main Gate,
Block No. E1-04, E1 & E1-06
PO Box : 4085
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7458486
Facsimile : (971-6) 7458487
Mobile : (971-50) 5870865 / (971-55)
1041172
Email : toppoly@eim.ae
Please note that
the correct PO Box number is 4085 and not 21085.
Subject operates
from a small suite of offices that are rented and located in the Free Zone Area
of Ajman.
Name Nationality Position
·
Mostafa
Shums Indian Managing Director
·
Nasreem
Shums Indian Director
·
Mohamed
Hassan - Sales
Manager
·
Rashida
Tijani - Accountant
Date of Establishment: 9th June 2013
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 8475
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Mostafa
Shums
·
Nasreem
Shums
Activities: Engaged
in the import and distribution of polymer and rubber materials, including
synthetic rubber, butyl grades, reclaiming materials, vulcanization materials,
blowing agents, waxes, lubricant additives, viscosity index improvers, castor oil derivatives
and pigments.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 12 employees.
Companies
registered in Ajman, 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
Main Branch
Ajman
Tel: (971-6) 5537222
Fax: (971-6) 5537880
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
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Indian Rupees |
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US Dollar |
1 |
Rs.64.05 |
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|
1 |
Rs.99.04 |
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Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
VNT |
RATING EXPLANATIONS
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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 |
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-- |
NB |
New Business |
-- |
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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.