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Report No. : |
346285 |
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Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
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Name : |
GULF POLYMERS
DISTRIBUTION COMPANY FZCO |
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Registered Office : |
Building 6EA, Office
No. 420, |
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Country : |
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Date of Incorporation : |
15.02.2011 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and distribution
of polyethylene, polypropylene, polystyrene and 1-Hexene products
manufactured by Saudi Polymers Company. |
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No. of Employees : |
12 Employees. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
|
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.
|
Source
: CIA |
Company Name : GULF POLYMERS
DISTRIBUTION COMPANY FZCO
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date : 15th
February 2011
Trade Licence Number :
1993
Chamber Membership
Number : 194758
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 12
Activities :
Distributors of polyethylene, polypropylene, polystyrene and 1-Hexene
products.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
GULF POLYMERS
DISTRIBUTION COMPANY FZCO
Building : Building 6EA, Office No. 420
Area : Dubai Airport Free Zone
PO Box : 371379
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 7017577 / 7017580 / 2192523
Facsimile : (971-4) 7017599
Email : customerservice@gpdc.me
Subject operates
from a small suite of offices that are rented and located in the Dubai Airport Free
Zone Area of Dubai.
Name Nationality Position
·
Fahad Abdullah N Althiban Saudi Managing
Director
·
Amitav Panerjee - Commercial
Manager
·
Ganesh Srinivasan - Finance
Manager
Date of Establishment : 15th
February 2011
Legal Form : Free Zone Company - FZCO
Trade Licence No. :
1993
Chamber Member No. : 194758
Issued Capital : UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
·
National
Petrochemicals Company (Petrochem)
Saudi Arabia
·
Arabian
Chevron Phillips Petrochemical Company Limited
Saudi Arabia
Activities: Engaged in the import and distribution of
polyethylene, polypropylene, polystyrene and 1-Hexene products manufactured by
Saudi Polymers Company.
Import
Countries: Saudi Arabia
Subject has a
workforce of 12 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.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
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.64.89 |
|
|
1 |
Rs.100.39 |
|
Euro |
1 |
Rs.73.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
|
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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 |
|
|
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.