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MIRA INFORM REPORT
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Report No. : |
491691 |
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Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SILCO POLYMERS
TRADING LLC |
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Registered Office : |
Latifa Towers, Unit
No. 1603, Sheikh Zayed Road, P O Box: 120351, Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
16.07.2005 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Import and distribution
of plastic building products and materials, including doors, windows and
nylon raw materials. |
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No. of Employees : |
6 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 of 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name : SILCO
POLYMERS TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date : 16th
July 2005
Trade Licence
Number : 571435
Chamber Membership
Number : 99240
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce :
6
Activities :
Distributors of plastic building products and materials
Financial Condition : Undetermined
Payments :
No Complaints
COMPANY
NAME
SILCO POLYMERS
TRADING LLC
ADDRESS
Registered & Physical
Address
Building : Latifa Towers, Unit No. 1603
Street : Sheikh Zayed Road
PO Box : 120351
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2944102
Facsimile : (971-4) 2944103
Mobile : (971-50) 6575662
Email : silco@silco.ae
/ sanjay.wariyar@silco.ae / anupam.paul@silco.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
EY
PRINCIPALS
Name Position
·
Sanjay
Wariyar Managing
Director
·
Anupam
Paul General
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 16th
July 2005
Legal Form :
Limited Liability Company –
LLC
Trade Licence No. : 571435
(Expires 15/07/2018)
Chamber Member No. : 99240
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
·
Silco
Polymer SA 100%
15 Rue de Pierre Fatio
CH-1204 Geneva
Switzerland
Tel: (41-22) 7074860
Fax: (42-22) 7074879
OPERATIONS
Activities: Engaged in the import and distribution of
plastic building products and materials, including doors, windows and nylon raw
materials.
Import
Countries: Switzerland
Subject has a
workforce of 6 employees.
FINANCIAL
DATA
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.
BANKERS
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Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.13 |
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1 |
INR 89.17 |
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Euro |
1 |
INR 79.39 |
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UAE Dh |
1 |
INR 17.41 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.