MIRA INFORM REPORT

 

 

Report No. :

511491

Report Date :

30.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

METPLAST TRADING FZC

 

 

Registered Office :

Office No. C1 – 1005, PO Box 21134 Ajman

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

27.09.2006

 

 

Com. Reg. No.:

3040 

 

 

Legal Form :

Free Zone Company 

 

 

Line of Business :

·         Wholesale of metals and metal ores

·         Wholesale of waste and scrap

 

 

No. of Employees :

10 [2018]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. 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.

 

Source : CIA

 

 

 

 

SUMMARY 

 

 

 

COMPANY NAME

METPLAST TRADING FZC

 

ADDRESS

Building

Area

City

PO Box

Office No. C1 - 1005

Ajman Free Zone

Ajman

21134

Ajman

TEL/FAX 

Verified Phones: (+971 6) 747 8801 / Fax: (+971 6) 747 9255

EMAIL/WEBSITE

Email: info@metplastrade.com / Website: www.metplastrade.com (under construction)

ACTIVITY

NACE 4672 - Wholesale of metals and metal ores; NACE 4677 - Wholesale of waste and scrap;

PRINCIPAL 

Vinay Bhansali   

Workforce 

Managing Director 

10  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

27/09/2006

3040 

Free Zone Company 

Active

             

 

IDENTIFICATION

 

CO. NAME

METPLAST TRADING FZC

ALSO KNOWN NAME (S)

Metplast Trading - F.Z.C

BUILDING

Office No. C1 – 1005

AREA

Ajman Free Zone

POSTAL ADDRESS

21134 Ajman

CITY

Ajman

COUNTRY

United Arab Emirates

TELEPHONE

(+971 6) 747 8801 / (+971 6) 747 9255 / Mobile (+971 50) 646 5045 / (+1 676) 497 5170 (Ashok Mehta) 

FAX

(+971 6) 747 9255

VERIFIED EMAIL

info@metplastrade.com

WEBSITE

www.metplastrade.com (under construction)

BUSINESS HOURS

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

10:00-20:00

13:00-14:00

REGISTERED ADDRESS

Office No. C1 – 1005, PO Box 21134 Ajman, United Arab Emirates.  

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Vinay Bhansali

Managing Director 

Ashok Mehta

(based in USA)

 

Mr. Deepak

Operations Manager

 

 

Accounts Manager

WORKFORCE

NO. OF EMPLOYEES

PERIOD

10 

05.2018

 

 

FINANCIAL SUMMARY

 

REVENUE  

31/12/2017

31/12/2018 (Projected)

USD 15,000,000

USD 17,000,000

NET PROFIT / (LOSS)

Not given but stated to be profitable

FISCAL YEAR-END 

31 December. 

 

 

LEGAL STATUS 

 

INCORPORATION

27/09/2006

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

Trade License No.: 3040 (expiry date: 26/09/2006)

Ajman Free Zone Authority  

CAPITAL     

Not given

BUSINESS HISTORY

The Company was incorporated in Ajman Free Zone on 27 September 2006. 

LEGAL FORM     

Free Zone Company 

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

1. Vinay Bhansali

   Nationality: Indian

 

2. Tarun Ziya

   Nationality: Indian

 

* According to the Amiri decree no.3 of 1996 issued by H.H. Sheikh

Humaid Bin Rashid Al Nuaimi, Ruler of Ajman, granting autonomous

status to Ajman Free Zone (established 1988), a company incorporated in Ajman Free Zone shall be registered as one of the following: Free Zone Entity (FZE) is a legal entity owned (100%) by either a person or a corporate body, must have a capital equivalent to US DLRS 50,000, the liability of the owner is limited to the amount of the share capital; Free Zone Company (FZC) has a separate legal identity and the liability of its owner is limited to the value of the paid up shared capital: Branch of a foreign company - licenses under this

category are issued to foreign companies established outside the UAE than intend to incept a branch or a subsidiary of their foreign

registered company. The activity may be commercial, industrial or

professional/services; branch of a local company- licenses under this

category are issued to companies holding a valid license from any UAE licensing authority except from other Free Zones.

50.00%

 

 

50.00%    

 

 

OPERATION 

 

BANKERS   

Standard Chartered Bank

Main Branch

PO Box 999

Dubai

Telephone: (+971 4) 352 0455

Fax      : (+971 4) 352 6679

ACTIVITY CODE (NACE)    

4672 - Wholesale of metals and metal ores; 4677 - Wholesale of waste and scrap;

LINE OF BUSINESS    

Trading as importers, wholesalers and exporters of recyclable plastics, shredded steel and wood products.

 

Subject’s products includes:

 

- LDPE A Grade;

- LDPE B Grade:

- LDPE C Grade;

- LDPE Camel Back;

- LDPE Hoophouse Film;

- LDPE Mix color;

- LDPE Purge & Blobs;

- LDPE Rolls;

- LDPE Supermarket Film;

- EPS Blocks-Densified;

- HDPE Flakes;

- Hangers;

- Mix Auto Parts;

- Mix Auto Purge;

- Mix Rigid Plastics;

- Mix Rolls;

- Mix Strapping;

- PPSS Color;

- PVC Blister;

- PET & HDPE Bottles;

- PET Green Strapping;

- PET Performs;

- PET Purge (Blobs).

- PET Regrind;

IMPORT FROM

Europe, USA, India, China, Vietnam and GCC countries.

EXPORT TO 

Europe and GCC countries as well as India and USA. 

TRADE REFERENCES 

S&J Granulate Solutions Pvt Ltd 

Survey No. 208/A/P,

Village Lavachha,

Vapi Silvassa Road,

Noori Baba Darga Raod,

Taluka : Pardi,

Dist. Valsad, Gujrat – 396193

India

FACILITIES

Leased premises comprising administrative offices located at the heading address. 

RELATED COMPANIES

Associate

 

1. Sigma Recycling Inc.

   5675 Jimmy Carter Blvd.

   Suite 598, Norcross

   Georgia 30071

   Telephone: (+1 678) 291 9510

   Fax      : (+1 678) 291 9511    

 

2. Sigma International FZC

   Ajman Free Zone

   United Arab Emirates  

 

 

SPECIAL REMARKS 

 

INTERVIEWED   

Mr. Deepak (Accounts Manager).

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.82

UK Pound

1

INR 90.17

Euro

1

INR 78.70

UAE Dh

1

INR 18.36

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.