MIRA
INFORM REPORT
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Report Date : |
6th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
CROWN PAPER MILLS LTD |
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Registered Office : |
Ajman Free Zone Area 4192, Ajman United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
27th November 1996 |
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Com. Reg. No.: |
12156, Ajman |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Producers of paper products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 650,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
CROWN PAPER MILLS LTD |
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Country of Origin |
Ajman, United Arab Emirates |
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Legal Form |
Free Zone Establishment – FZE |
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Registration Date |
27th November 1996 |
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Commercial Registration Number |
12156, Ajman |
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Trade Licence Number |
24059 |
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Membership Number |
20479 |
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Issued Capital |
UAE Dh 1,000,000 |
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Paid up Capital |
UAE Dh 1,000,000 |
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Total Workforce |
62 |
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Line of Business |
Producers of paper products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
CROWN PAPER MILLS LTD
ADDRESS
Registered & Physical Address
Location : Ajman Free Zone Area
PO Box : 4192
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7446887 / 7443775
Facsimile : (971-6) 7429222 / 7446887
Email : cpml@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a factory that are rented and located in the Free Zone Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
Majid Rasheed Abdul Rasheed Pakistani Managing Director
Razik Thakar Pakistani Director
Salman Akber Siddiqui - General Manager
Aseef Al Alanah - Commercial Manager
LEGAL FORM & OWNERS
Date of Registration : 27th November 1996, however full production did not begin until 1999.
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Commercial Reg. No. : 12156, Ajman
Trade Licence No. : 24059 (Expires 27th October 2006)
Membership No. : 20479
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
Majid Rasheed Abdul Rasheed
Razik Thakar
Note to the Legal Form
A Free Zone Establishment (FZE) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations : Engaged in the production of paper products, including tissue paper, napkins, kitchen and
toilet paper.
Production Capacity : 10,500 tonnes per year.
Import Countries : Europe and GCC countries.
Brand Names : CROWN
Operating Trend : Steady
Subject has a workforce of 62 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/04: Year Ending 31/12/05:
Total Revenue UAE Dh 11,900,000 UAE Dh 12,420,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Bank of Abu Dhabi
Main Street
PO Box : 988
Ajman
Tel : (971-6) 5422996
Fax : (971-6) 5425750
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction August 2002
Credit amount 500,000
Amount overdue 0
Payment terms 120
days
Payment Method Letters of Credit
Paying record No Complaints
Currency Euros
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Established in 1996, subject is involved in the production of paper products, including tissue paper, napkins, kitchen and toilet paper under the brand name of Crown.
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 and the above credit figure is deemed to be within subject’s financial means.
Maximum suggested credit figure: US$ 650,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |