MIRA
INFORM REPORT
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Report Date : |
22nd
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
ARC
INTERNATIONAL MIDDLE EAST LLC |
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Registered Office : |
Ajman
Dubai Highway, Al Jezirah Area, PO Box : 3248, Ras Al Khaimah, United Arab
Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
December
1998 |
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Com. Reg. No.: |
16459, Ras Al Khaimah |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Manufacturers of opal and flint glass tableware. |
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$
750,000 |
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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 |
ARC INTERNATIONAL MIDDLE EAST LLC |
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Trading As |
RAK GLASS LLC |
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Country of Origin |
Ras Al Khaimah, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
December 1998 |
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Commercial Registration Number |
16459, Ras Al Khaimah |
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Trade Licence Number |
13282 |
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Membership Number |
3504 |
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Issued Capital |
UAE Dh 50,000,000 |
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Paid up Capital |
UAE Dh 50,000,000 |
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Total Workforce |
120 |
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Line of Business |
Manufacturers of opal and flint glass tableware. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
ARC
INTERNATIONAL MIDDLE EAST LLC
TRADING AS
RAK GLASS
LLC
ADDRESS
Registered & Physical Address
Street : Ajman Dubai Highway
Area : Al Jezirah Area
PO Box : 3248
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2446600
Facsimile : (971-7) 2446611
Mobile : (971-50) 6470120
Email : rakglass@emirates.net.ae
Premises
Subject
operates from a medium sized suite of offices and a factory that are owned and
located in the Industrial Area of Ras Al Khaimah.
KEY PRINCIPALS
·
Dr
Qader Masaad Managing
Director
·
Sheikh
Saud Bin Saqer Al Qassimi Director
·
John
Canperi General
Manager
·
Kristo
Kumar Commercial
Manager
·
Maher
Al Safadi Public
Relations Manager
·
Pooja
Israni Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : December 1998
History : Subject was originally established in 1998
under the name of “Al Manal Glass
Co LLC” but changed its name to
the current style of “RAK Glass LLC” in June
2002.
In April 2004, the French based
“Arc International” acquired an 80% share in
the subject’s ownership and the
company was renamed under the current style
of “Arc International Middle East LLC”, trading as “RAK Glass
LLC”
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 16459, Ras Al Khaimah
Trade Licence No. : 13282
Membership No. : 3504
Issued
Capital : UAE Dh 50,000,000
Paid
up Capital : UAE Dh 50,000,000
Name of Shareholder (s) Percentage
·
Arc
International 80%
6 Place des Etats-Unis
75116 Paris
France
Tel: (33-1) 47237219
Fax: (33-1) 47202284
Email: paris@arc-intl.com
·
Dr
Qader Masaad ]
] 20%
·
Sheikh
Saud Bin Saqer Al Qassimi ]
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 300,000, which should be divided into equal shares of a value not less than
UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
AFFILIATED COMPANIES
·
Ras
Al Khaimah Ceramics Co
Ajman Dubai Highway
Al Jezirah Area
PO Box : 4714
Ras Al Khaimah
Tel :
(971-7) 2445046
Fax :
(971-7) 2445270
Email :
rakceram@emirates.net.ae
·
Al
Hamra Fort Hotel
PO Box : 1468
Ras Al Khaimah
Tel :
(971-7) 2446666
Fax :
(971-7) 2446677
Email :
hamfort@emirates.net.ae
LINE OF BUSINESS
Operations : Subject began production in December 1998 of opal glass tableware. In March 2000 it started producing flint glass products as a part of its expansion into this allied field. The company manufacture a wide variety of dinner sets, plates, bowls, cups & saucers, glasses, oval platters, available in contemporary and elegant designs
The company’s
products range from plain white to elegantly designed opal glass collection,
which caters to the high specific and general needs of the tableware industry.
As well as having a wide collection of flint glass beverage ware which suits
the requirements of households as well as the foodservice industry
Production
Capacity : 70
tonnes per day.
Import
Countries :
Europe and GCC countries.
Export
Countries :
Subject exports to more than 55 countries located across the world, including
Europe, South Africa and Venezuela.
Subject
has a workforce of approximately 120 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Ras Al Khaimah, 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
·
National
Bank of Ras Al Khaimah
NBRAK Building
PO Box : 5300
Ras Al Khaimah
Tel :
(971-7) 2221127
Fax :
(971-7) 2224202
·
United
Arab Bank
Al Sabah Street
PO Box: 615
Ras Al Khaimah
Tel :
(971-7) 2333556
Fax :
(971-7) 2330922
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Incorporated in 1998, subject is the only state of the art company
producing opal glassware in the Middle East & Gulf Co-operation Council
(GCC) countries. It specialises in the manufacture of opal and flint glass
tableware and is currently producing 70 tonnes per day.
Subject
was previously known as “Al Manal Glass Co LLC” but changed its name to “RAK
Glass LLC” in June 2002. In April 2004, the French based “Arc International”
acquired an 80% share in the subject’s ownership and the company was renamed
under the current style of “Arc International Middle East LLC”, trading as “RAK
Glass LLC”
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 admissible.
Maximum
suggested credit figure: US$ 750,000
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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