MIRA
INFORM REPORT
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Report Date : |
16.08.2007 |
IDENTIFICATION DETAILS
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Name : |
EMIRATES INDUSTRIAL CONVERTING FACTORY LLC |
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Registered Office : |
Industrial Area No. 15, P O Box -
27074, Sharjah, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19.07.1999 |
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Com. Reg. No.: |
1039952, Sharjah |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company
- LLC) |
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Line of Business : |
Engaged in the
manufacture of facial tissues, toilet rolls, kitchen towels, paper napkins,
hand towels, industrial rolls, polyethylene films, rolls, shopping bags
(plain & printed) and shrink films. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 700,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
EMIRATES INDUSTRIAL CONVERTING FACTORY LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
19th July 1999
Commercial Registration Number :
1039952, Sharjah
Trade Licence Number :
508903
Membership Number :
45416
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
150
Line of Business :
Manufacturers of facial tissues, toilet rolls,
kitchen towels, paper
napkins, hand towels, industrial rolls,
polyethylene films, rolls,
shopping bags (plain & printed) and
shrink films.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
EMIRATES INDUSTRIAL CONVERTING FACTORY LLC
ADDRESS
Registered & Physical Address
Location : Industrial Area
No. 15
PO Box : 27074
Town : Sharjah
Country :
Telephone : (971-6) 5344122
Facsimile : (971-6)
5344133
Email : eico@emirates.net.ae
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Sharjah.
Branch Offices
Location Description
Tel : (971-2) 6444600
Fax : (971-2) 6447475
KEY PRINCIPALS
Name Nationality Position
Huda Yousif Ali Ahmed Al Ansari Emirati Managing Director
Bader Fares Hilal Al Hilali Bahraini Director
Raja Mahendiran - General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 19th
July 1999
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1039952, Sharjah
Trade Licence No. : 508903 (Expires
17th July 2009)
Membership No. : 45416
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Huda Yousif Ali Ahmed Al Ansari 51%
Bader Fares Hilal Al Hilali 49%
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 150,000, 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
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.
LINE OF BUSINESS
Operations : Engaged in the manufacture of facial
tissues, toilet rolls, kitchen towels, paper napkins,
hand
towels, industrial rolls, polyethylene films, rolls, shopping bags (plain &
printed)
and
shrink films.
Import Countries : Europe and the
Brand Names :
TOP,
NAJAH and ROYAL.
Operating Trend : Steady
Subject has a workforce of 150 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE
Dh 37,500,000 UAE
Dh 41,100,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Sharjah Islamic Bank
PO Box : 4
Sharjah
Tel : (971-6) 5547747 / 5680101
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction October 2006
Credit amount 10,000
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1999, subject is involved in the manufacture of facial tissues, toilet rolls, kitchen towels, paper
napkins, hand towels, industrial rolls, polyethylene films, rolls, shopping
bags (plain & printed) and shrink films.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
Maximum suggested credit figure: US$ 700,000
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. |
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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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%)