MIRA
INFORM REPORT
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Report Date : |
18.05.2007 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL PAINTS
FACTORIES CO LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1971 |
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Com. Reg. No.: |
3725, Sharjah |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Manufacture and
marketing of a wide range of paints for the following purposes - industrial,
decorative, marine, automotive and furniture. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : NATIONAL PAINTS FACTORIES CO LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 1971
Commercial Registration Number : 3725, Sharjah
Trade Licence Number : 103
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
Total Workforce : 75
Line of Business : Manufacture and marketing of a wide range of paints.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
NATIONAL PAINTS
FACTORIES CO LLC
ADDRESS
Registered & Physical Address
Building :
Location : 5th
Area : Industrial Area No. 4
PO Box : 5822
Town : Sharjah
Country :
Telephone : (971-6) 5340111 / 5343116
Facsimile : (971-6) 5340222 / 5343115
Email : npfcl@national-paints.com
Premises
Subject operates
from a medium sized suite of offices, a warehouse and a factory covering an
area of 85,000 square metres that are owned and located in the Industrial Area
of Sharjah.
Branch Office (s)
Location Description
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PO Box
: 27455 Sales
Office
Tel : (971-2) 6340400
Fax : (971-2) 6340411
KEY PRINCIPALS
Name Nationality Position
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Salim
Faiq Sayegh Jordanian Managing
Director
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Ibrahim
Faiq Sayegh Jordanian Director
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Nazi
Tawfiq Al Qubti Jordanian Director
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Ahmed
Al Medfaa Emirati Director
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Khaled
Al Alami Emirati Director
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Abdulaziz
Al Medfaa Emirati Director
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Saeed
Al Alami Emirati Director
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Khalid
Al Alami Emirati Director
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Emad Al
Huneidi - Finance
Manager
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Fathi
Trabulsi - Administration
Manager
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Mustafa
M. Sulaiman - Commercial
Manager
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Loay
Assaf Al Nemeh - Personnel
Manager
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Ms
Marwa Mahmoud - Purchasing
Manager
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Ghobal
Kanoshia - Production
Manager
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Naeem
Mouj - Marketing
Manager
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Abdul
Raoof Fakhera - Sales
Manager
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Elias
Fayad - Export
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1971
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 3725, Sharjah
Trade Licence No. : 103
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
Name of Shareholder
(s)
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National
Paints Factory Co Ltd (NPFCO)
Abu Alanda
PO Box : 533
Tel : (962-6) 4162481
Fax : (962-6) 4162483
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Ahmed
Al Medfaa
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Khaled
Al Alami
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Abdulaziz
Al Medfaa
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Saeed
Al Alami
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Khalid
Al Alami
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.
AFFILIATED COMPANIES
Subject is a member of the Sayegh Brothers International Group of
Companies, which consists of the following concerns :
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National
Paints Factories Co WLL
Street No. 41
New Industrial Area
PO Box : 40544
Tel : (974) 4601602 / 4601603
Fax : (974) 4600368 / 4602721
Email : npf@qatar.net.qa
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National
Canning Industries Co Ltd
PO Box : 533
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United
Locks Co Ltd
PO Box : 533
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National
Drums Co Ltd
PO Box : 533
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Emirates
Metallic Industries Co (EMIC)
Industrial Area No. 6
PO Box : 6258
Sharjah
Tel: (971-6) 5341526
Fax: (971-6) 5341265
Email: emic@emirates.net.ae
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Alva
Paints
Tel : (971-4) 2852685
LINE OF BUSINESS
Operations : Engaged in the manufacture and marketing of
a wide range of paints for the following purposes - industrial, decorative,
marine, automotive and furniture.
In March 2000 subject’s production capacity was increased with
the completion of an expansion programme that made it the largest paints
factory in the
Subject is ISO 9002 certified.
Production
Capacity : 120,000 tonnes per annum
Import Countries
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International
Suppliers :
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Transocean
Marine Paint
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Dyrup
Co
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Shell
Middle
Brand Names : PAINTCO
Operating Trend
: Steady
Subject has a
workforce of 75 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 37,800,000 UAE Dh 41,000,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
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United
Arab Bank
PO Box : 881
Sharjah
Tel : (971-6) 5354111
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Arab
Bank Plc
PO Box : 130
Sharjah
Tel : (971-6) 5353994
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction December 2002
Credit amount 600,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
National Paints Factories
Co Ltd is well established in the local market with operations dating back over
35 years. It is one of the largest paint manufacturers in the
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk. As such the above credit figure is
considered to be admissible.
Maximum suggested
credit figure: US$ 300,000
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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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%)