MIRA
INFORM REPORT
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Report Date : |
12.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ROTO PACKING
MATERIALS INDUSTRY 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 : |
30th June 1993 |
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Com. Reg. No.: |
40888, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Manufactures
various types of flexible packaging and duplex board packaging materials. |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ROTO PACKING MATERIALS INDUSTRY CO LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 30th June 1993
Commercial Registration Number :
40888,
Trade Licence Number : 300733
Membership Number : 27664
Issued Capital : UAE Dh 3,500,000
Paid up Capital : UAE Dh 3,500,000
Total Workforce : 70
Line of Business :
Manufacture of various types of flexible packaging
and duplex
board packaging materials
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ROTO PACKING
MATERIALS INDUSTRY CO LLC
ADDRESS
Registered & Physical Address
Street :
Area : Al Quoz Industrial Area
PO Box : 21993
Town :
Country :
Telephone : (971-4) 3470399
Facsimile : (971-4) 3471775
Email : rotopack@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 Dubai.
KEY PRINCIPALS
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Majid
Hamad Rahmah Abdullah Ash Shamsi Managing
Director
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Shabib Hussain
Abdul Rahman Director
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Ottavio
Parizza Director
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Ajay
Mothradas Khimji Director
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Pamkaj
Kanaksi Khimji Director
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Ravinder
Kumar Chopra Director
LEGAL FORM &
OWNERS
Date of Establishment : 30th
June 1993
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 40888,
Trade Licence No. : 300733
Membership No. : 27664
Issued Capital : UAE Dh 3,500,000
Paid up Capital : UAE Dh 3,500,000
Name of Shareholder
(s) Percentage
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Majid
Hamad Rahmah Abdullah Ash Shamsi 30%
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Shabib
Hussain Abdul Rahman 21%
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Ottavio
Parizza 15%
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Ajay
Mothradas Khimji 12%
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Pamkaj
Kanaksi Khimji 12%
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Ravinder
Kumar Chopra 10%
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
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
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Strategic
Food International Co LLC
Al Quoz Industrial Area
Tel: (971-4) 3389009
Fax: (971-4) 3389357
LINE OF BUSINESS
Operations: The company manufactures various types of flexible packaging and duplex board packaging materials using the Rotogravure and Offset printing processes. The Company started commercial production in July 1996.
Subject is ISO 9001:2000 accredited.
Import
Countries:
Operating Trend
: Steady
Subject has a
workforce of 70 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 16,100,000 UAE Dh 17,900,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National
Bank of
PO Box : 777
Tel : (971-4) 2222241
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National
Bank of
Tel : (971-4) 3971700 / 5078300
Fax : (971-4) 3979100 / 3973922
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The
Standard Chartered Bank
Mankhool Branch
PO Box : 999
Tel : (971-4) 2520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Roto Packing
Materials Industry Co LLC was established in 1993 and began commercial
production in 1996. It is engaged in the manufacture of various types of flexible packaging and duplex board packaging
materials
using the Rotogravure and Offset printing processes.
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.
Maximum suggested
credit figure: US$ 250,000
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%)