MIRA
INFORM REPORT
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Report Date : |
11.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
GIFFIN GRAPHICS
CO LLC |
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Registered Office : |
Ali Bin Khalfan
Al Dhahiri Building, Baniyas Street, P O Box 955, Abu Dhabi |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
12th February 1980 |
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Com. Reg. No.: |
17761, Abu Dhabi |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Suppliers of pre-press, printing and graphic supplies. |
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$ 700,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : GIFFIN GRAPHICS CO LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 12th February 1980
Commercial Registration Number : 17761, Abu Dhabi
Trade Licence Number : 1867
Membership Number : 5218
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
Total Workforce : 50
Line of Business : Suppliers of pre-press, printing and graphic supplies.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GIFFIN GRAPHICS CO
LLC
ADDRESS
Registered & Physical Address
Building : Ali Bin Khalfan Al Dhahiri
Building
Street : Baniyas Street
PO Box : 955
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6730555 / 6343196
Facsimile : (971-2) 6733550
Email : info@giffingraphics.com
Premises
Subject operates
from a medium sized suite of offices, a warehouse and a showroom that are
rented and located in the Central Business Area of Abu Dhabi.
Branch Office (s)
Location Description
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Mina Zayid
Free Zone, Plot No. 155 Rented
warehouse
Abu Dhabi
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Al Wahda
Street Rented
Sales Office
Sharjah
Tel: (971-6) 5325151
Fax: (971-6) 5326006
KEY PRINCIPALS
Name Nationality Position
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Mrs Ramzeh
Kattili Nicholas Lebanese Managing Director
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Sultan Bin
Rashed Al Dhahiri Emirati Director
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Samir Al Haj Lebanese General Manager
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Sami Sedawi Lebanese Marketing Manager
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Milad T.
Salbak Lebanese Sales Manager
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Elias G.
Bekhaazi - Sharjah
Branch Manager
LEGAL FORM & OWNERS
Date of Establishment : 12th
February 1980
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 17761, Abu
Dhabi
Trade Licence No. : 1867
(Valid until 06/01/2008)
Membership No. : 5218
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
Name of Shareholder (s) Percentage
·
Sultan Bin
Rashed Al Dhahiri 51%
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Mrs Ramzeh
Kattili Nicholas 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 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
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Giffin
Graphics
Al Nakheel Tower
Baniyas Street
PO Box: 955
Abu Dhabi
Tel: (971-2) 6730555 / 6343196
Fax: (971-2) 6733550 / 6328091
Email: kteily@emirates.net.ae
Commercial Reg. No. 5378,
Sharjah
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Giffin
Traffiks
Tourist Club Area
PO Box: 3417
Abu Dhabi
Tel: (971-2) 6725166
Fax: (971-2) 6781168
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Giffin
Establishment
Abu Dhabi
United Arab Emirates
Distributors of gas and oilfield supplies.
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Giffin Byte Co
LLC
Abu Dhabi
United Arab Emirates
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Giffin
Establishment
Muscat
Oman
Tel: (968) 7715873
Fax: (968) 7715869
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Giffin
Graphics
Bahrain
Tel: (973) 723272
Fax: (973) 723727
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Giffin
Establishment
Doha
Qatar
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Giffin Graphic
Supply Est
Saudi Arabia
LINE OF BUSINESS
Operations: Subject has emerged as one of the leading
suppliers in the field of pre-press, printing and graphic supplies in the UAE.
It specialises in the import and distribution of scanners, direct imaging
equipment, web presses, printing and colour separation equipment, screen
printing supplies, printing inks, chemicals for graphic printing arts, print
finishing and book binding machines.
Import
Countries: United Kingdom,
Germany, Switzerland and Japan.
International
Suppliers:
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Rollem UK United Kingdom
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OYO
Instruments United Kingdom
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Sihl Bern AG Switzerland
Brand Names: AGFA
Operating Trend: Steady
Subject has a
workforce of 50 employees.
FINANCIAL HIGHLIGHTS
Financial highlights
provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Sales UAE Dh
24,800,000 UAE Dh
27,120,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Abu
Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box : 939
Abu Dhabi
Tel : (971-2) 6962222 / 6962222
Fax : (971-2) 6776499 / 6776499
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National Bank
of Abu Dhabi
Sheikh Khalifa Street
PO Box : 4
Abu Dhabi
Tel : (971-2) 6345777 / 6327113 / 6335262
Fax : (971-2) 6336078
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ABN Amro Bank
Al Obaidly Tower
Istiqlal Street
PO Box : 2720
Abu Dhabi
Tel : (971-2) 6335400
Fax : (971-2) 6330182
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of transaction December 2002 December 2004
Credit amount 362,000 346,000
Amount overdue 0 0
Payment terms 120
days 180
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars US
Dollars
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Giffin Graphics Co
LLC has emerged as one of the leading suppliers in the field of pre-press,
printing and graphic supplies in the UAE. It has operations dating back to 1980
and deals with a number of reputable international suppliers.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk and the above credit figure is 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%)