MIRA
INFORM REPORT
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Report Date : |
23.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ENERPLASTICS LLC |
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Registered Office : |
Real Estate Dept
Warehouse, Sheikh Zayed Road, Ali Free Zone, PO Box 37561, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
13.07.1995 |
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Com. Reg. No.: |
53724, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of Colour and Additive Master batches |
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$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ENERPLASTICS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 13th July 1995
Commercial Registration Number : 53724, Dubai
Trade Licence Number : 238375
Chamber Membership Number : 34659
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 65
Activities : Manufacture of colour and additive masterbatches
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
ENERPLASTICS LLC
ADDRESS
Registered & Physical Address
Building : Real Estate Dept Warehouse
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 37561
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8802955 / 3471411
Facsimile : (971-4) 8802966 / 3474493 / 3474492
Email : enerplas@enerplastics.ae
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
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Aman Ur Rahman Canadian Managing Director
LEGAL FORM & OWNERS
Date of Establishment : 13th
July 1995
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 53724, Dubai
Trade Licence No. : 238375
(Expires 5th July 2008)
Chamber Member No. : 34659
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Haroon Ali
Abdul Ghaffar 51%
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Enerplastics
Ltd 49%
British Virgin Islands
OPERATIONS
Activities: Engaged in the manufacture of colour and
additive masterbatches.
Subject was ISO 9001
accredited in 2004.
Import
Countries: Europe and the
United States of America
Operating Trend: Steady
Subject has a
workforce of 65 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United Arab
Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
15,100,000 UAE Dh
17,350,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction May 2006 November 2006 October 2007
Credit amount 150,000 17,000 200,000
Amount overdue 0 0 0
Payment terms 90
days 180 days 180 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency US
Dollars Pounds
Sterling Euros
GENERAL COMMENTS
Established in
1995, subject is involved in the manufacture of colour and additive
masterbatches.
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
deemed to be within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.96 |
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UK Pound |
1 |
Rs.83.78 |
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Euro |
1 |
Rs.65.82 |
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%)