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MIRA
INFORM REPORT
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Report Date : |
18.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
UNION PAPER MILLS (ITIHAD) |
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Registered Office : |
Plot No. 29B, Sheikh Zayed Road, Al Quoz Industrial Area, PO Box 41,
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 : |
03.06.1987 |
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Com. Reg. No.: |
42410, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of Paper and Paper Products. subject also
Collects and Recycles Waste Paper Materials |
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$ 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : UNION PAPER MILLS (ITIHAD)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd June 1987
Commercial Registration Number : 42410, Dubai
Trade Licence Number : 300338
Chamber Membership Number : 12255
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Total Workforce : 420
Activities : Manufacture of paper and paper products. Subject also collects and
recycles waste paper materials
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,000,000
COMPANY NAME
UNION PAPER MILLS (ITIHAD)
ADDRESS
Registered & Physical Address
Location : Plot No. 29B
Street : Sheikh Zayed
Road
Area : Al Quoz
Industrial Area
PO Box : 41
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3393339
Facsimile : (971-4)
3393931
Email : upm@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 Dubai.
KEY PRINCIPALS
Name Nationality Position
· Mohamed Abdullah
Haji Yousuf Khoory Indian Managing
Director
· Abdul Hamid Khoory Indian Director
· Salahuddine
Sharafi Emirati Director
· V. K. Venkataraman - General
Manager
· Motasim
Eddine Mazher - Sales
Manager
· Shabir
Haideri - Administration
Manager
· Abdul
Hamid Abdul Karim - Administrative
Office
LEGAL FORM & OWNERS
Date of
Establishment : 3rd
June 1987
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 42410, Dubai
Trade Licence No. : 300338 (Expires 27/04/2010)
Chamber Member No. : 12255
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Name of
Shareholder (s)
· Mohamed Abdullah
Haji Yousuf Khoory & Co
PO Box : 41
Dubai
Tel
: (971-4) 2666300 / 2223271
Fax
: (971-4) 2661642 / 2221702
· Salahuddine
Sharafi
OPERATIONS
Activities: Engaged in the manufacture of paper and paper products, such as liner
boards.
Subject also collects and recycles waste paper materials.
Production Capacity : 110,000 tonnes per annum
Import Countries: Denmark, Switzerland and the United Kingdom.
International Suppliers:
· Grundfos
International Denmark
· DSS Filtration Denmark
· Hawker Siddeley United Kingdom
· Godwins Pumps United Kingdom
· GWF Gas &
Water Meter Switzerland
Operating Trend: Steady
Subject has a workforce of approximately 420 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:
Sales UAE
Dh 190,000,000 UAE Dh
200,000,000
Local sources consider subject’s financial condition to be Good.
BANKERS
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HSBC Bank Middle East
Deira Souk Branch
PO Box :
66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction February
2003
Credit amount 45,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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.
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%)