MIRA
INFORM REPORT
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Report Date : |
26.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
EPPINCO PLASTIC PIPES AND INDUSTRY LLC |
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Registered Office : |
New
Industrial Area, 22579, Ajman |
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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 : |
Subject’s operations date back to 2005, however it was registered on 10th August 2006 |
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Com. Reg. No.: |
43004, Ajman |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of plastic pipes and fittings. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : EPPINCO PLASTIC PIPES INDUSTRY LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 2005
Registration Date : 10th August 2006
Commercial Registration Number : 43004, Ajman
Trade Licence Number : 37023
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 24
Activities : Manufacture of plastic pipes and fittings.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 150,000
COMPANY NAME
EPPINCO
PLASTIC PIPES INDUSTRY LLC
ADDRESS
Registered & Physical Address
Location : New
Industrial Area
PO Box : 22579
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7483606
Facsimile : (971-6) 7483607
Mobile : (971-50) 7883589
Email : eppinco@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 Ajman.
KEY PRINCIPALS
Name Nationality Position
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Azam
Mohamed Abu Safieh Jordanian Managing Director
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Mohamed
Al Gawai Emirati Director
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P.
L . Johnson - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 2005, however it was registered on 10th
August 2006
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 43004, Ajman
Trade Licence No. : 37023 (Expires 10/01/2009)
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Mohamed
Al Gawai 51%
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Azam
Mohamed Abu Safieh 49%
AFFILIATED COMPANIES
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Eppinco
Trading LLC
PO Box 36939
Dubai
Tel: (971-4) 2580516
Fax: (971-4) 2580517
Licence No. 565237
OPERATIONS
Activities: Engaged in the manufacture of plastic pipes and fittings.
Import Countries
India and China
Subject has a
workforce of 24 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sale UAE
Dh 9,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4) 3523355
Fax : (971-4) 3527655 / 2524796
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
According to local sources subject is making steady
progress in the local business market and nothing detrimental has been reported
regarding 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
admissible.
The financial data contained in this report has been confirmed by Mr P. L . Johnson – Finance Manager.
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%)