MIRA INFORM REPORT

 

 

Report Date :           

22.08.2011

 

IDENTIFICATION DETAILS

 

Name :

NUPLAS INDUSTRIES LTD

 

 

Registered Office :

Sheikh Zayed Road, MO0 501, Road No. 732, Jebel Ali Free Zone, P O Box17119, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

23.10.1997

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Manufacturers of plastic products.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 900,000

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                                     : NUPLAS INDUSTRIES LTD

Country of Origin                                    : Jersey, United Kingdom

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 23rd October 1997

Trade Licence Number                            : 1646

Chamber Membership Number                : 46148

Issued Capital                                        : UAE Dh 185,000

Paid up Capital                                      : UAE Dh 185,000

Total Workforce                                     : 150

Activities                                               : Manufacturers of plastic products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 900,000

Person Interviewed                                 : Ajay Gor, General Manager

 

COMPANY NAME

 

NUPLAS INDUSTRIES LTD

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Sheikh Zayed Road, MO0 501, Road No. 732

Area                 : Jebel Ali Free Zone

PO Box             : 17119

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8818616

Facsimile          : (971-4) 8818757

Mobile               : (971-50) 6592610

Email                : nuplas@emirates.net.ae / info@nuplas-uae.com / ajay.gor@nuplas-uae.com

 

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

 

·       Sanjay V Israni                                                                                 Managing Director

 

·       Ajay Gor                                                                                           General Manager

 

·       Rajesh Singh                                                                                    Production Manager

 

·       Laksheen Camp                                                                                Administration Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 23rd October 1997

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Nuplas Industries Ltd, a Limited Liability Company incorporated in Jersey, Channel Islands.

 

  Nuplas Industries Ltd in the United Arab Emirates, operates as a Branch of a Foreign

  Registered Corporation with its registered office located at the following address:

 

  Nuplas Industries Ltd

  Jersey

  Channel Islands

  United Kingdom

 

  A Branch of a Foreign Registered Corporation is not a legal entity in its own

  right. Responsibility for payments lays in the hands of the company where it is

  originally registered.

 

  Under these circumstances, we strongly advise that any international trade

  credit should only be written under the name of the main company where the

  subject holds its registered office, in this case Jersey, Channel Islands.

 

Trade Licence No.       : 1646

 

Chamber Member No. : 46148

 

Issued Capital              : UAE Dh 185,000

 

Paid up Capital            : UAE Dh 185,000

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic products, including disposable cutlery, bottles, containers, caps,

                 lids, plastic sheet and film and PVC.

 

Subject also distributes BOPP products for Exxon Mobil Europe to the UAE, Bahrain, Kuwait, Qatar, Oman and Yemen.

 

Import Countries: France, Italy and the United Kingdom

 

Brand Names: NUPLAS

 

Operating Trend: Steady

 

Subject has a workforce of approximately 150 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 65,000,000                   UAE Dh 68,750,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Ajay Gor, General Manager.

 

 

BANKERS

 

·       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 2002                          October 2007

Credit amount                                        200,000                         300,000

Amount overdue                         0                                              0

Payment terms                                      90 days                                     90 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               Euros                                        Euros

 

 

GENERAL COMMENTS

 

Established in 1997, subject is involved in the manufacture of plastic products, including disposable cutlery, bottles, containers, caps, lids, plastic sheet and film and PVC under the brand name of Nuplas.

 

According to local sources subject’s financial position is satisfactory with payments made in a timely manner. The operating history is clear and the subject is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.61

UK Pound

1

Rs.75.32

Euro

1

Rs.65.68

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.