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MIRA INFORM REPORT
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Report Date : |
06.12.2011 |
IDENTIFICATION DETAILS
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Name : |
HEMPEL PAINTS (EMIRATES) LLC |
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Registered Office : |
Plot No. 689/G,
Al Dhaid Road, 8th Interchange, Sajaa Industrial Area, P O Box
2000, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.12.1993 |
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Com. Reg. No.: |
24838, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture and wholesale of a wide range of paints |
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No. of Employees
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90 Persons |
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$ 750,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United Arab Emirates |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : HEMPEL PAINTS (EMIRATES) LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Start Date : 1977
Registration Date : 22nd December 1993
Commercial Registration Number : 24838, Sharjah
Trade Licence Number : 117695
Chamber Membership Number : 34104
Issued Capital : UAE Dh 32,073,778
Paid up Capital : UAE Dh 32,073,778
Total Workforce : 90
Activities : Manufacture and wholesale of a wide range of paints.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 750,000
Person Interviewed : Sony Paul, Finance Manager
COMPANY NAME
HEMPEL PAINTS (EMIRATES) LLC
companyADDRESS
Registered &
Physical Address
Street : Plot No. 689/G, Al Dhaid Road,
8th Interchange
Area : Sajaa Industrial Area
PO Box : 2000
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5310140
Facsimile : (971-6) 5310141
Email : hempelae@emirates.net.ae
Premises
Subject operates from
a medium sized suite of offices, production facilities, a warehouse and a
showroom that are owned and located in the Industrial Area of Sharjah.
Branch Office
(s)
Location Description
·
PO Box:
47006 Sales
office & warehouse
Abu Dhabi
Tel: (971-2) 5552279
Fax: (971-2) 5553379
KEY PRINCIPALS
Name Position
·
Mohamed
Mubarak Al Kholaifi Managing
Director
·
Sheikh
Mohamed Bin Sultan Al Qassimi Director
·
Saad
Abdul Aziz Al Rashed Director
·
Saud
Abdul Aziz Al Rashed Director
·
Mark
Rees General
Manager
·
Sony
Paul Finance
Manager
·
Lawrence
Brown Marketing
Manager
·
Vairamuthu
Natrajan Purchasing
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s operations
date back to 1977, however it was registered on 22nd December 1993.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 24838,
Sharjah
Trade Licence No. : 117695
Chamber Member No. : 34104
Issued Capital : UAE Dh 32,073,778
Paid up Capital : UAE Dh 32,073,778
Name of Shareholder
(s) Percentage
·
Mohamed
Mubarak Al Kholaifi 30.57%
·
IHC
Industries Co 29.00%
Denmark
·
Al Soor
General Trading Co 19.23%
·
Saud
Abdul Aziz Al Rashed 10.60%
·
Saad Abdul
Aziz Al Rashed 10.60%
AFFILIATED COMPANIES
J.C. Hempel Holding A/S is a Danish company and a leading manufacturer
of protective coatings and paints. The company started operations in 1915 and
today operates worldwide with 26 factories and 210 distribution centres located
across the globe.
Operations in the Middle East started in 1966 with a paint factory in
Kuwait followed by activities in Dubai and Bahrain.
J.C. Hempel Holding A/S now operates the following concerns in the
Middle East region:
·
Hempel
Paints (Bahrain) WLL
Building 42, Office No. 88
Road 4307
PO Box: 997
Manama
Bahrain
Tel: (973-17) 728668
Fax: (973-17) 729951
·
Hempel
Paints (Qatar) WLL
Salwa Industrial Estate
PO Box: 3484
Doha
Qatar
Tel: (974) 44810881 / 44413755
Fax: (974) 44810901 / 44600901
·
Hempel
Paints (Saudi Arabia) Co Ltd
Dammam Industrial Estate
PO Box: 1077
Dammam 31431
Saudi Arabia
Tel: (966-3) 8576677 / 8572764
Fax: (966-3) 8576643
·
Hempel
Paints (Kuwait) WLL
PO Box: 3400
Safat
Kuwait
Tel: (965) 24843307
OPERATIONS
Activities: Engaged in the manufacture and wholesale of
a wide range of paints for marine, industrial and domestic Subject’s product
range includes:
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Plastic lacquer
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Plastic emulsion
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Zinc chromate primer
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Anti-rust oxide
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Under coating
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Silkglass interior enamel
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Copal varnish
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Aluminium finishers
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Alkyd based enamel paint
Production
Capacity: 12,000 tonnes per
annum
Import
Countries: United Kingdom,
France and Germany
International
Suppliers:
·
Elcometer
Instruments Ltd United
Kingdom
·
Polycell
Products Ltd United
Kingdom
·
Clemco
International (Deutschland) Germany
·
Graco
France France
Operating Trend: Steady
Subject has a
workforce of 90 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
79,700,000 UAE Dh
84,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Sony Paul, Finance Manager
BANKERS
·
National
Bank of Dubai (NBD)
Mohamed S. Al Hajiri Building
Al Wahda Street
Sharjah
Tel: (971-6) 5538811
Fax: (971-6) 5598171
·
HSBC
Bank Middle East
Al Arooba Street
PO Box: 25
Sharjah
Tel: (971-6) 5537222
Fax: (971-6) 5537880
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.40 |
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UK Pound |
1 |
Rs.80.20 |
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Euro |
1 |
Rs.68.92 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.