MIRA INFORM REPORT
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Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
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Name : |
RAS AL KHAIMAH CERAMICS CO. PSC |
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Registered Office : |
Rak Ceramics Building, Sharjah - Ras Al Khaimah Highway, Al Jazira Al Hamra Area, 4714, Ras Al Khaimah, United Arab Emirates |
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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 : |
12.03.1989 |
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Com. Reg. No.: |
30883 |
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Legal Form : |
Public Joint Stock Company |
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Line of Business : |
Manufacturing, exporters and distributors of ceramics,
porcelain tiles, sanitary ware and bathroom accessories. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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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Status : |
Good |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Company NAME
Ras Al Khaimah Ceramics Co. PSC
(Correct)
RAK Ceramics (Requested)
ADDRESS
Building : Rak Ceramics Building
Street :
Sharjah - Ras Al Khaimah Highway
Area :
Al Jazira Al Hamra Area
PO Box :
4714
Town :
Ras Al Khaimah
Country :
United Arab Emirates
Telephone :
(971 7) 244 5046
Fax :
(971 7) 244 5270
E-Mail :
manoj.aheeray@rakceram.com / rakceram@emirates.net.ae
Website :
www.rakceram.com / www.rakceramics.com
Also known as : RAK Ceramics / RAK Ceramics PJSC
SENIOR COMPANY PERSONNEL
Name Position
1. H.H. Sheikh
Mohammed Saud Bin Chairman
Saqr Al Qassimi
2. Dr. Khater
Massaad Chief Executive Officer /
Member of the Board
3. Manish
Joshi Chief Financial Officer
4. Manoj
Aheeray Financial Manager /
Deputy
Chief Financial Officer
5. Ugaish
Kushal Head of Finance Department /
Financial Controller
6. Ajay
Dewani Head of Accounts Department
7. Rasool Shah
Jihan Nazar Human Resources Manager
Total Employees :
5,600 (subject)
10,000 (group)
PAYMENTS
No complaints
have been heard regarding payments from local suppliers or banks.
Subject is the
flagship company for the RAK Ceramic Group of Companies, UAE, one of the
largest porcelain and ceramic manufacturers in the world employing more than
10,000 people. The group is chaired by H.H. Sheikh Mohammed Saud Bin Saqr Bin
Mohammed Al Qassimi, ruler of Ras Al Khaimah.
We consider it is
acceptable to deal with subject for LARGE amounts.
12 March 1989
Trade risk
assessment: Normal
PRINCIPAL BANKERS
NAME :
HSBC BANK MIDDLE EAST
Branch :
Al Quasimi Street
P.O. Box : 9
Town : Ras Al Khaimah
Telephone : (971 7) 733 3544
Fax :
(971 7) 733 0200
The company also has
an account with :
1. Bank of Baroda
PO Box 5294
Oman Street, Al Nakheel,
Ras Al Khaimah
Telephone: (971 7) 226 9377 / 226 9388
Fax
: (971 7) 226 9399
2. Arab Bank PLC
Oman Street
PO Box 4972
Ras Al Khaimah
Telephone: (971 7) 228 8437
Fax
: (971 7) 228 2337
AUDITORS
KPMG UAE
Emirates Towers
Level 32
Sheikh Zayed Road
PO Box 3800
Dubai
United Arab
Emirates
Telephone: (971
4) 403 0300
Fax : (971 4) 330 1515 / 330 1212
FINANCIAL INFORMATION
Balance sheets as
of 31 December 2010 showed :
31/12/2010 31/12/2009 31/12/2008
(in thousands of Dh)
ASSETS
Cash 155,063 109,666 79,909
Time Deposits 323,488 73,466 108,877
Cash & Cash Equivalents 478,551 183,132 188,786
Accounts Receivables 1,412,351 1,378,635 1,287,555
Provision for
Doubtful Receivables (68,990) (57,555) (45,720)
Net Receivables 1,343,361 1,321,080 1,241,836
Current receivables 1,343,361 1,321,080 1,241,836
Raw Material 559,576 504,744 584,712
Finished Goods 505,849 545,018 568,208
Total Inventory 1,065,426 1,049,762 1,152,919
Net Inventory 1,065,426 1,049,762 1,152,919
Due from Sister
Companies/Associates 366,055 363,542 409,394
Loans to employees
(under one year) 2,774 2,147 2,943
Prepaid Expenses ST 19,575 27,327 36,841
Other Current Assets 244,399 186,628 83,151
Total Current Assets 3,520,141 3,133,618 3,115,870
Land & Buildings 581,642 484,913 467,899
Furniture & Equipment 61,171 40,549 33,672
Machinery 2,465,776 2,368,534 2,030,955
Other Fixed Assets 80,831 76,973 72,649
Accumulated Depreciation (1,817,493) (1,549,402) (1,325,476)
Capital work in Progress 166,355 85,106 187,924
Fixed Assets 1,538,283 1,506,674 1,467,624
Investment in associates 523,295 495,983 393,416
Property/Real estate
Investment 40,132 39,190 11,108
Other Long term Investments 43,172 29,353 30,869
Total Long term Investments 606,598 564,527 435,393
Due From Tax Authority 517 0 0
Pre Operating Expenses 7,848 3,763 3,362
Intangibles 7,848 3,763 3,362
Total Long Term Assets 2,153,247 2,074,963 1,906,380
Total Assets 5,673,387 5,208,582 5,022,250
LIABILITIES & SHAREHOLDERS EQUITY
Short Term Debt 689,606 761,126 1,027,601
Current Portion of
Long Term Debt 448,203 289,159 274,536
Accounts Payable 861,594 792,725 710,076
Accrued Expenses 47,778 33,299 7,172
Down Payments 75,797 70,628 16,726
Total Current Liabilities 2,122,978 1,946,936 2,036,110
Long Term Debt 954,967 948,430 1,056,256
Total Long-term Liabilities 954,967 948,430 1,056,256
Total Liabilities 3,077,946 2,895,366 3,092,366
Tax Provision 48,414 52,945 17,476
Deferred Tax Income 23,228 0 0
Provision for Employees'
Termination Benefits 117,874 108,684 75,292
Other Provisions 123,271 148,064 92,917
Total Provisions 312,786 309,693 185,685
Total Liabilities
& Provisions 3,390,732 3,205,059 3,278,051
Minority Interest 189,689 124,508 83,078
Paid-up Capital 675,639 614,217 558,379
Share premium 221,808 165,000 165,000
Legal/Statutory Reserve 223,757 192,143 163,662
General\Voluntary Reserve 770,810 603,994 491,267
Capital Reserve 0 45,050 80,943
Change in Fair Value
Resv. & Translation Adj. (37,838) 21,269 10,401
Net Profit of the Year 238,791 237,343 191,469
Total Shareholders' Equity 2,092,967 1,879,015 1,661,121
Total Liabilities
& Shareholders' Equity 5,673,387 5,208,582 5,022,250
Comm. & Contingent Liabilities 295,533 0 0
INCOME STATEMENT
Gross Revenue 3,336,722 3,770,431 3,233,310
Cost of Goods Sold (2,247,786) (2,631,900) (2,304,472)
Gross Margin 1,088,936 1,138,531 928,838
S.G. & A. (407,036) (517,810) (391,395)
Amortization (2,647) (2,521) (6,673)
Depreciation Expense (287,380) (249,265) (206,448)
Net Operating Profit 391,874 368,936 324,322
Interest Expense (150,842) (144,704) (109,698)
Interest Income 9,842 1,376 2,931
Investment Income 5,386 0 5,260
Income from Associates 68,021 86,653 101,093
Total Investment Income 73,407 86,653 106,353
Foreign Exchange Gain/Loss 5,897 (4,074) (63,831)
Provisions (31,431) (24,518) (26,359)
Provisions for Doubtful Debts (28,266) (12,599) (24,875)
Other Income 40,746 27,302 31,766
Minority Interests (41,065) (61,448) (52,052)
Net Profit Before Taxes/Zakat 270,162 236,923 188,556
Tax / Zakat Provision (30,505) 0 0
Net Profit After Taxes
or Zakat 239,657 236,923 188,556
Unusual Items (866) 420 2,913
Net Profit After Unusual Items 238,791 237,343 191,469
Financial year
ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 12
March 1989
History : Subject
was established in United Arab Emirates on 12 March 1989 and started operations
in 1991. Subject was listed in the stock exchange on 13 October 2003.
C.R. No. : 30883
Trade License
No.: 8425
Authorised
Capital : Dh 614,217,000 (to be increased to Dh 743,000,000 by 17 April 2011)
Paid-Up Capital :
Dh 614,217,000 (to be increased to Dh 743,000,000 by 17 April 2011)
Public Joint
Stock Company with the following directors and shareholders :
Directors
1. H.H. Sheikh
Mohammed Saud Bin Saqr
Bin Mohammed Al Qassimi (Chairman)
2. H.H. Sheikh
Saud Bin Saqr Bin Mohammed Al Qassimi
2. H.E. Hamad
Abdullah Al Mutawa
3. H.H. Sheikh
Ahmed Bin Humaid Al Qassimi
4. H.H. Sheikh
Omar Bin Saqr Al Qassimi
5. Dr. Khater
Massaad
Shareholders Percentage
1. H.H. Sheikh
Saud Bin Saqr Bin Mohammed Al Qassimi 39.87%
(UAE national)
3. Emirates Rocks
and Marbles 8.11%
Ras Al Khaimah
UAE
4. H.H. Sheikh
Omar Bin Saqr Al Qassimi 5.29%
(UAE national)
5. Other members
of the General Public 46.73%
Personal profile
on the late H.H. Sheikh Saud Bin Saqr Al Qassimi :
He was born in
Dubai on 10 February 1956 and was appointed Supreme Council member and new
Ruler of Ras al-Khaimah in the United Arab Emirates on 27 October 2010. Sheikh
Saud is the fourth son of Sheikh Saqr bin Mohammad Al-Qassimi,his predecessor
as UAE Supreme Council Member and previous Ruler of Ras Al Khaimah, who died
October 27, 2010. The UAE Federal Supreme Council congratulated His Highness
Shaikh Saud bin Saqr Al Qasimi on succeeding his father, after the Emirates
Supreme Council endorsed his rule.
Sheikh Saud
completed both his primary and secondary education in Ras Al Khaimah and then
attended the American University of Beirut (AUB) in July 1973 to pursue studies
in economics. When civil war broke out in Lebanon in 1975, Sheikh Saud
transferred to the University of Michigan, where he completed his bachelor's
degree in Economics and Political Science, where he went on to obtain a
Master's degree.
Service prior to
becoming Crown Prince :
On his return to
Ras Al Khaimah in 1979, Sheikh Saud was appointed as Chief of the Ruler's Court
to assist his father, HH Sheikh Saqr, in the administration of the Government
of Ras Al Khaimah. In 1986 he became the Chairman of the Ras Al Khaimah
Municipal Council.
Appointment as
Crown Prince :
After 37 years in
office, Sheikh Saud replaced his older half-brother, Khalid bin Saqr Al Qasimi
as crown prince on June 14, 2003.
The removal of
Sheikh Khalid as Crown Prince and Deputy Ruler caused fleeting and limited
unrest in Ras Al Khaimah and was met with a street protest. Abu Dhabi, the lead
emirate of the UAE, maintained order and demonstrated support for Sheikh Saud
by sending armored vehicles to Ras Al Khaimah.
Affiliated
companies of the Ras Al Khaimah Ceramics Co. PSC :
Associates /
Subsidiaries
1. CSCI
Gresivaudan 100.00%
France
2. Ceramics Ras
Al Khaimah Sudanese Investment Company 100.00%
Khartoum
Sudan
3. Elegance
Ceramics
100.00%
United Arab Emirates
4. Prestige Tiles
100.00%
Australia
5. RAK Ceramic -
China (GAOYAO) 100.00%
Tianzi Industrial Zone,
Gaoyao City,Guangdong Province
China -526100
Telephone: (86 758) 831 3322
Fax
: (86 758) 831 1988
E-Mail
: info@rakceramchina.com
Website
: www.rakceramchina.com
6. RAK Ceramics -
France 100.00%
Le Sabaudia,
73310 Serrieres en Chautagne
France
Telephone: (33 4) 7954 9951
Fax : (33 4) 7954 7342
7. RAK Ceramics
Deutschland 100.00%
Germany
8. SA Setrim 100.00%
France
9. SCI Du Golfe 100.00%
France
10.Aquatech
Yachts (aQuatech) 99.00%
P.O. Box 34268
Ras Al Khaimah
United Arab Emirates
Telephone: (971) 50 627 73 53 / 487 02 30
Fax
: (971) 7 243 44 92
E-Mail
: info@aquatechyachts.com / sales@aquatechyachts.com
Website
: www.aquatechyachts.com
11.RAK
Distribution Europe 95.00%
Vla GHLAROLA NUOVA, 118
41042 FLORANO MODENESE (MO) Vla P.LVA.
02921770364
Italy
Telephone: (39 0536) 911 589
Fax
: (39 0536) 913 955
E-Mail
: rakeurope@rakeurope.it
Website
: www.rakeurope.it
12.RAK Ceramics -
Bangladesh 90.00%
RAK Tower (7th, 8th, 9th floor)
Plot # 1/A, Sector # 3
Jasimuddin Avenue, Uttara Model Town
Dhaka – 1230
Bangladesh
Telephone : (880 2) 8917 393 / 8912 303 /
8915 831
Fax
: (880 2) 8917 096
13.Al Hamra
Public Relations Free Zone 80.00%
United Arab Emirates
14.RAK Composites
80.00%
WIZ02- Office 01 Al Hamra-Al Jazeera
PO Box 34268
Ras Al Khaimah
United Arab Emirates
Telephone: (971 7) 243 5242
Fax
: (971 7) 244 4568
E-Mail
: info@rakcomposites.com
Website
: www.rakcomposites.com
15.Rakaez
Engineering Consultants (Rakaez)
77.00%
United Arab Emirates
16.Acacia Hotel 70.00%
Ras Al Khaimah
United Arab Emirates
Telephone: (971 7) 243 4421
Fax : (971 7) 243 4429
17.Elegance
Ceramics Italy 60.00%
Italy
18.RAK Ceramics
India 60.00%
Ida Peddapuram,Adb Rd.
Samlkot-533440,
East Godavari Dist.
Andhra Pradesh
India
Telephone: (91 884) 5588 334
Fax
: (91 884) 2356 570
E-Mail
: officemail@rakceramindia.com
Website
: www.rakceramindia.com
19.RAK Ceramics
Italy 60.00%
Vla GHLAROLA NUOVA,118
41042 FLORANO MODENESE (MO) Vla P.LVA.
02921770364
Italy
Telephone: (39 0536) 911 589
Fax
: (39 0536) 913 955
E-Mail
: rakitalia@rakitalia.it
Website
: www.rakitalia.it
20.RK Group 60.00%
United Arab Emirates
21.RAK Ceramics -
Switzerland 58.00%
Switzerland
22.RAK Chimica 55.50%
United Arab Emirates
23.Aljazeera
Utility Services 51.00%
United Arab Emirates
24.Electro RAK 51.00%
PO Box 14521
Ras Al Khaimah
United Arab Emirates
Telephone: (971 7) 2447 326
Fax
: (971 7) 2447 327
E-Mail
: electrorak@electrorak.com
Website
: www.electrorak.com
25.Kludi RAK 51.00%
PO Box 6679
Ras Al Khaimah
United Arab Emirates
Telephone: (971 7) 2447 758
Fax
: (971 7) 2447 759
E-Mail
: sales@kludirak.com
Website
: www.kludirak.com
26.Prime Builders
Construction Material Industries 51.00%
United Arab Emirates
27.RAK - VI 51.00%
United Arab Emirates
28.RAK Ceramics
Belgium 51.00%
Belgium
29.RAK Ceramics
Benelux Belgium 51.00%
Leuvenesteennweg 46
A 1932
St Stevens - Woluwe
Belgium
Telephone: (32 02) 725 7888
Fax
: (32 02) 725 8190
E-Mail
: marina.schoonjans@rak.be
Website
: www.rak.be
30.RAK Global
Logistics 51.00%
PO Box 6568
Ras Al Khaimah
United Arab Emirates
Telephone: (971 7) 2445 258
Fax
: (971 7) 2445 259
E-Mail
: info@rakglobal.ae
Website
: www.rakglobal.ae
31.RAK Laticrete 51.00%
PO Box 4714
Ras Al Khaimah
United Arab Emirates
Telephone: (971 7) 2446 396
Fax
: (971 7) 2445 915
E-Mail
: enquiry@laticreterak.ae
Website
: www.laticreterak.ae
32.Rak Luminar 51.00%
PO Box 34101
Ras Al Khaimah
United Arab Emirates
Telephone: (971 7) 2434 077
Fax
: (971 7) 2434 055
Email
: inforakluminar.com
Website
: www.rakluminar.com
33.Agora Trading
and Investment Free Zone 50.00%
United Arab Emirates
34.Al Hamra
Construction Company 50.00%
PO Box 30019
Industrial Park (RAK Free Trade Zone)
Khor Khwair
Ras Al Khaimah
United Arab Emirates
Telephone: (971 7) 2446 955
35.Emirates Heavy
Engineering 50.00%
United Arab Emirates
36.Massa Imports 50.00%
Australia
37.Prime Builders
and Trading 50.00%
United
Arab Emirates
38.RAK Bathware 50.00%
16-22 Raglan Road
AUBURN NSW 2144
Sydney
Australia
Telephone: (61 1300) 661 727
Fax
: (61 1800) 441 801
E-Mail
: sales@rakbathware.com.au
Website
: www.rakbathware.com.au
39.RAK Ceramic UK
50.00%
Paris House
Frenchmans Road, Petersfield,
Hampshire,
GU32 3JB,
United Kingdom
Telephone: (44 1730) 237 850
Fax
: (44 1730) 269 051
E-Mail
: info@rakceramics.co.uk
Website
: www.rakceramics.co.uk
40.RAK Minerals
Free Zone 50.00%
United Arab Emirates
41.RAK Porcelain 50.00%
PO Box 30113
Ras Al Khaimah
United Arab Emirates
Telephone: (971 7) 2434 683
Fax
: (971 7) 2434 220
E-Mail
: rakporcelain@rakceram.com
Website
: www.rakporcelain.com
42.RAK Saudi 50.00%
Saudi Arabia
43.RAK Warehouse
Leasing 50.00%
PO Box 33748
Ras Al Khaimah
United Arab Emirates
Telephone: (971 7) 2445 046
Fax
: (971 7) 2444 254
E-Mail
: info@rakwarehouse.com / leena.rakwl@rakceram.com
Website
: www.rakceram.com
44.RAK Paints 40.00%
Bangladesh
45.RAK Security
and Services 35.00%
RAK TOWER
Plot # 1-A
Jasimuddin Avenue
Sector # 3, Uttra Model Town
Dhaka - 1230.
Bangladesh
Telephone: (880 2) 8961 384 / 7912 067
Fax
: (880 2) 8961 85
E-Mail
: info@raksecuritybd.com
Website
: www.raksecuritybd.com
46.Iran Mall
Project 24.00%
Iran
47.RAK Moshfly 20.00%
Bangladesh
48.AAA
Contractors
Al Hamra Building, 3rd Floor,
Jazirat Al Hamra
Behind RAK Ceramics
PO Box 33061
Telephone: (971 7) 244 4297
49.AIP
UAE
50.Al Hamra Aluminium
and Glass Industries
UAE
51.Al Hamra
Travels
RAK Ceramics Building, Ground Floor
Al Jazeera Al Hamra
Opposite Al Hamra Village
PO Box 4714
Telephone: (971 7) 244 7243
52.Encom Trading
PO Box 14521
Ras Al Khaimah
Telephone: (971 7) 244 5310
Fax
: (971 7) 244 4529
53.RAK Ceramics –
Iran
Iran
54.RAK
Fabrication & Engineering LLC
PO Box 33863
Ras Al Khaimah
Telephone: (971 7) 244 4636
Fax
: (971 7) 244 4637
55.RAK Gypsum and
Air Conditioning Decoration
UAE
56.RAK Logistics
UAE
57.RAK
Pharmaceuticals (RAK Pharma)
RAK Tower, 10th Floor
Plot No. 1/A, Jasimuddin Avenue,
Sector No 3,
Uttara, Dhaka-1230
Bangladesh
58.RAK Piling
PO Box 33061
Ras Al Khaimah
Telephone: (971 7) 244 4920
Fax
: (971 7) 244 4972
59.RAK Power
Bangladesh
60.RAK Universal
Plastic Industries
UAE
61.RAK Watertech
UAE
62.Technical
Supply and Apply
UAE
ACTIVITIES
The Company is involved
in the following activities :
Manufacturing,
exporters and distributors of ceramics, porcelain tiles, sanitary ware and
bathroom accessories.
Subject’s
products include:
Ceramic
Wall Tiles
Floor Tiles
Decor Tiles
Gres Porcellanato
Tiles
Slabs
Techno Chroma
Vanity Tops
WaterJet
Collection
Exclusive
Collection
Sanitary Ware
Bathroom Sets
Over Counter
Semi Counter
Under Counter
Wall Mounted Wash
Basin
Wash Basin
Pedestal
Console Wash
Basin
Bath Tubs
Kitchen Sinks
Shower Trays
Accessories
NACE Code: 1396 /
2331 / 2332
Subject is a ISO
9001 : 2008 and ISO 14001 : 2004 certified.
Subject plants in
Ras Al Khaimah produces around 227,000 sq. mt. of tiles per day and over 8500
pieces of sanitaryware per day. Considering the Company’s overseas plants in
several other countries like China, Sudan, Bangladesh, India and Iran, the
global production of tiles is over 360,000 sq.mt. of tiles per day and over
11,500 pieces of sanitary ware per day.
Group’s overseas
plants capacities stand as follows: China - 11 million sq.mt per annum, Sudan -
6.5 million sq.mt per annum, India- 7 million sq.mt per annum & 250,000
pieces of sanitaryware per anuum, Iran- 3.0 million sq.mt/annum and Bangladesh
- 6 million sq.mt and 250,000 pieces of
sanitary ware per annum.
Imports from
Europe and USA.
The company
exports to over 150 countries worldwide.
FACILITIES
The Company has
the following facilities :
Owned premises
comprising administrative offices and a manufacturing unit with storage facilities
located at the heading address as well as 9 manufacturing unit located
elsewhere in United Arab Emirates.
The group has
more than 5 manufacturing units in China, Sudan, Iran and Bangladesh.
SPECIAL NOTE
You enquired on: RAK Ceramics. Please note that subject is also known
by this name. Please note that subject's correct registered name is as per
heading.
Interviewed: Ajay
Dewani (Head of Accounts Department).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.58 |
|
UK Pound |
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.64.80 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.