MIRA INFORM
REPORT
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Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
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Name : |
INTERPLAST COMPANY LTD |
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Registered Office : |
Industrial Area
No. 1, P O Box 4679, 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 : |
22.02.1982 |
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Com. Reg. No.: |
7946, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of PVC compounds |
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$ 10,000,000 |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Bottom of Form
SUMMARY
Company Name : INTERPLAST COMPANY LTD
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 22nd February 1982
Commercial Registration Number : 7946, Sharjah
Trade Licence Number : 3155
Chamber Membership Number : 3790
Issued Capital : UAE Dh 100,000,000
Paid up Capital : UAE Dh 100,000,000
Total Workforce : 1,800
Activities : Manufacturers of PVC compounds.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 10,000,000
Person Interviewed : Farahat Kiwan, Public Relations Manager
COMPANY NAMe
INTERPLAST COMPANY
LTD
company ADDRESS
Registered & Physical Address
Location : Industrial Area No. 1
PO Box : 4679
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5339090 / 5596887 / 5377681 /
5371599
Facsimile : (971-6) 5336905 / 5596905
Email : interplast@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 Sharjah.
KEY PRINCIPALS
Name Position
·
Harout
Ohanesian Chairman
·
Sheikh
Suroor Al Dhaheri Managing
Director
·
H.E.
Juan Salem Al Dhaheri Director
·
Bedross
Bombakian General
Manager
·
John
Korean Finance
Manager
·
K H M
Bashir Administration
Manager
·
Farahat
Kiwan Public
Relations Manager
·
Humayun
Akhtar Production
Manager
LEGAL FORM & OWNERS
Date of Establishment : 22nd
February 1982
Legal Form :
Limited Liability Company
Commercial Reg. No. : 7946, Sharjah
Trade Licence No. : 3155
Chamber Member No. : 3790
Issued Capital : UAE Dh 100,000,000
Paid up Capital : UAE Dh 100,000,000
Name of Shareholder
(s) Percentage
·
Harwal
Company 29.5%
Cyprus
·
Al
Ahlia Trading & Industrial Ltd 24.0%
·
Al
Khaleej Investment Est 23.5%
·
Al
Dhaheri Group 13.0%
·
Emirates
Industrial Bank 10.0%
AFFILIATED COMPANIES
·
Cosmoplast
Industrial Limited WLL
Sharjah Industrial Area No. 2
PO Box: 6032
Sharjah
Tel: (971-6) 5331264
Fax: (971-6) 5331917
·
Inter
Metal Ltd
Sharjah Industrial Area No. 1
PO Box: 22285 & 4679
Sharjah
Tel: (971-6) 5322462
Fax: (971-6) 5337271
·
Mayfair
International Sales Italia Srl
Via Porpora 5
Milan 20131
Italy
Tel: (39-2) 26147455
Fax: (39-2) 2828582
·
US
Polymers Inc
6915 East Slauson Avenue
Commerce
CA 90040
United States of America
Tel: (1-213) 7283023
Fax: (1-213) 7282823
·
International
Plastics Centre LLC
PO Box: 8923
Riyadh 11493
Saudi Arabia
Tel: (966-1) 2267110
Fax: (966-1) 2267110
·
Interplast
SA
8 Rue de l’Ancienne
Comedie
75006 Paris
France
Tel: (33-1) 46342374
Fax: (33-1) 43264320
OPERATIONS
Activities: Engaged in the manufacture of polyvinyl chloride
(PVC) compounds suitable for the production of both
rigid and flexible pipes in
all specifications, mineral water bottles (under licence from Dun Plastique of
France), oil and other
crystal bottles, thermoformed cups and trays, as well as flexible PVC hoses.
Subject also specialises in
the extrusion and production of conduit fittings and cable coverings.
The company gained ISO 9001
Certification in December 1997.
Production
Capacity : 65,000 metric tonnes per annum
Clients :
·
Majed
Plastic Containers Trading Dubai,
UAE
·
Al
Ghazal Trading Est Ajman,
UAE
·
Asia
Plastic & Packaging Factory Saudi
Arabia
Import
Countries: The Netherlands,
Belgium, the United Kingdom and Saudi Arabia.
International
Suppliers:
·
N.C.
Trading Holland BV Netherlands
·
Haagan
Chemie Netherlands
·
Mitsui
& Co Benelux SA Belgium
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Exxon
Chemicals International Inc Belgium
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ICI
Chemicals-Polymers (UK) United Kingdom
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Sabic
Marketing Saudi
Arabia
Export Countries
: Subject exports to neighbouring
Arab states, Africa, South-East Asia and Europe.
Brand Names : IP-HARWAL, DECODUCT, DECOFORM, DECOPACK,
EDISON, FLEXIPACK and
INTERGARD.
Operating Trend: Steady
Subject has a
workforce of approximately 1,800 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
992,000,000 UAE Dh
1,000,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Farahat Kiwan, Public Relations Manager
BANKERS
·
ANZ
Grindlays Bank Plc
Al Boorj Avenue
PO Box: 357
Sharjah
Tel: (971-6) 5359998
Fax: (971-6) 5357046
·
United
Arab Bank
PO Box: 881
Sharjah
Tel: (971-6) 5354111
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction February 2002 December 2002
Credit amount 917,000 103,000
Amount overdue 0 0
Payment terms 60
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
complaints No
complaints
Currency Euros Euros
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.74 |
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UK Pound |
1 |
Rs.73.25 |
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Euro |
1 |
Rs.65.48 |
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.