MIRA INFORM REPORT

 

 

Report Date :           

04.11.2011

 

IDENTIFICATION DETAILS

 

Name :

HENKEL POLYBIT INDUSTRIES LTD

 

 

Registered Office :

Ras Al Khaimah - Umm Al Quwain Highway, Rafa Industrial Area, P O Box 293, Umm Al Quwain

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

25.04.1995

 

 

Com. Reg. No.:

3246

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Production of waterproofing and corrosion-inhibiting sealants

 

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

 

Status :

Good

Payment Behaviour :

No Complaints

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

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

SUMMARY

 

Company Name                                     : HENKEL POLYBIT INDUSTRIES LTD

Country of Origin                                    : Umm Al Quwain, United Arab Emirates

Legal Form                                            : Limited Liability Company

Registration Date                                   : 25th April 1995

Commercial Registration Number            : 3246

Trade Licence Number                            : 107

Chamber Membership Number                : 253

Issued Capital                                        : UAE Dh 1,500,000

Paid up Capital                                      : UAE Dh 1,500,000

Total Workforce                                     : 325

Activities                                               : Production of waterproofing and corrosion-inhibiting sealants

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Swami Nathan Nagrajan, Finance Manager

 

COMPANY NAME

 

HENKEL POLYBIT INDUSTRIES LTD

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Ras Al Khaimah - Umm Al Quwain Highway

Area                 : Rafa Industrial Area

PO Box             : 293

Town                 : Umm Al Quwain

Country             : United Arab Emirates

Telephone         : (971-6) 7670777 / 7671661

Facsimile          : (971-6) 7671669 / 7670197

Email                : polybit@emirates.net.ae / sales@henkelpolybit.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Umm Al Quwain.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Al Batha Tower, Office No. 1307                                                         Rented office premises

Al Buheira Corniche

PO Box: 48539

Sharjah

Tel: (971-6) 5722282

       Fax: (971-6) 5722289

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Mohamed Salim Al Malihy                               Emirati                        Managing Director

 

·       Navin Antony                                                       -                            Commercial Manager

 

·       Swami Nathan Nagrajan                                        -                            Finance Manager

 

·       Raja Saker                                                          -                            Financial Controller

 

·       Srinivas Shenoy                                                   -                            Operations Manager

 

·       Ali Yar                                                                 -                            Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th April 1995

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 3246

 

Trade Licence No.       : 107 (Expires 25/04/2012)

 

Chamber Member No. : 253

 

Issued Capital              : UAE Dh 1,500,000

 

Paid up Capital            : UAE Dh 1,500,000

 

Name of Shareholder (s)                                              Percentage

 

·       Mohamed Salim Al Malihy                                              51%

 

·       Henkel KGaA                                                                 49%

Henkelstrasse 67

       40589 Dusseldorf

     Germany

     Tel: (49-211) 7970

     Fax: (49-211) 7984008

 

 

OPERATIONS

 

Activities: Engaged in the production of waterproofing and corrosion-inhibiting sealants and coatings for the

                 construction industry.

 

Import Countries: Europe and the United States of America

 

Operating Trend: Steady

 

Subject has a workforce of approximately 325 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 397,000,000                  UAE Dh 390,000,000

 

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

 

The above figures were provided by Mr Swami Nathan Nagrajan, Finance Manager

 

 

BANKERS

 

·       Dubai Islamic Bank

PO Box: 1080

Dubai

Tel: (971-4) 2953000

Fax: (971-4) 2954111

 

·       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 2007

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

 

GENERAL COMMENTS

 

Established in 1995, subject is involved in the production of waterproofing and corrosion-inhibiting sealants and coatings for the construction industry.

 

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.49.37

UK Pound

1

Rs.78.50

Euro

1

Rs.67.59

 

 

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.