MIRA INFORM REPORT

 

 

Report Date :           

05.11.2011

 

IDENTIFICATION DETAILS

 

Name :

AL AHLI PLASTIC INDUSTRIES

 

 

Registered Office :

New Industrial Area, Al Hayl, P O Box 245, Fujairah

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

01.04.1999

 

 

Com. Reg. No.:

6636, Fujairah

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacture of plastic bags, sheets and flexible packaging

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2,000,000

 

 

Status :

Good

 

 

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 – 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                                     : AL AHLI PLASTIC INDUSTRIES

Country of Origin                                    : Fujairah, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 1st April 1999

Commercial Registration Number            : 6636, Fujairah

Trade Licence Number                            : 6636

Chamber Membership Number                : 6670

Invested Capital                                     : UAE Dh 150,000

Total Workforce                                     : 360

Activities                                               : Manufacture of plastic bags, sheets and flexible packaging

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,000,000

Person Interviewed                                 : Irfan Aziz, Marketing Manager

 

COMPANY NAME

 

AL AHLI PLASTIC INDUSTRIES

 

 

company ADDRESS

 

Registered & Physical Address

Location            : New Industrial Area, Al Hayl

PO Box             : 245

Town                 : Fujairah

Country             : United Arab Emirates

Telephone         : (971-9) 2223972

Facsimile          : (971-9) 2223973

Mobile               : (971-55) 5319405 / (971-50) 5607691

Email                : ahlip@emirates.net.ae

 

Premises

Subject operates from a suite of offices and a factory covering an area of 12,500 square metres that are owned and located in the Industrial Area of Fujairah.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Dubai                                                                                               Sales Office

Tel: (971-4) 2279232

Fax: (971-4) 2979234

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Nasser Ali Mohamed Khammas                                                         Proprietor & General Manager

 

·       Salem Mohamed Khamas                                                                  Assistant General Manager

 

·       Nawas Mohamed Nawas                                                                    Finance Manager

 

·       Sri Kumar                                                                                         Commercial Manager

 

·       Ismail Mohamed                                                                                Purchasing Manager

 

·       Irfan Aziz                                                                                          Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st April 1999

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 6636, Fujairah

 

Trade Licence No.       : 6636

 

Chamber Member No. : 6670

 

Invested Capital           : UAE Dh 150,000

 

Mr Nasser Ali Mohamed Khammas is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Emirates General Construction Co (EGC)

Dubai

 

·       Gulf Spring Contracting Co

Dubai

 

·       Al Ahli Printing Press

Fujairah

 

·       Al Ahli Steel & Aluminium

Fujairah

 

·       Al Ahli Supermarkets

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic bags, films and aluminium lids, sheets, flexible packaging, labels, pouches and tapes.

 

                 Subject is ISO 9001:2000 accredited.

 

Production Capacity: 23,000 tonnes per annum

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of approximately 360 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 124,600,000                  UAE Dh 128,000,000

 

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

 

The above figures were provided by Mr Irfan Aziz, Marketing Manager

 

 

BANKERS

 

·       National Bank of Fujairah

PO Box: 887

Fujairah

Tel: (971-9) 2224518 / 2224513

Fax: (971-9) 2224516 / 2229470

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              April 2007

Credit amount                                        409,000

Amount overdue                         0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Pounds Sterling

 

 

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.49.08

UK Pound

1

Rs.78.65

Euro

1

Rs.67.79

 

 

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.