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MIRA INFORM REPORT
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Report Date : |
15.09.2011 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL PAINTS FACTORIES CO LLC (NPFCL) |
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Registered Office : |
National Paints
Building, 5th Industrial Square, Industrial Area No. 13, P O Box
5822, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
20.09.1977 |
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Com. Reg. No.: |
1213, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture and marketing
of paints |
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$ 1,000,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
---- |
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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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 : NATIONAL PAINTS FACTORIES CO LLC (NPFCL)
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 20th September 1977
Commercial Registration Number : 1213, Sharjah
Trade Licence Number : 3103
Chamber Membership Number : 3725
Issued Capital : UAE Dh 2,100,000
Paid up Capital : UAE Dh 2,100,000
Total Workforce : 1,350
Activities : Manufacture and marketing of paints.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 1,000,000
Person Interviewed : Emad Al Huneidi, Finance Manager
COMPANY NAME
NATIONAL PAINTS FACTORIES CO LLC (NPFCL)
company ADDRESS
Registered &
Physical Address
Building : National Paints Building
Street : 5th Industrial
Square
Area : Industrial Area No. 13
PO Box : 5822
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5340111 / 5343116
Facsimile : (971-6) 5340222 / 5343115
Email : npfcl@national-paints.com / paints@emirates.net.ae / emadkh@national-paints.com
Premises
Subject operates
from a suite of offices, a warehouse and a factory covering an area of 85,000
square metres that are owned and located in the Industrial Area of Sharjah.
Branch Office (s)
Location Description
·
PO Box:
27455 Sales
Office
Abu Dhabi
Tel: (971-2) 6340400
Fax: (971-2) 6340411
KEY PRINCIPALS
Name Nationality Position
·
Salim
Faiq Sayegh Jordanian Managing
Director
·
Ibrahim
Faiq Sayegh Jordanian Director
·
Michael
Faiq Sayegh Jordanian Director
·
Ahmed
Mohamed Hamd Al Medfaa
Emirati Director
·
Emad Al
Huneidi - Finance
Manager
·
Fathi
Trabulsi - Administration
Manager
·
Mustafa
M Sulaiman - Commercial
Manager
·
Loay Assaf
Al Nemeh - Personnel
Manager
·
Marwa
Mahmoud - Purchasing
Manager
·
Ghobal
Kanoshia - Production
Manager
·
Naeem
Mouj - Marketing
Manager
·
Abdul
Raoof Fakhera - Sales
Manager
·
Elias
Fayad - Export
Manager
LEGAL FORM & OWNERS
Date of Establishment : 20th
September 1977
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1213, Sharjah
Trade Licence No. : 3103
(Expires 30/10/2011)
Chamber Member No. : 3725
Issued Capital : UAE Dh 2,100,000
Paid up Capital : UAE Dh 2,100,000
Name of
Shareholder (s)
·
National
Paints Factory Co Ltd (NPFCO)
Abu Alanda
PO Box: 533
Amman 11592
Jordan
Tel: (962-6) 4162481
Fax: (962-6) 4162483
·
Ahmed
Mohamed Hamd Al Medfaa
AFFILIATED COMPANIES
Subject is a member of the Sayegh Brothers International Group of
Companies, which consists of the following concerns:
·
National
Paints Factories Co WLL
Street No. 41
New Industrial Area
PO Box: 40544
Doha
Qatar
Tel: (974) 4601602 / 4601603
Fax: (974) 4600368 / 4602721
Email: npf@qatar.net.qa
·
National
Canning Industries Co Ltd
PO Box: 533
Amman
Jordan
·
United
Locks Co Ltd
PO Box: 533
Amman
Jordan
·
National
Drums Co Ltd
PO Box: 533
Amman
Jordan
·
Emirates
Metallic Industries Co (EMIC)
Industrial Area No. 6
PO Box: 6258
Sharjah
Tel: (971-6) 5341526
Fax: (971-6) 5341265
Email: emic@emirates.net.ae
·
Alva
Paints
Dubai
Tel: (971-4) 2852685
OPERATIONS
Activities: Engaged in the manufacture and marketing of
a wide range of paints for the following purposes - industrial, decorative,
marine, automotive and furniture.
In March 2000 subject’s production capacity was increased with the
completion of an expansion programme that made it the largest paints factory in
the Middle East. There is also a separate plant for the production of Alkyd
resins on the same site, with a production capacity of 15,000 metric tonnes per
annum
Subject is ISO 9002
certified.
Production
Capacity : 120,000 tonnes per annum
Import
Countries: Europe and GCC
countries
International
Suppliers:
·
Transocean
Marine Paint Netherlands
·
Dyrup
Co Denmark
·
Shell
Middle East Dubai,
UAE
Brand Names: PAINTCO
Subject has a
workforce of approximately 1,350 employees.
FINANCIAL DATA
Companies
registered in Sharjah, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
·
United
Arab Bank
PO Box: 881
Sharjah
Tel: (971-6) 5354111
·
Arab
Bank Plc
Al Maktoum Street
PO Box: 11364
Dubai
Tel: (971-4) 2228845
Fax: (971-4) 2285974 / 2940847
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction December
2002 May 2007
Credit amount 600,000 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters of
Credit
Paying record No
Complaints No
Complaints
Currency Euros US
Dollars
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.47.81 |
|
UK Pound |
1 |
Rs.75.16 |
|
Euro |
1 |
Rs.65.11 |
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 |
|
<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.