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Report Date : |
10.12.2012 |
IDENTIFICATION DETAILS
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Name : |
RAK PETROPACK LLC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
11.12.2005 |
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Com. Reg. No.: |
22977 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of flexible packaging products as well as plastic bags |
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No. of Employees : |
20 employees |
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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
United Arab Emirates - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income
and a sizable annual trade surplus. Successful efforts at economic
diversification have reduced the portion of GDP based on oil and gas output to
25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has
undergone a profound transformation from an impoverished region of small desert
principalities to a modern state with a high standard of living. The government
has increased spending on job creation and infrastructure expansion and is
opening up utilities to greater private sector involvement. In April 2004, the
UAE signed a Trade and Investment Framework Agreement with
|
Source : CIA |
Company Name : RAK PETROPACK LLC
Country of Origin :
Ras Al Khaimah,
Legal Form : Limited Liability Company - LLC
Registration Date : 11th December 2005
Commercial Registration Number : 22977
Industrial Licence Number : 24471
RAKIA Licence Number : 047
Issued Capital : UAE Dh 5,000,000
Paid up Capital : UAE Dh 5,000,000
Total Workforce : 20
Activities : Manufacturers of flexible packaging products as well as plastic bags.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Miriam Maramag, Accountant
RAK PETROPACK LLC
Registered &
Physical Address
Location :
PO Box : 31696
Town : Ras Al Khaimah
Country :
Telephone : (971-7) 2447288
Facsimile : (971-7) 2447299
Email : info@petropack.ae
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Ras Al Khaimah.
Name Position
·
Fady
Shemissani Manging
Director
·
Tariq Bashir Finance
Manager
·
Vijay Narayan Purchasing
Manager
·
Miriam
Maramag Accountant
Date of Establishment: 11th December 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 22977
Industrial
Licence No. : 24471
RAKIA
Licence No. : 047
Issued Capital : UAE Dh 5,000,000
Paid up Capital : UAE Dh 5,000,000
Name of
Shareholder (s)
·
Al Naser For Investment Ltd
Ras Al Khaimah
·
Fady
Shemissani
Activities: Engaged in the manufacture of flexible
packaging products as well as plastic bags.
Import
Countries:
Subject has a
workforce of 20 employees.
Companies
registered in Ras Al Khaimah,
·
National
Bank of Ras Al Khaimah
PO Box: 5300
Ras Al Khaimah
Tel: (971-7) 2221127
Fax: (971-7) 2224202
No complaints
regarding subject’s payments have been reported.
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.54.20 |
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|
1 |
Rs.86.99 |
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Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
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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 |
---- |
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.