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Report Date : |
17.05.2012 |
IDENTIFICATION DETAILS
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Name : |
AL NAHDA INTERNATIONAL CHEMICAL CO LLC |
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Registered Office : |
Jebel Ali Industrial
Area No. 1, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.06.2007 |
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Com. Reg. No.: |
60223, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of paint |
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No. of Employees : |
75 |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Company Name : AL NAHDA INTERNATIONAL CHEMICAL CO LLC
Doing Business As : WELLCOAT PAINTS
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 28th June 2007
Commercial Registration Number : 60223,
Trade Licence Number : 597383
Chamber Membership Number : 122211
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 75
Activities : Manufacturers of paint.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : V Sraajith, Finance Manager
AL NAHDA
INTERNATIONAL CHEMICAL CO LLC
WELLCOAT PAINTS
Registered &
Physical Address
Location : Jebel Ali Industrial Area No. 1
PO Box : 112533
Town :
Country :
Telephone : (971-4) 8803141
Facsimile : (971-4) 8803143
Email : info@wellcoatpaints.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Dubai.
Branch Office
(s)
Location Description
·
Al Quoz
Industrial Area Office
premises
PO Box: 37726
Tel: (971-4) 3473688 / 3472373
Fax: (971-4) 3472399 / 3487399
Name Nationality Position
·
Thazyansserril
Raghavan Vijayan Indian Managing
Director
·
Ghayath
Mohamed Ghayath
Emirati Director
·
R
·
V
Sraajith - Finance
Manager
·
Srajith
Pillai - Financial
Controller
Date of Establishment : 28th
June 2007
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 60223,
Trade Licence No. : 597383
Chamber Member No. : 122211
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s) Percentage
·
Ghayath
Mohamed Ghayath 51%
·
Thazyansserril
Raghavan Vijayan 49%
Activities: Engaged in the manufacture of paint,
including architectural coatings, floor coatings, wood coatings, light
industrial and protective coatings.
Production
Capacity: 8 million litres
per year.
Import
Countries:
Brand Names: WELLCOAT
Operating Trend: Steady
Subject has a
workforce of 75 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh
14,200,000 UAE Dh
16,800,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr V Sraajith, Finance Manager
·
HSBC
Bank
Deira Souk Branch
PO Box: 66
Tel: (971-4) 2535000
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
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|
1 |
Rs.86.61 |
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Euro |
1 |
Rs.68.87 |
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 |
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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 |
---- |
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.