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Report Date : |
18.10.2012 |
IDENTIFICATION DETAILS
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Name : |
BONAR EMIRATES TECHNICAL YARNS INDUSTRIES LLC (BETY) |
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Registered Office : |
Polymer Park, ICAD23, Plot No. 01SR40, PO Box: 130219,
Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
30.04.2009 |
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Com. Reg. No.: |
1147516 |
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Legal Form : |
Limited Liability Company |
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line of business
: |
Manufacture of textiles and yarn. |
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No. of Employees : |
35 |
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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 Washington and in
November 2004 agreed to undertake negotiations toward a Free Trade Agreement
with the US, however, those talks have not moved forward. The country's Free
Trade Zones - offering 100% foreign ownership and zero taxes - are helping to
attract foreign investors. The global financial crisis, tight international
credit, and deflated asset prices constricted the economy in 2009. UAE
authorities tried to blunt the crisis by increasing spending and boosting
liquidity in the banking sector. The crisis hit Dubai hardest, as it was
heavily exposed to depressed real estate prices. Dubai lacked sufficient cash
to meet its debt obligations, prompting global concern about its solvency. The
UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In
December 2009 Dubai received an additional $10 billion loan from the emirate of
Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on
oil, a large expatriate workforce, and growing inflation pressures are
significant long-term challenges. The UAE''s strategic plan for the next few
years focuses on diversification and creating more opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name :
BONAR EMIRATES TECHNICAL YARNS INDUSTRIES LLC (BETY)
Country of Origin :
Abu Dhabi, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
30th April 2009
Commercial Registration Number :
1147516, Abu Dhabi
Trade Licence Number :
1147516
Chamber Membership Number :
441914
Issued Capital :
UAE Dh 6,300,000
Paid up Capital :
UAE Dh 6,300,000
Total Workforce :
35
Activities :
Manufacture of textiles and yarn.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Rick Wagner, General Manager
BONAR EMIRATES TECHNICAL YARNS INDUSTRIES LLC (BETY)
Registered & Physical
Address
Location : Polymer Park, ICAD23, Plot No. 01SR40
PO Box :
130219
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6960800
Facsimile : (971-2) 6960800
Mobile : (971-50) 6137699
Email : rick.wagner@bonaryarns.com
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Central Business Area of Abu Dhabi.
Branch Offices
Location Description
Al Khazna Tower, 12th Floor Office
premises
Najda Street
PO Box: 7063
Abu Dhabi
Tel: (971-2) 6960807
Fax: (971-2) 6789990
Name Position
Rick Wagner General
Manager
Pierre Greeff Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 30th
April 2009
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 1147516, Abu Dhabi
Trade Licence No. : 1147516 (Expires
15/05/2013)
Chamber Member No. : 441914
Issued Capital : UAE Dh 6,300,000
Paid up Capital : UAE Dh 6,300,000
Name of
Shareholder (s) Percentage
Abu Dhabi Basic Industries Corporation
(ADBIC) 51%
Abu Dhabi
United Arab Emirates
Low & Bonar Technical Textile Holding 49%
Netherlands
Activities: Engaged in the manufacture of textiles and yarn.
Subject produces artificial grass from linear low density polyethylene
(LLDPE)
Subject has a workforce of 35 employees.
Companies registered in Abu Dhabi, 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.
Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box: 939
Abu Dhabi
Tel: (971-2) 6962222 / 6962222
Fax: (971-2) 6776499 / 6776499
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.52.75 |
|
UK Pound |
1 |
Rs.85.07 |
|
Euro |
1 |
Rs.69.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
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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 |
---- |
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.