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Report Date : |
06.09.2012 |
IDENTIFICATION DETAILS
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Name : |
EMIRATES
TECHNOPACK LLC |
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Registered Office : |
Jebel Ali
Industrial Area No. 2, 37825 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
22.10.2003 |
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Com. Reg. No.: |
64591, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Manufacturers of
cardboard boxes and containers and foil |
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No. of Employees : |
150 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : EMIRATES TECHNOPACK
LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date : 22nd
October 2003
Commercial
Registration Number : 64591,
Dubai
Trade Licence
Number : 550163
Chamber Membership
Number : 82703
Issued Capital : UAE Dh
3,000,000
Paid up Capital : UAE Dh
3,000,000
Total Workforce : 150
Activities : Manufacturers of cardboard boxes and
containers and foil
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
EMIRATES TECHNOPACK
LLC
Street : Sheikh Zayed Road
Area : Jebel Ali Industrial Area No.
2
PO Box : 37825
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8802700 / 8802800
Facsimile : (971-4) 8802900
Mobile : (971-55) 9754277
Email : emirates@emiratestechno.com
Subject operates
from a large suite of offices and a factory that are rented and located in the
Jebel Ali Free Zone.
Name Nationality Position
·
Khalid
Abdul Ghaffar Ghuloom Hussain
Emirati Managing
Director
·
Abdul
Ghaffar Ghuloom Hussain
Emirati Director
·
Rajev
Batra - General
Manager
·
Prince
Kungu - Finance
Manager
·
Suhail
Khan - Sales
Manager
·
T
Niranjan - Factory
Manager
Date of Establishment : 22nd
October 2003
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 64591, Dubai
Trade Licence No. : 550163
(Expires 21/10/2012)
Chamber Member No. : 82703
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
·
Green
Coast Enterprises LLC 95%
PO Box: 552
Dubai
Tel: (971-4) 2661664
Fax: (971-4) 2690740
·
Abdul
Ghaffar Ghuloom Hussain 5%
·
Kangaroo
Plastic Middle East LLC
Abdulghaffar Ghuloom Hussain & Sons
Factory Building
Al Ittihad Road
Al Khabeesi Area
PO Box: 50912
Dubai
Tel: (971-4) 2660588 / 2664194
Fax: (971-4) 2692658
Email: kangaroo@kangarooplastics.com
Activities: Engaged in the manufacture of cardboard
boxes and containers and foil.
Subject’s product range includes BOPP laminated films, triple laminates,
cold seal applications, aluminium foil lids in roll form and cut lids,
specialty coating on films, foils and paper, extrusion coating, food packaging
films for snacks, chips, biscuit companies and confectioneries, pharmaceutical
industry, frozen foods, high quality pouches, PVC shrink labels and BOPP
labels.
Import Countries: Europe and the United States of America.
Export
Countries: Iran, Yemen, Sri
Lanka, South Africa and GCC countries.
Operating Trend: Steady
Subject has a
workforce of approximately 150 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh 24,100,000 UAE Dh 25,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
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.55.89 |
|
|
1 |
Rs.88.62 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.