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Report Date : |
29.11.2013 |
IDENTIFICATION DETAILS
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Name : |
ARC INTERNATIONAL MIDDLE EAST LLC |
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Registered Office : |
Ras Al Khaimah Highway PO Box 3248 Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
December 1998 |
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Com. Reg. No.: |
16459, Ras Al Khaimah |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is a Producers of glass products |
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No. of Employees : |
1,400 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
UAE - 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 country
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. 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 : ARC INTERNATIONAL MIDDLE EAST LLC
Trading As : RAK GLASS LLC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : December 1998
Commercial Registration Number : 16459, Ras Al Khaimah
Trade Licence Number : 13282
Chamber Membership Number : 3504
Issued Capital : UAE Dh 68,350,000
Paid up Capital : UAE Dh 68,350,000
Total Workforce : 1,400
Activities : Producers of glass products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Person Interviewed : Belraj Kumar, Finance Manager
ARC INTERNATIONAL MIDDLE EAST LLC
RAK GLASS LLC
Location : Ras Al
Khaimah Highway
PO Box : 3248
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Telephone : (971-7) 2446600
Facsimile : (971-7)
2446611
Mobile : (971-50)
6470120 / 5876689 / (971-52) 9094112
Email : rakglass@emirates.net.ae
/ infas@arc-intl.com
/ info@arc-intl.com
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Ras Al Khaimah.
Name Position
· Sheikh Saud Bin
Saqer Al Qassimi Chairman
· Gallauiem Befouegieres President
· Gullaumie
Cocquempot General
Manager
· G Stephan Export
Manager
· Sanathan Namibyar Administration
Manager
· Belraj Kumar Finance Manager
· Barath Basan Chief
Financial Officer
Date of
Establishment : December 1998
History : Subject was
originally established in 1998 under the name of “Al Manal Glass Co LLC” but
changed its name
to the current style of “RAK Glass LLC” in June 2002.
In
April 2004, the French based “Arc International” acquired an 80% share in the
subject’s
ownership and the company was renamed under the current style of “Arc
International
Middle East LLC”, trading as “RAK Glass LLC”
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 16459, Ras Al Khaimah
Trade Licence No. : 13282
Chamber Member No. : 3504
Issued Capital : UAE Dh 68,350,000
Paid up Capital : UAE Dh 68,350,000
· Arc International 80%
6 Place des Etats-Unis
75116
Paris
France
Tel:
(33-1) 47237219
Fax:
(33-1) 47202284
Email: paris@arc-intl.com
· Sheikh Saud Bin
Saqer Al Qassimi 20%
· Ras Al Khaimah
Ceramics Co
Ajman Dubai
Highway
Al Jezirah Area
PO Box: 4714
Ras Al Khaimah
Tel: (971-7)
2445046
Fax: (971-7)
2445270
Email: rakceram@emirates.net.ae
· Al Hamra Fort
Hotel
PO Box: 1468
Ras Al Khaimah
Tel: (971-7)
2446666
Fax: (971-7)
2446677
Email: hamfort@emirates.net.ae
· Arc International
Middle East LLC
Sama Tower, 5th Floor, Suite No.
502B-503B
Sheikh Zayed Road
PO Box: 122675
Dubai
Tel: (971-4) 6470278 / 3561111 / 3595323
Fax: (971-4) 3592021
Activities: Subject began production in December 1998 of opal glass tableware. In
March 2000 it started producing flint
glass products as a part of its expansion into this allied field. The company
manufacture a wide variety of dinner sets, plates, bowls, cups & saucers,
glasses, oval platters, available in contemporary and elegant designs
The company’s products range from plain white to elegantly designed opal
glass collection, which caters to the high specific and general needs of the
tableware industry. As well as having a wide collection of flint glass beverage
ware which suits the requirements of households as well as the foodservice
industry.
Production Capacity : 70 tonnes per day
Import Countries: Europe and GCC countries
Export Countries: Subject exports to more than 55 countries located
across the world, including Europe, South Africa and Venezuela.
Subject has a workforce of approximately 1,400 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE
Dh 362,500,000 UAE Dh
388,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Belraj Kumar, Finance Manager
·
National Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7)
2221127
Fax: (971-7) 2224202
·
United Arab Bank
Al Sabah Street
PO Box: 615
Ras Al Khaimah
Tel: (971-7) 2333556
Fax: (971-7) 2330922
No complaints regarding subject’s payments have been reported.
Credit amount 150,000 550,000
Amount overdue 0 0
Payment terms 60
days 180
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Euros
Incorporated in 1998, subject is the only state of the art company
producing opal glassware in the Middle East & Gulf Co-operation Council
(GCC) countries. It specialises in the manufacture of opal and flint glass
tableware and is currently producing 70 tonnes per day.
Subject was previously known as “Al Manal Glass Co LLC” but changed its
name to “RAK Glass LLC” in June 2002. In April 2004, the French based “Arc
International” acquired an 80% share in the subject’s ownership and the company
was renamed under the current style of “Arc International Middle East LLC”,
trading as “RAK Glass LLC”
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.62.39 |
|
|
1 |
Rs.101.80 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.