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Report Date : |
06.09.2013 |
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, P O Box 112533, Dubai |
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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 : |
28.06.2007 |
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Com. Reg. No.: |
60223, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
manufacturer of
paint, including architectural coatings, floor coatings, wood coatings, light
industrial and protective coatings. |
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Arab
Emirates |
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 |
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 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 : AL NAHDA INTERNATIONAL CHEMICAL CO LLC
Doing Business As : WELLCOAT PAINTS
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 28th June 2007
Commercial Registration Number : 60223, Dubai
Trade Licence Number : 536803
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 : Srajith Pillai, Financial Controller
AL NAHDA
INTERNATIONAL CHEMICAL CO LLC
WELLCOAT PAINTS
Registered & Physical
Address
Location : Jebel Ali Industrial Area No. 1
PO Box : 112533
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8803141
Facsimile : (971-4) 8803143
Mobile : (971-50) 6461317
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
Dubai
Tel: (971-4) 3473688 / 3472373
Fax: (971-4) 3472399 / 3487399
Email: aniechme@emirates.net.ae
Name Nationality Position
·
Thazyansserril
Raghavan Vijayan Indian Managing
Director
·
Ghayath
Mohamed Ghayath Emirati Director
·
R S
Sanajayan - Commercial
Manager
·
Srajith
Pillai - Financial
Controller
Date of Establishment : 28th
June 2007
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 60223, Dubai
Trade Licence No. : 536803
(Expires 17/08/2014)
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%
·
DSCT
Logistic LLC
Dubai
·
Anachem
Specialities FZCO
Jebel Ali Free Zone
Dubai
·
Anasol
Gulf FZCO
Jebel Ali Free Zone
Dubai
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: Europe and GCC countries.
Brand Names: WELLCOAT
Operating Trend: Steady
Subject has a
workforce of 75 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 Revenue UAE Dh 16,800,000 UAE Dh 18,972,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Srajith
Pillai, Financial Controller
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.04 |
|
UK Pound |
1 |
Rs.103.11 |
|
Euro |
1 |
Rs.86.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
|
---- |
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.