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Report Date : |
19.09.2013 |
IDENTIFICATION DETAILS
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Name : |
EMIRATES FILAMENT FACTORY LLC |
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Registered Office : |
Al Mussafah Area, PO Box: 12959, Abu Dhabi |
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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 : |
27.01.2001 |
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Com. Reg. No.: |
46128 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of polypropylene fabrics |
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No. of Employees : |
62 |
RATING & COMMENTS
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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, 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 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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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 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 :
EMIRATES FILAMENT FACTORY LLC
Country of Origin :
Abu Dhabi, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
27th January 2001
Commercial Registration Number :
46128, Abu Dhabi
Trade Licence Number :
68487
Chamber Membership Number :
85803
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
62
Activities :
Manufacturers of polypropylene fabrics
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
EMIRATES FILAMENT FACTORY LLC
Registered &
Physical Address
Location : Al Mussafah
Area
PO Box : 12959
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 5500100
/ 6679777
Facsimile : (971-2)
5500200
Email : efilament@emirates.net.ae
/ info@efilament.ae
Premises
Subject operates from a medium sized suite of offices and a factory that
are owned and located in the Industrial Area of Abu Dhabi.
Name Position
Sushail Nigam General
Manager
Sarju Khan Shamsiddine Production
Manager
Thabit Manazil Accounts
Manager
Bashar Hamour Commercial
Manager
Date of Establishment : 27th
January 2001
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 46128, Abu Dhabi
Trade Licence No. : 68487 (Expires
17/04/2014)
Chamber Member No. : 85803
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s)
Emirate International Investment Co LLC
PO Box: 2310
Abu Dhabi
Tel: (971-2) 6679777
Fax: (971-2) 6679997
Oxcide International LLC
Dubai
Activities: Engaged in the
manufacture of polypropylene fabrics.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 62 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 16,220,000 UAE Dh
16,810,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Abu Dhabi Islamic Bank
PO Box: 313
Abu Dhabi
Tel: (971-2) 6778009
Fax: (971-2) 6778055
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.63.14 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.84.37 |
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 |
|
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.