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Report Date : |
02.04.2014 |
IDENTIFICATION DETAILS
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Name : |
FUTURE PIPE INDUSTRIES LLC |
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Registered Office : |
Al Nahyan Building Hamdan Bin Mohamed Street PO Box 29205 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 : |
06.07.1994 |
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Com. Reg. No.: |
17943, Abu Dhabi |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of PVC pipes, GRP,
CRA and water tanks |
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No. of Employees : |
450 |
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) |
|
UAE |
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 |
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 : FUTURE PIPE INDUSTRIES LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 6th July 1994
Commercial Registration Number : 17943, Abu Dhabi
Industrial Licence Number : 346
Chamber Membership Number : 17710
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Total Workforce : 450
Activities : Manufacture of PVC pipes, GRP, CRA and water tanks.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Francis D'souza, Finance Manager
FUTURE PIPE INDUSTRIES LLC
Building : Al Nahyan
Building
Street : Hamdan Bin
Mohamed Street
PO Box : 29205
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 6270008
/ 6276606
Facsimile : (971-2)
6270009
Email : abudhabi@futurepipe.com / sales-abudhabi@futurepipe.com
Subject operates from a medium sized suite of offices that are rented and
located in the Central Business Area of Abu Dhabi.
Branch Office (s)
Location Description
· Mussafah Industrial City Rented
factory premises
Abu Dhabi
Tel: (971-2)
5024555 / 5510777
Fax: (971-2)
5024666
Email: f.assaad@futurepipe.com
Name Position
· Mounib Hattab Vice
President
· Fady Asaad General
Manager
· Francis
D'souza Finance
Manager
Date of
Establishment : 6th
July 1994
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 17943, Abu Dhabi
Industrial Lic. No. : 346
Chamber Member No. : 17710
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
· Future Investment
Co LLC 99%
Dubai
· Future Pipe
Industries LLC 1%
Dubai
· Future Pipe
Industries LLC
Oman
Tel: (968)
24449164
· Future Pipe
Industries WLL
Doha
Qatar
Activities: Engaged in the manufacture of PVC pipes, GRP,
CRA and water tanks.
Import Countries: Belgium and the United States of America
Operating Trend: Steady
Subject has a workforce of approximately 450 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 680,000,000 UAE Dh
700,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Francis
D'souza, Finance Manager
·
Abu Dhabi Commercial Bank
Mussafah
PO Box: 9331
Abu Dhabi
Tel: (971-2) 5544272
Fax: (971-2) 5544273
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.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
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 |
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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.