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Report Date : |
03.12.2014 |
IDENTIFICATION DETAILS
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Name : |
ARC INTERNATIONAL MIDDLE EAST LLC |
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Registered Office : |
Ras Al Khaimah Highway, Al Jazeera Al Hamra, PO Box 3248, Ras Al
Khaimah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
December 1998 |
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Com. Reg. No.: |
16459 |
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Legal Form : |
Limited Liability Company |
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LINE OF BUSINESS : |
SUBJECT
IS ENGAGED IN 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 |
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|
|
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No of Employees : |
1,450 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 :
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 :
1,450
Activities :
Producers of glass products.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Person Interviewed :
Belraj Kumar, Finance Manager
ARC INTERNATIONAL MIDDLE EAST LLC
TRADING AS: RAK GLASS LLC
Registered &
Physical Address
Location : Ras Al Khaimah
Highway, Al Jazeera Al Hamra
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
Premises
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
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
Name of
Shareholder (s) Percentage
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 ]
]
Sheikh Omar Bin Saqer Al Qassimi ]
]
Sheikh Ahmed Bin Saqer Al Qassimi ] 20%
]
Sheikh Mohamed Bin Saqer Al Qassimi ]
]
30 members of the Al Qassimi family ]
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 1,450 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales UAE
Dh 388,000,000 UAE Dh
447,700,000
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.
Date of transaction November
2006 October 2008
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.61.93 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.77.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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.