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Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
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Name : |
EMIRATES NATIONAL FACTORY FOR PLASTIC
INDUSTRIES LLC |
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Registered Office : |
Industrial Estate
13, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
05.12.1995 |
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Com. Reg. No.: |
3742, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
manufacture of plastic products, including printed and plain shopping bags,
courier envelopes and flyers, rubbish bags, polythene sheets, stretch film,
air bubble film, double and triple laminated film bags and household
aluminium foil. |
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No. of Employees : |
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 : |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
United Arab
Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
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 NATIONAL FACTORY FOR PLASTIC INDUSTRIES LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 5th December 1995
Commercial Registration Number : 3742, Sharjah
Trade Licence Number : 3742
Chamber Membership Number : 37195
Issued Capital : UAE Dh 164,000,000
Paid up Capital : UAE Dh 164,000,000
Total Workforce : 400
Activities : Manufacturers of plastic products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mutaz Al Nuaim, Chief Accountant
EMIRATES NATIONAL
FACTORY FOR PLASTIC INDUSTRIES LLC
Registered &
Physical Address
Location : Industrial Estate 13
PO Box : 23874
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5385388 / 5436060
Facsimile : (971-6) 5583707 / 5439595 / 5386446
Mobile : (971-52) 9010812
Email : mazen.sharaih@enbigroup.com
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Sharjah.
Name Nationality Position
·
Omar
Abdullah Abdulaziz Al Shamsi Emirati ManagingDirector
·
Nazeer
Badi Rajoub Syrian Director
·
Saeed
Shukair - General
Manager
·
Majid
Al Zayad - Finance
Manager
·
Vijay
Anadrgana - Production
Manager
·
Mazen Sharaih - Chief
Financial Officer
·
Mutaz Al Nuaim - Chief
Accountant
Date of Establishment : 5th
December 1995
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 3742, Sharjah
Trade Licence No. : 3742
Chamber Member No. : 37195
Issued Capital : UAE Dh 164,000,000
Paid up Capital : UAE Dh 164,000,000
Name of Shareholder
(s) Percentage
·
Saudi
Printing Packaging Co (SPPC) 100%
Al Nakhil Tower
King Fahad Road
Riyadh
Saudi Arabia
Tel: (966-11) 2884884
Fax: (966-11) 2884900
·
United
Security LLC
Sharjah
United Arab Emirates
·
City
Pak LLC
Sharjah
United Arab Emirates
·
United
International Clear Packaging
Sharjah
United Arab Emirates
Activities: Engaged in the manufacture of plastic
products, including printed and plain shopping bags, courier
envelopes and flyers, rubbish
bags, polythene sheets, stretch film, air bubble film, double and triple
laminated film bags and
household aluminium foil.
Import
Countries: Europe and the
United States of America
Operating Trend: Steady
Subject has a
workforce of approximately 400 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 Revenue UAE Dh 734,404,668 UAE Dh 791,428,059
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mutaz Al Nuaim,
Chief Accountant
·
Standard
Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel: (971-6) 5357788
Fax: (971-6) 5543604
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0
Payment terms 60
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Euros
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.62.28 |
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|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not recommended |
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-- |
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.