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Report Date : |
02.07.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Al Jazira Al Hamra,
30739 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 : |
03.10.2003 |
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Com. Reg. No.: |
179789 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Engaged in the
manufacture of plastic caps, closures, pipes, plastic injection and blow
moulding products |
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No of Employees : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 : GULF PLASTIC AND CONVERTING INDUSTRIES (TAHWEEL)
Trade Name : RAK THERM
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 3rd October 2003
Commercial Registration Number : 179789, Ras Al Khaimah
Industrial Licence Number : 34
File Number : 20429
Issued Capital : UAE Dh 45,000,000
Paid up Capital : UAE Dh 45,000,000
Total Workforce : 120
Activities : Manufacture of plastic caps, closures, pipes, plastic injection and blow
moulding products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ibrahim Juma, Financial Manager
COMPANY NAME: GULF PLASTIC AND CONVERTING INDUSTRIES
(TAHWEEL)
TRADE NAME: RAK THERM
Location : Al Jazira Al Hamra
PO Box : 30739
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2447125 / 2447126 / 2447127 /
2447128
Facsimile : (971-7) 2447129
Mobile : (971-50) 4322886 / 4970739
Email : info@raktherm.com / Ibrahim@raktherm.com / ihab@raktherm.com / habib@raktherm.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Ras Al Khaimah.
Name Nationality Position
·
Ali
Hashim Sadiq Hashim Saudi Managing Director
·
Ihab
Sharaf - General
Manager
·
Ibrahim
Juma - Financial
Manager
·
Mohamed
Habib - Sales
Manager
Date of Establishment : 3rd
October 2003
Legal Form :
Limited Liability Company
Commercial Reg. No. : 179789, Ras
Al Khaimah
Industrial Licence No. : 34
File No. : 20429
Issued Capital : UAE Dh 45,000,000
Paid up Capital : UAE Dh 45,000,000
·
Ali
Hashim Sadiq Hashim 100%
Activities: Engaged in the manufacture of plastic caps,
closures, pipes, plastic injection and blow moulding products.
Operating Trend: Steady
Subject has a
workforce of 120 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 54,700,000 UAE Dh 60,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Ibrahim Juma, Financial Manager
·
National
Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7) 2221127
Fax: (971-7) 2224202
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.13 |
|
|
1 |
Rs. 102.83 |
|
Euro |
1 |
Rs. 82.28 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
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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 |
|
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.