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Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
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Name : |
ARABIAN PACKAGING
COMPANY LLC (APC) |
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Registered Office : |
Saif Ahmed Al Ghurair
Building, Salah Al Din Street, Deira, Hor Al Anz, P O Box 10337, Dubai |
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Country : |
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Financials (as on) : |
31.12.2013 (Estimated) |
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Year of Establishments : |
1982 |
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Com. Reg. No.: |
40354, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject’s
operations are performed through the following divisions:- Corrugated Boxes Division Engaged in the manufacture of corrugated cardboard boxes and die cut trays with a production capacity of 50,000 tonnes per annum. Drinking cartons accounts for 70 percent of subject’s production capacity. The company’s products are also used for packaging fruit and vegetables. Flexible Packaging Division Engaged in printing and electronic cylinder engraving. It
is capable of printing on a variety of substrates like OPP, PET, nylon,
Alfoil, cellophane and paper. The division also manufactures and converts all kinds of flexible material - monofilms, laminates (multilayer films), shrink films, soap wrappers and labels. |
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No of Employees : |
375 (Approximately) |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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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 |
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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 : ARABIAN PACKAGING COMPANY LLC (APC)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1982
Registration Date : 12th February 1984
Commercial Registration Number : 40354, Dubai
Trade Licence Number : 300177
Chamber Membership Number : 10476
Issued Capital : UAE Dh 45,000,000
Paid up Capital : UAE Dh 45,000,000
Total Workforce : 375
Activities : Subject operates through several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Ameen
Noman, Finance Manager
ARABIAN PACKAGING COMPANY LLC (APC)
Registered &
Physical Address
Building : Saif Ahmed Al Ghurair Building
Street : Salah Al Din Street
Area : Deira, Hor Al Anz
PO Box : 10337
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2623377
Facsimile : (971-4) 2851972 / 2851973
Mobile : (971-50) 5542864
Email : arabpack@emirates.net.ae / info@arabpack.com
Premises
Subject operates from
a medium sized suite of offices that are owned and located in the Central
Business Area of Dubai.
Branch Office (s)
Location Description
·
Street
No. 215/3 Owned
office, warehouse & factory
Al Ramool, Rashidya covering
an area of 10,000 square
PO Box: 10337 metres
Dubai
Tel: (971-4) 2858658 / 2854400
Fax: (971-4) 2855578
·
Sheikh
Zayed Road Rented
factory
Jebel Ali Industrial Area No. 2
Tel: (971-4) 8802555 / 8801588 / 8015500
Fax: (971-4) 8802225
Name Position
·
Mohamed
Saif Al Ghurair Managing
Director
·
Ahmed
Saif Al Ghurair Director
·
Abdel
Moneim Salem Director
·
Huzifa
Mohsin Marketing
Manager
·
M Kevin Production
Manager
·
Mohamed
Ameen Noman Finance
Manager
·
Mohamed
Shafiq Financial
Controller
·
Shamir
Mohamed Human
Resources Manager
Date of Establishment : Subject was
established in 1982 and was registered on 12th February 1984
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 40354, Dubai
Trade Licence No. : 300177
(Expires 27/03/2015)
Chamber Member No. : 10476
Issued Capital : UAE Dh 45,000,000
Paid up Capital : UAE Dh 45,000,000
Name of Shareholder
(s) Percentage
·
Saif Al
Ghurair Group Co 99%
·
Al
Ghurair Private Co 1%
Subject is a member of the Al Ghurair Group, which has a turnover over
in excess of UAE Dh 3 billion (US$ 850 million). The group has a diversified
range of interests spanning real estate, finance and industry, with specialist
operations in banking, trading and shipping.
Some of the very successful industries that it operates today in the
United Arab Emirates, include the National Flour Mills Co Ltd, National Cement
Company, Gulf Extrusions at Jebel Ali, Masafi Mineral Water Co LLC, National
Mosaic Tiles and Al Ghurair Publishing and Printing. In the banking sector, the
Ghurairs are owners of the UAE’s largest private bank, the Dubai-based Mashreq
Bank, which is one of the Group’s most successful ventures and operates from
branches both within and outside the UAE.
The Al Ghurair Group is active in London, New York, Cairo, Khartoum,
Istanbul, Bombay, Doha, Colombo, Karachi and Lahore.
In real estate the Al Ghurair Centre has become a prominent landmark in
Dubai. It was built at a cost of more than US $ 150 million and is now home to
most of the city’s top retailers.
The Al Ghurair Group comprises the following concerns:
·
Al
Ghurair Holdings (Private) Ltd
·
Gulf
Extrusions Ltd
·
Arabian
Aluminium Company
·
Al
Ghurair Publishing & Printing House
·
Union
Mosaic & Marble Company
·
Al
Ghurair Centre
·
Arabian
Mix
·
National
Cement Company Ltd
·
Emirates
Trading Agency LLC (ETA)
·
Gulf
Utensils
·
Gulf
Import & Export Co
·
House
of Perfume
·
Computer
Intelligence and Communications Ltd
·
Gulf
Confectionery & Biscuit Company
·
Oman
Insurance Co Limited
·
Mashreq
Bank
·
Al
Ghurair Enterprises
·
Al
Ghurair Exchange
·
National
Flour Mills Company Ltd
·
National
Concrete Company Ltd
·
Masafi
Mineral Water Co LLC
·
Associated
Construction & Investment Co LLC (ASCON)
·
Al
Ghurair Fieness Perry & Partners
·
Pak
Arab Traders
·
Al
Ghurair Real Estate
·
Al
Khaleej Sugar Co WLL
·
Central
Electric Equipment Co LLC (CEEC)
·
National
Oman Marble Company
·
Rawda
Quarries Ltd
·
Ghurair
Tarmac
·
Oman
Finance Company
·
Ghurair
Crown (Engineering) Ltd
·
Al
Ghurair Industries (Pvt) Ltd
Activities: Subject’s operations are performed through
the following divisions:
·
Corrugated
Boxes Division
Engaged
in the manufacture of corrugated cardboard boxes and die cut trays with a
production capacity of 50,000 tonnes per annum.
Drinking cartons accounts for 70 percent of subject’s production capacity. The company’s products are also used
for packaging fruit and vegetables.
·
Flexible
Packaging Division
Engaged in printing and
electronic cylinder engraving. It is capable of printing on a variety of
substrates like OPP, PET, nylon, Alfoil, cellophane and paper.
The division also manufactures and converts all kinds of flexible material - monofilms, laminates (multilayer films), shrink films, soap wrappers and labels.
Subject was ISO 9002 certified on 16th March 1996.
Production
Capacity: 80,000 tonnes
Import
Countries: Canada, South
Africa, Russia, Germany, France and Switzerland
Export
Countries: Saudi Arabia,
Oman, Bahrain, Kuwait, Iran, Pakistan, India, Sudan and various African
countries
Operating Trend: Steady
Subject has a
workforce of approximately 375 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 315,381,607 UAE Dh 322,046,781
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Citibank
Al Maktoum Street
Deira
PO Box: 749
Dubai
Tel: (971-4) 5074121
Fax:
(971-4) 2238922
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
·
Bank of
Oman Ltd
PO Box: 125
Dubai
No complaints
regarding subject’s payments have been reported.
Arabian Packaging Company
LLC (APC) has been in business for over 30 years and is well established in the
local business community. It has two divisions covering the manufacture of
corrugated cardboard boxes and die cut trays, as well as printing and
electronic cylinder engraving.
The company is part
of the very well known and financially strong Al Ghurair Group that has a
diversified range of interests spanning real estate, finance and industry, with
specialist operations in banking, trading and shipping.
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.59.79 |
|
UK Pound |
1 |
Rs.102.42 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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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.