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Report Date : |
11.06.2014 |
IDENTIFICATION DETAILS
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Name : |
AL AHLI PLASTIC
INDUSTRIES |
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Registered Office : |
Road No. 4, New Industrial Area, Al Hayl, PO Box 245, Fujairah |
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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 : |
01.04.1999 |
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Com. Reg. No.: |
6636, Fujairah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
manufacturer of plastic bags, films and aluminium lids, sheets, flexible
packaging, labels, pouches and tapes. |
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No of Employees : |
320 (Approximately) |
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 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 |
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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 |
Concern Name :
AL AHLI PLASTIC INDUSTRIES
Country of Origin :
Fujairah, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
1st April 1999
Commercial Registration Number :
6636, Fujairah
Trade Licence Number :
6636
Chamber Membership Number :
6670
Invested Capital :
UAE Dh 150,000
Total Workforce :
320
Activities :
Manufacture of plastic
bags, sheets and flexible packaging.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Sree Kumar Anandraman, Commercial Manager
AL AHLI PLASTIC INDUSTRIES
Registered &
Physical Address
Location : Road No. 4,
New Industrial Area, Al Hayl
PO Box : 245
Town : Fujairah
Country : United Arab Emirates
Telephone : (971-9) 2223972
Facsimile : (971-9)
2223973
Mobile : (971-55)
5319405 / (971-50) 5607691
Email : ahlip@emirates.net.ae / sibichen@alhliplastics.com / sree@alhliplastics.com
Premises
Subject operates from a suite of offices and a factory covering an area
of 12,500 square metres that are owned and located in the Industrial Area of
Fujairah.
Branch Office (s)
Location Description
· Dubai Sales
Office
Tel: (971-4)
2979232
Fax: (971-4)
2979234
Name Position
· Nasser Ali Mohamed Khammas Proprietor
· Mohamed Nasser Ali
Khammas Chief
Executive Officer
· Rajenesh Sinha General
Manager
· Salem Mohamed Khamas Assistant
General Manager
·
Sibi Chen Joseph Finance
Manager
· Sree Kumar Anandraman Commercial Manager
·
Srinivas Rao Production
Manager
· Ismail
Mohamed Purchasing
Manager
· Irfan Aziz Marketing
Manager
· Motiur El Rahman Quality
Control Manager
Date of
Establishment : 1st
April 1999
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 6636, Fujairah
Trade Licence No. : 6636
Chamber Member No. : 6670
Invested Capital : UAE Dh 150,000
Mr. Nasser
Ali Mohamed Khammas is the sole proprietor of the business.
· Emirates General Construction Co (EGC)
Dubai
· Gulf Spring Contracting Co
Dubai
· Al Ahli Printing Press
Fujairah
· Al Ahli Steel & Aluminium
Fujairah
· Al Ahli Supermarkets
Dubai
Activities: Engaged in the manufacture of plastic bags, films and aluminium lids, sheets, flexible
packaging, labels, pouches and tapes.
Subject is ISO 9001:2000 accredited.
Production Capacity: 23,000 tonnes per annum
Import Countries: Europe and GCC countries.
International
Suppliers:
· SABIC Saudi Arabia
· QAPCO Qatar
· Equate Kuwait
Operating Trend: Steady
Subject has a workforce of approximately 320 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 162,000,000 UAE Dh
216,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Sree
Kumar Anandraman, Commercial Manager
·
National Bank of Fujairah
PO Box: 887
Fujairah
Tel: (971-9) 2224518 / 2224513
Fax: (971-9) 2224516 / 2229470
No complaints regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
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 concern is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.26 |
|
UK Pound |
1 |
Rs.99.63 |
|
Euro |
1 |
Rs.80.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
MNL |
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 |
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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 |
|
<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.