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Report Date : |
14.03.2014 |
IDENTIFICATION DETAILS
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Name : |
AL GURG PAINTS LLC |
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Formerly Known as: |
Al Gurg Leighs Paints LLC. |
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Registered Office : |
Main |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.11.1988 |
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Com. Reg. No.: |
17887, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
manufacturer of industrial decorative, fire protection and heavy
duty coating paints. |
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No. of Employees |
100 |
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 – 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 : AL GURG PAINTS LLC
Previously Known As : AL GURG
LEIGHS PAINTS LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 22nd November 1988
Commercial Registration Number : 17887, Sharjah
Trade Licence Number : 3395
Chamber Membership Number : 22129
Issued Capital : UAE Dh 4,500,000
Paid up Capital : UAE Dh 4,500,000
Total Workforce : 100
Activities :
Manufacture of industrial decorative, fire protection
and heavy duty
coating paints.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Anderjet Basu, Finance Manager
AL GURG PAINTS LLC
Registered &
Physical Address
Street : Main Emirates Road
Area : Industrial
Area No. 13
PO Box : 22334
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5343919
Facsimile : (971-6) 5343983
Email : enquiries@agp.ae
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Sharjah.
Branch Office (s)
Location Description
·
PO Box:
70024 Rented
sales office
Abu Dhabi
Tel: (971-2) 4431449
·
Satwa
Area Rented sales office
Dubai
Tel: (971-4) 3442525
Name Nationality Position
·
Essa Saleh Al Gurg Emirati Managing
Director
·
Sunil Gudur - General
Manager
·
Anderjet Basu - Finance
Manager
·
Bajit
Metra - Sales
Manager
Date of Establishment : 22nd
November 1988
History : Subject began in 1988 under the name Al
Gurg Leighs Paints LLC. However it changed its name to Al Gurg Paints LLC in
2009.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 17887,
Sharjah
Trade Licence No. : 3395 (Expires 21/11/2014)
Chamber Member No. : 22129
Issued Capital : UAE Dh 4,500,000
Paid up Capital : UAE Dh 4,500,000
Name of Shareholder
(s) Percentage
·
Essa
Saleh Al Gurg Group LLC 99.978%
Al Gurg Building
Khalid Ibn Walid Road
PO Box: 325
Dubai
United Arab Emirates
Tel: (971-4) 3523708
·
Essa Saleh Al Gurg 0.022%
·
Al Gurg
Stationery LLC
Dubai
·
Al Gurg
Fosrec LLC
Dubai
·
Al Gurg
Building Services LLC
Dubai
Activities: Engaged in the
manufacture of industrial decorative, fire protection and heavy duty coating
paints.
Import Countries: United Kingdom, India and Germany.
International Suppliers:
·
Ekzonbel United
Kingdom
·
Raveshia Colour & Pigment India
Brand Names: DULUX and OASIS
Operating Trend: Steady
Subject has a
workforce of 100 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 42,300,000 UAE Dh 45,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Anderjet Basu, Finance Manager
·
National
Bank of Fujairah
PO Box: 1416
Sharjah
Tel: (971-6) 5561100
Fax: (971-6) 5561010
No complaints regarding
subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.02 |
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|
1 |
Rs.101.65 |
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Euro |
1 |
Rs.85.02 |
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 |
-- |
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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.