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Report Date : |
27.05.2014 |
DENTIFICATION DETAILS
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Name : |
AL QESMAH
PACKAGING MAT INDUSTRIES LLC |
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Registered Office : |
Industrial Area No.
18, P O Box 44287, Sharjah |
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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 : |
22.11.2005 |
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Com. Reg. No.: |
31070, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
manufacturer of packaging materials, including corrugated cartons, cardboard
boxes, boards and pads, paper bags and envelopes, bubble and foam rolls,
postal packaging, protective packaging, packaging tapes, wrapping and
strapping. |
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|
|
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No of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
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 : AL QESMAH PACKAGING MAT INDUSTRIES LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 22nd November 2005
Commercial Registration Number : 31070, Sharjah
Trade Licence Number : 539506
Chamber Membership Number : 70695
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 15
Activities : Manufacturers of packaging materials
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Santosh Thomas Piralazril, Managing Director
AL QESMAH PACKAGING
MAT INDUSTRIES LLC
Registered &
Physical Address
Location : Industrial Area No. 18
PO Box : 44287
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5348960
Facsimile : (971-6) 5348961
Mobile : (971-55) 1048601
Email : qpack@eim.ae
/ info@qesmahpackaging.com
Premises
Subject operates
from a small suite of offices and a factory that are rented and located in the
Industrial Area of Sharjah.
Name Nationality Position
·
Santosh
Thomas Piralazril Indian Managing
Director
·
Reji
Joseph Pochamalil Indian Director
·
Deen
Dayal Nanda Ram Indian Director
·
Adnan
Salem Ahmed Mohamed Emirati Director
Date of Establishment : 22nd
November 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 31070, Sharjah
Trade Licence No. : 539506
(Expires 20/11/2014)
Chamber Member No. : 70695
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Adnan
Salem Ahmed Mohamed 51.0%
·
Santosh
Thomas Piralazril 16.3%
Reji Joseph Pochamalil 16.3%
·
Deen
Dayal Nanda Ram 16.3%
Activities: Engaged in the manufacture of packaging
materials, including corrugated cartons, cardboard boxes,
boards and pads, paper bags
and envelopes, bubble and foam rolls, postal packaging, protective
packaging, packaging tapes,
wrapping and strapping.
Import Countries: Oman and Saudi Arabia
International Suppliers:
·
Packaging
Co SAOG Oman
·
Eastern
Pack Company Saudi Arabia
Operating Trend: Steady
Subject has a
workforce of 15 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 14,235,000 UAE
Dh 15,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Santosh Thomas Piralazril, Managing Director
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel:
(971-6) 5547747
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject meets its payment obligations in a timely manner and the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.58 |
|
|
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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 |
|
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 |
|
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.