|
Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
JRD INTERNATIONAL |
|
|
|
|
Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, 17627 |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
14.02.2001 |
|
|
|
|
Legal Form : |
Subject is the United Arab Emirates registered branch of Zep International Ltd, a Limited Liability Company incorporated in the British Virgin Island |
|
|
|
|
Line of Business : |
Engaged in the manufacture and distribution of plastics
products, including disposable cutlery, doors and windows, bottles and
containers, buckets and pots, caps and lids, sheets and utensils |
|
|
|
|
No. of Employees |
340 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 : JRD INTERNATIONAL
Country of Origin : British
Virgin Islands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 14th
February 2001
Trade Licence
Number : 2476
Chamber Membership
Number : 59263
Total Workforce : 340
Activities :
Manufacturers and distributors of plastic products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Michael Gregory, Financial Manager
JRD INTERNATIONAL
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17627
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8811867 / 8872867
Facsimile : (971-4) 8811865
Email : info@jrddubai.com / jrddubai@emirates.net.ae / zepintl@emirates.net.ae
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Jebel Ali Free Zone Area of Dubai.
Name Position
·
Anupam
Lunavat Managing
Director
·
Michael Gregory Financial Manager
·
Sheikh
Fareed Marketing
Manager
Date of Establishment : 14th
February 2001
Legal Form :
Subject is the United Arab
Emirates registered branch of Zep International Ltd, a Limited
Liability Company incorporated in the
British Virgin Islands.
JRD International in the United
Arab Emirates, operates as a Branch of a Foreign
Registered Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own
right. Responsibility for
payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we
strongly advise that any international trade
credit should only be written
under the name of the main company where the
subject holds its registered
office, in this case the British Virgin Islands.
Trade Licence No. : 2476
(Expires 13/05/2014)
Chamber Member No. : 59263
Activities: Engaged in the manufacture and distribution of plastics products, including disposable cutlery, doors and windows, bottles and containers, buckets and pots, caps and lids, sheets and utensils.
In October 2012 JRD International has invested
Dh300 million ($80 million) in RMD Board – a composite
polypropylene board manufacturing plant that could
change construction systems and the way people
dress-up interiors – both office and residences.
The RMD Board manufacturing plant –
a division of JRD International – has started production. The plant,
built on a 40,000 square metre plot of land in the
Jebel Ali Free Zone, has created 700 jobs. This plant will
service the GCC region as well as Africa and CIS.
“By next year, this plant will reach
110,000 metric tonnes per year processing capacity of polypropylene.
That will make it the largest single-site
manufacturing plant of rigid extrusion of polypropylene in the world,”
said Anupam Lunavat, managing director of JRD
International. “The company plans to reach global
production of half a million metric tonnes per annum
by 2016.”
“When in full production, RMD
Board will not only help UAE reduce its dependence on imported plywood,
particle board and MDF but also raise exports of
manufactured products,” Lunavat says.
RMD Board’s wall panels and false
ceilings – which currently come in 300 different designs and textures –
will soon be available in over a thousand designs.
RMD wall panels could also reduce
imports of conventional wall panels if local interiors fit-out companies
utilise the locally manufactured RMD wall panels
and false ceilings.
According to the GRMC Advisory
Services, the GCC wall-paneling market is poised to decline from $6.64
billion in 2011 to $5.28 billion in 2015, due to a
slowdown in construction activities in parts of the region.
Lunavat said his company is also planning to
invest up to Dh1.5 billion ($400 million) in international
expansion which will see the company build 80
lines in seven countries within the next four years.
“Within the next four years, we will
set up similar plants in emerging economies such as the BRIC nations
and Turkey and North America,” he said.
The many offerings by RMD Board are
all water proof, termite resistant, fire retardant, durable, light-weight
and 100 per cent recyclable. The use of
polypropylene in these engineered products replaces the use of
wood.
These properties make them suitable
for both interior and exterior applications such as construction site-
fencing, flooring, wall paneling, shuttering,
outdoor advertising, billboards, etc.
The shuttering services market in
the GCC was estimated at $8.68 billion in 2010, which is expected to
reach $9.32 billion in 2015, according to GRMC
Advisory Services, a research organisation.
“Our RMD Board can save the contractors
a lot of money as RMD Shuttering can be reused as many as
200 times,” Mr. Lunavat says.
Import
Countries: Europe and GCC
Countries
Operating Trend: Steady
Subject has a
workforce of approximately 340 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
109,600,000 UAE Dh
115,000,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr Michael Gregory,
Financial Manager
·
Commercial
Bank of Dubai
Mankhool Street
PO Box: 2668
Dubai
Tel: (971-4) 3523355
Fax: (971-4) 3527655 / 2524796
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
No complaints
regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.58.58 |
|
|
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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.