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Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
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Name : |
ELITE EXTRUSION LLC |
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Registered Office : |
Road C Rakia Industrial Area, Al Jazeera Al Hamra PO Box 86025 Ras Al
Khaimah |
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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 : |
08.03.2006 |
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Com. Reg. No.: |
23381, Ras Al Khaimah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the process of extrusion of aluminium |
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No. of Employees |
340 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
UAE 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 : ELITE EXTRUSION LLC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 8th March 2006
Commercial Registration Number : 23381, Ras Al Khaimah
Trade Licence Number : 075
Chamber Membership Number : 24225
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 340
Activities : Process of extrusion of aluminium.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Qaiser Khan, Accounts Manager
ELITE EXTRUSION LLC
Street : Road C
Area : RAKIA
Industrial Area, Al Jazeera Al Hamra
PO Box : 86025
Town : Ras Al
Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2447668
Facsimile : (971-7)
2447669
Mobile : (971-50)
5471781
Email : eliteext@eim.ae
Subject operates from a large suite of offices that are rented and
located in the Industrial Area of Ras Al Khaimah.
Name Nationality Position
· Nashat Farhan
Sahawneh Jordanian Managing
Director
· Ezzat Farhan
Sahawneh Jordanian Director
· R Hari Kumar - General
Manager
· Qaiser Khan - Accounts
Manager
· Ayman Taha - Marketing
Manager
· K B Parasnan - Plant
Manager
Date of
Establishment : 8th
March 2006
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 23381, Ras Al Khaimah
Trade Licence No. : 075
Chamber Member No. : 24225
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
· Nashat Farhan
Sahawneh
· Ezzat Farhan
Sahawneh
· Al Hamd Industrial
Co
United Arab
Emirates
· Elite
Extrusion LLC
· Al Hamad
Industrial Co LLC
· National Aluminium
Extrusion LLC
· Jordan Aluminium
· Alumill Tech Gulf
LLC
· Global Dies
· Thermoset Middle
East LLC
· Global Pioneer
Aluminium Industries
· United Powder
Coating FZE
Activities: Engaged in the process of extrusion of aluminium.
Import Countries: Europe and the Far East
International Suppliers:
· Dubai Aluminium
· Emirates Aluminium
· Jotun Powder
Coating
· AkzoNobel
· Becker
· Pyrotek
· Integrated Gas
Supplies
· Eroga
· Service Aluminium
· Alutool
· Adex
· Compess
· Almax Morie
· SurTec Middle East
LLC
· BDH Middle East
LLC
· Neilchem Trading
LLC
· Falcon Chemicals
LLC
· Easy Pack
Converting Industries
· Technoform Bautec
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 192,000,000 UAE Dh
200,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Qaiser Khan, Accounts Manager
·
National Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7)
2221127
Fax: (971-7)
2224202
No complaints regarding subject’s payments have been reported.
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.61.22 |
|
|
1 |
Rs.98.52 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
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 |
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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 |
|
|
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 |
-- |
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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.