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Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL PAINTS
FACTORIES CO LLC (NPFCL) |
|
|
|
|
Registered Office : |
National Paints
Building, 5th Industrial Square, Industrial Area No. 13, 5822 Sharjah |
|
|
|
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Country : |
United Arab Emirates |
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|
|
|
Financials (as on) : |
31.12.2013 |
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|
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Date of Incorporation : |
20.09.1977 |
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|
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Com. Reg. No.: |
1213, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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|
|
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Line of Business : |
Engaged in the
manufacture and marketing of a wide range of paints for the following
purposes - industrial, decorative, marine, automotive and furniture. |
|
|
|
|
No. of Employees : |
1,350 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : NATIONAL
PAINTS FACTORIES CO LLC (NPFCL)
Country of Origin : Sharjah,
United Arab Emirates
Legal Form : Limited
Liability Company - LLC
Registration Date : 20th
September 1977
Commercial
Registration Number : 1213,
Sharjah
Trade Licence
Number : 3103
Chamber Membership
Number : 3725
Issued Capital : UAE Dh
2,100,000
Paid up Capital : UAE Dh
2,100,000
Total Workforce : 1,350
Activities :
Manufacture and marketing of paints.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person (s)
Interviewed :
Fadi Nadaff, Financial Controller
NATIONAL PAINTS
FACTORIES CO LLC (NPFCL)
Building : National Paints
Building
Street : 5th Industrial
Square
Area : Industrial Area No. 13
PO Box : 5822
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5340111 / 5343116 / 5130000
Facsimile : (971-6) 5340222 / 5343115
Email : npfcl@national-paints.com / paints@emirates.net.ae / emadkh@national-paints.com
fadin@national-paints.com
/ marwahm@national-paints.com
Subject operates
from a suite of offices, a warehouse and a factory covering an area of 85,000
square metres that are owned and located in the Industrial Area of Sharjah.
Branch Office
(s)
Location Description
·
PO Box:
27455 Sales
Office & showroom
Abu Dhabi
Tel: (971-2) 6340400
Fax: (971-2) 6340411
·
Al Ain Sales
Office & showroom
Tel: (971-3) 7551313
Fax: (971-3) 7551315
·
Dubai Sales
Office & showroom
Tel: (971-4) 2651651
Fax: (971-4) 2651656
·
Ras Al
Khaimah Sales
Office & showroom
Tel: (971-50) 4948561
Fax: (971-7) 2332618
·
Fujairah
Sales Office & showroom
Tel:
(971-50) 7107501
Fax: (971-9) 2223616
Name Nationality Position
·
Thamer
Salim Faiq Sayegh Jordanian Managing
Director
·
Ibrahim
Faiq Sayegh Jordanian Director
·
Michael
Faiq Sayegh Jordanian Director
·
Ahmed
Mohamed Hamd Al Medfaa
Emirati Director
·
Emad Al
Huneidi - Finance
Manager
·
Fadi
Nadaff - Financial
Controller
·
Fathi
Trabulsi - Administration
Manager
·
Mustafa
M Sulaiman - Commercial
Manager
·
Loay
Assaf Al Nemeh - Personnel
Manager
·
Marwa H
Mahmoud - Purchasing
Manager
·
Ghobal
Kanoshia - Production
Manager
·
Naeem
Mouj - Marketing
Manager
·
Abdul
Raoof Fakhera - Sales
Manager
·
Elias
Fayad - Export
Manager
Date of Establishment : 20th
September 1977
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1213,
Sharjah
Trade Licence No. : 3103
Chamber Member No. : 3725
Issued Capital : UAE Dh 2,100,000
Paid up Capital : UAE Dh 2,100,000
·
National
Paints Factory Co Ltd (NPFCO)
Abu Alanda
PO Box: 533
Amman 11592
Jordan
Tel: (962-6) 4162481
Fax: (962-6) 4162483
·
Ahmed
Mohamed Hamd Al Medfaa
Subject is a member of the Sayegh Brothers International Group of
Companies, which consists of the following concerns:
·
National
Paints Factory Co Ltd
Amman
·
National
Paints Factories Co WLL
Street No. 41
New Industrial Area
PO Box: 40544
Doha
Qatar
Tel: (974) 4601602 / 4601603
Fax: (974) 4600368 / 4602721
Email: npf@qatar.net.qa
·
National
Canning Industries Co Ltd
PO Box: 533
Amman
Jordan
·
United
Locks Co Ltd
PO Box: 533
Amman
Jordan
·
National
Drums Co Ltd
PO Box: 533
Amman
Jordan
·
Emirates
Metallic Industries Co (EMIC)
Industrial Area No. 6
PO Box: 6258
Sharjah
Tel: (971-6) 5341526
Fax: (971-6) 5341265
Email: emic@emirates.net.ae
·
Alva
Paints
Dubai
Tel: (971-4) 2852685
Activities: Engaged in the manufacture and marketing of
a wide range of paints for the following purposes - industrial, decorative,
marine, automotive and furniture.
In March 2000
subject’s production capacity was increased with the completion of an expansion
programme that made it the largest paints factory in the Middle East. There is
also a separate plant for the production of Alkyd resins on the same site, with
a production capacity of 15,000 metric tonnes per annum
Subject is ISO 9002
certified.
Production
Capacity: 120,000 tonnes per annum
Import Countries: Saudi Arabia, Europe and GCC countries
International
Suppliers:
·
Transocean
Marine Paint Netherlands
·
Dyrup
Co Denmark
·
Shell
Middle East Dubai
·
SABIC Saudi
Arabia
·
SIPCHEM Saudi
Arabia
·
National
Tatinium Dixoide Co (Crystal) Saudi
Arabia
Brand Names: PAINTCO
Operating Trend: Steady
Subject has a
workforce of approximately 1,350 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
252,000,000 UAE Dh
260,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures were provided by Mr Marwa H Mahmoud, Purchasing
Manager
·
United Arab
Bank
PO Box: 881
Sharjah
Tel: (971-6) 5354111
·
Arab
Bank Plc
Al Maktoum Street
PO Box: 11364
Dubai
Tel: (971-4) 2228845
Fax: (971-4) 2285974 / 2940847
No complaints
regarding subject’s payments have been reported.
Credit amount 600,000 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Euros 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.22 |
|
|
1 |
Rs.98.52 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
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|
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.