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Report No. : |
318812 |
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Report Date : |
23.04.2015 |
IDENTIFICATION DETAILS
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Name : |
KINGSPAN INSULATED PANELS MANUFACTURING LLC |
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Registered Office : |
Dubai Investment Park Warehouse, Emirates Street, Jebel Ali Free Zone,
PO Box: 60493, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.10.1992 |
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Com. Reg. No.: |
46364, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Subject is engaged in the manufacture of
insulation products and panels, import and distribution of structural steel,
solar products, engineered timber systems, flooring and environmental
products. |
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No. of Employee : |
70 |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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.
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Source
: CIA |
Company Name :
KINGSPAN INSULATED PANELS MANUFACTURING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
27th October 1992
Commercial Registration Number :
46364, Dubai
Trade Licence Number :
300682
Chamber Membership Number :
25563
Issued Capital :
UAE Dh 1,453,000
Paid up Capital :
UAE Dh 1,453,000
Total Workforce :
70
Activities :
Manufacture of insulation products and panels and distribution of structural
steel, solar products, engineered timber systems, flooring and
environmental products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
KINGSPAN INSULATED
PANELS MANUFACTURING LLC
Building : Dubai
Investment Park Warehouse
Street : Emirates
Street
Area : Jebel Ali
Free Zone
PO Box : 60493
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8854232
/ 3245454
Facsimile : (971-4)
8854223 / 3249451
Mobile : (971-50)
6242750 / 4522807
Email : murali.ayalur@rigidal.com
Subject operates from a medium sized suite of offices and a workshop that
are rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Position
· Shrini Menon General
Manager
Date of
Establishment : 27th
October 1992
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 46364, Dubai
Trade Licence No. : 300682 (Expires 26/10/2015)
Chamber Member No. : 25563
Issued Capital : UAE Dh 1,453,000
Paid up Capital : UAE Dh 1,453,000
· Spot Business Solution
LLC 51%
United Arab
Emirates
· Kingspan Overseas
Investments Ltd 49%
United Kingdom
Activities: Engaged in the
manufacture of insulation products and panels, import and distribution of
structural steel, solar products, engineered timber systems, flooring and
environmental products.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 70 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales UAE
Dh 16,225,000 UAE Dh
17,100,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations
by our local sources.
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222241
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.19 |
|
|
1 |
Rs.94.94 |
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Euro |
1 |
Rs.67.56 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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 |
-- |
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.