MIRA INFORM REPORT

 

 

Report No. :

336362

Report Date :

12.08.2015

 

IDENTIFICATION DETAILS

 

Name :

ROTO PACKING MATERIALS INDUSTRY CO LLC

 

 

Registered Office :

Sheikh Zayed Road, Street No. 10, Plot No. 980, Al Quoz Industrial Area, PO Box 21993, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

30.06.1993

 

 

Com. Reg. No.:

40888

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the manufacture of various types of flexible packaging and duplex board packaging materials using the Rotogravure and Offset printing processes.

 

 

No. of Employees :

250

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. 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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : ROTO PACKING MATERIALS INDUSTRY CO LLC

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 30th June 1993

Commercial Registration Number           : 40888, Dubai

Trade Licence Number                           : 300733

Chamber Membership Number               : 27664

Issued Capital                                       : UAE Dh 300,000

Paid up Capital                                     : UAE Dh 300,000

Total Workforce                                    : 250

Activities                                               : Manufacture of various types of flexible packaging and duplex board

                                                              packaging materials.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Parvin Sequiera, Financial Controller

 

 

 

COMPANY NAME

 

ROTO PACKING MATERIALS INDUSTRY CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Sheikh Zayed Road, Street No. 10, Plot No. 980

Area                 : Al Quoz Industrial Area

PO Box            : 21993

Town                : Dubai

Country : United Arab Emirates

Telephone         : (971-4) 3470399

Facsimile          : (971-4) 3471775

Mobile              : (971-55) 9688019

Email                : rotopack@emirates.net.ae / p.sequeira@rotopacking.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Dubai.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Rama Krishnan Karaph                                                              General Manager

 

P R Karanth                                                                              Chief Financial Officer

 

Parvin Sequiera                                                                         Financial Controller

 

Dhanjia Satwindakr                                                                    Finance Manager

 

Mutazer Tinwala                                                             Sales Manager

 

Sunil Mishra                                                                              Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th June 1993

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 40888, Dubai

 

Trade Licence No.        : 300733 (Expires 18/05/2016)

 

Chamber Member No.  : 27664

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                          Percentage

 

TLC Commercial LLC                                                     51%

Dubai

 

Roto Overseas Ltd                                                        49%

Jebel Ali Free Zone

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of various types of flexible packaging and duplex board packaging materials using the Rotogravure and Offset printing processes. The Company started commercial production in July 1996.

 

Subject is ISO 9001:2008 accredited.

 

Import Countries: United Kingdom, Italy, Germany and Saudi Arabia.

 

International Suppliers:

 

Obeikan Paper              Saudi Arabia

Rawad Paper                Saudi Arabia

Gulf Packaging             Dubai

Taghleef                       Dubai

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL DATA

 

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 156,317,000                 UAE Dh 170,175,985

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Parvin Sequiera, Financial Controller

 

 

BANKERS

 

Emirates National Bank of Dubai

Baniyas Street

PO Box: 777

Dubai

Tel: (971-4) 2222241

 

National Bank of Fujairah

PO Box: 2979

Dubai

Tel: (971-4) 3971700 / 5078300

Fax: (971-4) 3979100 / 3973922

 

Standard Chartered Bank

Khalid Bin Waleed Street

Mankhool Branch

PO Box: 999

Dubai

Tel: (971-4) 2520455

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.64.17

UK Pound

1

Rs.99.85

Euro

1

Rs.70.36

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

NIT

 

               

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.