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Report No. : |
337204 |
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Report Date : |
20.08.2015 |
IDENTIFICATION DETAILS
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Name : |
GULF PACKAGING INDUSTRIES COMPANY LTD |
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Registered Office : |
Jubail Industrial City, PO Box 1503, Jubail 31951 |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
2050057350 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the manufacture of paper packaging, bags and sacks, including
coated paper, laminated paper, multi layer paper, cardboard reinforced paper
and coloured packaging. |
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No. of Employees : |
180 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 of 2008,
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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name :
GULF PACKAGING INDUSTRIES COMPANY LTD
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Start Date :
1984
Registration Date :
26th October 1989
Commercial Registration Number :
2050057350, Dammam
Chamber Membership Number :
98330
Issued Capital :
SR 136,500,000
Paid up Capital :
SR 136,500,000
Total Workforce :
180
Activities :
Manufacture of paper packaging, bags and sacks, including coated
paper, laminated paper, multi layer paper,
cardboard reinforced paper and coloured packaging.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Ali Al Sayed, Accounts Manager
GULF PACKAGING INDUSTRIES COMPANY LTD
Registered &
Physical Address
Location : Jubail Industrial City
PO Box : 1503
Town : Jubail 31951
Country : Saudi Arabia
Telephone : (966-13) 3412244
Facsimile : (966-13) 3404161
Email : info@gulfpack.com.sa
/ gulfpack@sps.net.sa
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Jubail.
Branch Office (s)
Location Description
Dammam – Al Khobar Highway Owned
factory premises
First Industrial City
PO Box: 8556
Dammam 31492
Tel: (966-13) 8471737 / 8472244 / 8570044 / 8576063
Fax: (966-13) 8471931 / 8577345 / 8572903
Name Position
John Abu
Najem President
Abdullah Al Sulaiman Abdul Aziz Al Rajhi Managing
Partner
Ali Hassan Al Jameel Chief
Executive Officer
Imran Chouhan Finance
Manager
Abdul Ghawi Al Asaad Marketing
Manager
Mohamed Ali Al Sayed Accounts
Manager
Shaye Eid Al Shaye Administration
Manager
Date of Establishment : Subject’s
operations date back to 1984, however it was registered on 26/03/1410 Hijri (corresponding to 26th October
1989)
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 2050057350, Dammam
Chamber Member No. : 98330
Issued Capital : SR 136,500,000
Paid up Capital : SR 136,500,000
Name of Partner
(s) Percentage
Al Rajhi Holding Co 99%
Riyadh
Rouwad Al Obour Co 1%
Riyadh
Arabian Gulf Manufacturers Ltd
Makkah Road, Kilo 3
PO Box: 2143
Jeddah 21451
Tel: (966-12) 6801416
Saudi Arabian Amiantit Co Ltd
PO Box: 1029
Riyadh 11431
Tel: (966-11) 4658665
Amar Line Maritime Co Ltd
Madinah Road
PO Box: 1689
Jeddah 21441
Tel: (966-12) 6510773
Al Rajhi / Al Sedais Co
Madinah Road
PO Box: 1597
Jeddah 21441
Tel: (966-12) 6511173
Al Rajhi Banking & Investment Corporation
Palestine Street
PO Box: 4514
Jeddah
Tel: (966-12) 6724554
Fax: (966-12) 6723805
Saudi Ceramic Co
PO Box: 3893
Riyadh 11481
Tel: (966-11) 4770715 / 4880379
Fax: (966-11) 4782897
Gulf Packaging System
Jeddah Industrial Area
PO Box: 2143
Jeddah 21451
Tel: (966-12) 6380735 / 6380736
Fax: (966-12) 6380737
National Trade & Construction Co
Activities: Engaged in the manufacture of paper packaging, bags and sacks,
including coated paper, laminated paper, multi layer paper, cardboard
reinforced paper and coloured packaging.
Production began in 1992 and annual capacity currently stands at 121,000
metric tonnes.
Import Countries: United Kingdom, Saudi Arabia, Germany and Belgium.
International Suppliers:
Montel Belgium
Titan Ltd United
Kingdom
Shulman Ltd United
Kingdom
Basel Germany
SABIC Saudi
Arabia
Petro Rabigh Saudi
Arabia
Brand Names: GULF PACK
Operating Trend: Steady
Subject has a workforce of approximately 180 employees.
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales SR
522,600,000 SR 526,210,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Mohamed Ali Al Sayed, Accounts
Manager
Saudi British Bank
PO Box: 1618
Dammam 31411
Tel: (966-13) 8331553
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.65.25 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
-- |
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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.