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Report No. : |
337551 |
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Report Date : |
26.08.2015 |
IDENTIFICATION DETAILS
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Name : |
JOTUN POWDER
COATINGS UAE LLC |
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Registered Office : |
Plot No. 200B, Abu Dhabi Road, Al Quoz Industrial Area, P O Box: 51033, Dubai |
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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 : |
14.12.1989 |
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Com. Reg. No.: |
40096, Dubai |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Manufacture of
paint and varnishes, including decorative paints, marine and protective
coatings and powder coatings. |
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No. of Employees : |
90 |
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 : JOTUN
POWDER COATINGS UAE LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date : 14th
December 1989
Commercial
Registration Number : 40096,
Dubai
Trade Licence
Number : 300419
Chamber Membership
Number : 17883
Issued Capital : UAE Dh
3,000,000
Paid up Capital : UAE Dh
3,000,000
Total Workforce : 90
Activities :
Manufacturers of paint and varnishes.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ms Rosdale, Accountant
JOTUN POWDER COATINGS
UAE LLC
Building : Plot No. 200B
Street : Abu Dhabi Road
Area : Al Quoz Industrial Area
PO Box : 51033
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3472515
Facsimile : (971-4) 3472815
Email : powder@jotun.co.ae / jyoti.chokshi@jotun.ae
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Dubai.
Name Nationality Position
·
Anwar
Bin Ali Bin Sultan Omani Managing Director
·
Sheikh
Hamdan Bin Rashid Al Maktoum Emirati Director
·
Hans Monsbaken - General
Manager
·
Jyoti Chokshi - Finance
Manager
·
Serena Gonsalves - Commercial
Manager
·
Ms Rosdale - Accountant
Date of Establishment : 14th
December 1989
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 40096, Dubai
Trade Licence No. : 300419
(Expires 16/08/2016)
Chamber Member No. : 17883
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
·
Sheikh
Hamdan Bin Rashid Al Maktoum 51%
·
Jotun AS 47%
Hystadvn 167
3248 Sandefjord
Norway
Tel: (47) 33457000
·
Taweel International Holding Ltd 2%
Jebel Ali Free Zone
Dubai
Jotun UAE Ltd (LLC) is a member of the well-known Jotun A/S of Norway, which
is one of the world’s leading industrial and heavy duty marine paints and
coatings manufacturers and suppliers. The group operates in 5 continents and in
over 40 countries.
The Jotun Group in the Middle East includes the following concerns :
·
Jotun UAE
Ltd (LLC)
Jotun Building
Airport Road
Rashidiya, Al Quoz Industrial
Area
PO Box: 3671
Dubai
United Arab Emirates
Tel: (971-4) 2857651 / 3395000
Fax: (971-4) 2859051 / 3380666
Email: jotunadh@emirates.net.ae
·
Jotun
Abu Dhabi LLC
Al Salam Street
PO Box: 3714
Abu Dhabi
Tel: (971-2) 6771697
Fax: (971-2) 6781710
Email: jotunadh@emirates.net.ae
·
Jotun
(Muscat) LLC
Rusayl Industrial Estate
PO Box: 1672
Muscat
Oman
Tel: (968) 24626100
·
Red Sea
Paints Co Ltd
PO Box: 34698
Jeddah 21478
Saudi Arabia
Tel: (966-12) 6361271
Fax: (966-12) 6362483
·
Ratinjat
Saudia Co Ltd
PO Box: 34698
Jeddah 21478
Saudi Arabia
Tel: (966-12) 6361271
Fax: (966-12) 6362483
·
Corro-Coat
Saudi Arabia Ltd
PO Box: 10830
Dammam 31443
Saudi Arabia
Tel: (966-13) 8121259
Fax: (966-13) 8121226
·
Jotun
Powder Coatings UAE (LLC)
PO Box: 51033
Dubai
United Arab Emirates
Tel: (971-4) 3472515
Fax: (971-4) 3472815
·
Jotun
Saudi Arabia Ltd
Al Gosaibi Building
PO Box: 2038
Jeddah 21451
Saudi Arabia
Tel: (966-12) 6532968
·
Jotun
Polymer Inc
Jebel Ali Free Zone
Dubai
United Arab Emirates
Tel: (971-4) 8835215
Fax: (971-4) 8835887
·
Jotun
Paints
Al Moayyed Building
Manama
Bahrain
Tel: (973-17) 533944
Fax: (973-17) 533482
·
Jotun
Paints
Industrial Zone
Ismailia
Egypt
Tel: (20-64) 327860
Fax: (20-64) 320946
·
Hepworth
Plastic Gulf (HPG)
Al Ramoul Industrial Area
PO Box: 2345
Dubai
United Arab Emirates
Tel: (971-4) 2852670
Fax: (971-4) 2857553
·
Bin Ham
Hepworth Plastic Gulf
PO Box: 6820
Abu Dhabi
United Arab Emirates
Tel: (971-2) 5727585
·
Ajay
Enterprises-Hepworth Plastic Gulf
PO Box: 1667
Jeddah
Saudi Arabia
Tel: (966-12) 6990890
·
Y.K. Al
Moayyed & Sons Hepworth Plastic Gulf
PO Box: 143
Manama
Bahrain
Tel: (973-17) 211518
Activities: Engaged in the manufacture of paint
specialising in thermosetting powder coatings.
Subject’s range consists of
two main areas:
- Corrosion protection systems primarily for oil
and gas pipelines and reinforcement steel.
- Decorative powder coatings intended to give
an attractive finish to mass produced
industrial goods.
Import
Countries: Europe and the
United States of America.
Operating Trend: Steady
Subject has a
workforce of 90 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 75,000,000 UAE Dh 77,000,000
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.
Established in
1989, subject is involved in the manufacture of paint and varnishes, including
decorative paints, marine and protective coatings and powder coatings.
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.66.71 |
|
|
1 |
Rs.105.10 |
|
Euro |
1 |
Rs.77.11 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
-- |
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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.