MIRA INFORM REPORT

 

 

Report No. :

352518

Report Date :

07.12.2015

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL PAINTS FACTORIES CO LLC (NPFCL)

 

 

Registered Office :

National Paints Building 5th Street (End of Emirates Road) Industrial Area No. 13, PO Box 5822, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

20.09.1977

 

 

Com. Reg. No.:

1213, Sharjah

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Subject is engaged in the manufacture and marketing of a wide range of paints for the following purposes - industrial, decorative, marine, automotive and furniture

 

 

No. of Employee :

1,350

 

 

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 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

 

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

NATIONAL PAINTS FACTORIES CO LLC (NPFCL)

 

2) Registered Address:

Address

:

National Paints Building 5th Street (End of Emirates Road) Industrial Area No. 13

Town

:

Sharjah

Country

:

United Arab Emirates

PO Box

:

5822

Phone (s)

:

(971-6) 5340111

 

 

(971-6) 5343116

 

 

(971-6) 5130000

Facsimile

:

(971-6) 5340222

 

 

(971-6) 5343115

Email

:

npfcl@national-paints.com

 

 

paints@emirates.net.ae

 

 

emadkh@national-paints.com

 

 

fadin@national-paints.com

 

 

marwahm@national-paints.com

 

3) Operational Address & Contact Details:

Address

:

National Paints Building 5th Street (End of Emirates Road) Industrial Area No. 13

Town

:

Sharjah

Country

:

United Arab Emirates

PO Box

:

5822

Phone (s)

:

(971-6) 5340111

 

 

(971-6) 5343116

 

 

(971-6) 5130000

Facsimile

:

(971-6) 5340222

 

 

(971-6) 5343115

Email

:

npfcl@national-paints.com

 

 

paints@emirates.net.ae

 

 

emadkh@national-paints.com

 

 

fadin@national-paints.com

 

 

marwahm@national-paints.com

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Limited Liability Company - LLC

Date of Registration

:

20th September 1977

Trade License Number

:

3103

Certificate

:

ISO 9002

Commercial Registration Number

:

1213, Sharjah

 

OTHER REGISTRATION/ MEMBERSHIPS

 

Chamber Membership Number

:

3725

 

KEY FACTS

 

Operational Status

:

Steady

Financial Condition

:

Good

Primary Business Activity

:

Manufacture and marketing of paints.

Number of Employees

:

1,350

Production Capacity

:

120,000 tonnes per annum

Capital

:

UAE Dh 2,100,000

Note:

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.

 

CAPITAL DETAILS

 

Issued Capital:

NO OF SHARES

VALUE OF SHARE

AMOUNT

N/A

N/A

UAE Dh 2,100,000

 

Paid Up Capital:

NO OF SHARES

 

AMOUNT

N/A

N/A

UAE Dh 2,100,000

 

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 260,000,000

UAE Dh 265,800,000

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

The above figures were provided by Mr Marwa H Mahmoud, Purchasing Manager

 

BANKERS

 

1

Name

United Arab Bank

 

Po Box

881 Sharjah

 

Tel

(971-6) 5354111

 

2

Name

Arab Bank Plc

 

Address

Al Maktoum Street

 

PO Box

11364 Dubai

 

Tel

(971-4) 2228845

 

Fax

(971-4) 2285974

 

 

(971-4) 2940847

 

BRANCH OFFICES

 

1

PO Box

27455 Abu Dhabi

 

Tel

(971-2) 6340400

 

Fax

(971-2) 6340411

 

Description

Sales Office & showroom

 

2

Address

Al Ain

 

Tel

(971-3) 7551313

 

Fax

(971-3) 7551315

 

Description

Sales Office & showroom

 

3

Address

Dubai

 

Tel

(971-4) 2651651

 

Fax

(971-4) 2651656

 

Description

Sales Office & showroom

 

4

Address

Ras Al Khaimah

 

Tel

(971-50) 4948561

 

Fax

(971-7) 2332618

 

Description

Sales Office & showroom

 

5

Address

Fujairah

 

Tel

(971-50) 7107501

 

Fax

(971-9) 2223616

 

Description

Sales Office & showroom

 

SHAREHOLDERS

 

1

Name

National Paints Factory Co Ltd (NPFCO)

 

Address

Abu Alanda

 

PO Box

533 Amman 11592 Jordan

 

Tel

(962-6) 4162481

 

Fax

(962-6) 4162483

 

2

Name

Ahmed Mohamed Hamd Al Medfaa

 

SENIOR MANAGEMENT

 

Sr.No

Name

Nationality

Dsignation

1

Thamer Salim Faiq Sayegh

Jordanian

Managing Director

2

Ibrahim Faiq Sayegh

Jordanian

Director

3

Michael Faiq Sayegh

Jordanian

Director

4

Ahmed Mohamed Hamd Al Medfaa

Emirati

Director

5

Emad Al Huneidi

n/a

Finance Manager

6

Fadi Nadaff

n/a

Financial Controller

7

Fathi Trabulsi

n/a

Administration Manager

8

Mustafa M Sulaiman

n/a

Commercial Manager

9

Loay Assaf Al Nemeh

n/a

Personnel Manager

10

Marwa H Mahmoud

n/a

Purchasing Manager

11

Ghobal Kanoshia

n/a

Production Manager

12

Naeem Mouj

n/a

Marketing Manager

13

Abdul Raoof Fakhera

n/a

Sales Manager

14

Elias Fayad

n/a

Export Manager

 

AFFILIATED COMPANIES

 

1

Name

National Paints Factory Co Ltd

 

Address

Amman

 

2

Name

National Paints Factories Co WLL

 

Address

Street No. 41New Industrial Area

 

PO Box

40544 Doha Qatar

 

Tel

(974) 4601602

 

 

 

 

 

 

 

(974) 4601603

 

Fax

(974) 4600368

 

 

(974) 4602721

 

Email

npf@qatar.net.qa

 

3

Name

National Canning Industries Co Ltd

 

PO Box

533 Amman Jordan

 

4

Name

United Locks Co Ltd

 

PO Box

533 Amman Jordan

 

5

Name

National Drums Co Ltd

 

Address

533 Amman Jordan

 

6

Name

Emirates Metallic Industries Co (EMIC)

 

Address

Industrial Area No. 6

 

PO Box

6258 Sharjah

 

Tel

(971-6) 5341526

 

Fax

(971-6) 5341265

 

Email

emic@emirates.net.ae

 

7

Name

Alva Paints

 

Address

Dubai United Arab Emirates

 

Tel

(971-4) 2852685

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.No

Country

Activity

1

Saudi Arabia

Import

2

Europe

Import

3

GCC

Import

 

Internationl Suppliers:

 

Sr.No

Name

Country

1

Transocean Marine Paint

Netherlands

2

 Dyrup Co

Denmark

3

Shell Middle East

Dubai

4

SABIC

Saudi Arabia

5

SIPCHEM

Saudi Arabia

6

National Tatinium Dixoide Co (Crystal)

Saudi Arabia

 

BRNAD NAMES  

 

Sr.No

Name

1

PAINTCO

 

PREMISES

 

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.

 

PAYMENT

 

No complaints regarding subject’s payments have been reported.

Date of transaction

Dec-02

May-07

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

 

ADVERSE DATA

 

Performance Defaults

:

No record found

Payment Defaults

:

No record found

Adverse Press Coverage

:

No record found

Litigations

:

No record found

Former Business Relationships

:

No record found

 

INVESTIGATOR'S COMMENTS

 

Person (s) Interviewed   : Fadi Nadaff, Financial Controller

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.66.84

UK Pound

1

Rs.101.04

Euro

1

Rs.73.05

UAE DH

1

Rs. 18.14

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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