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Report No. : |
354864 |
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Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
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Name : |
JBF
RAK LLC |
|
|
|
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Registered Office : |
Al Jazera Al Hamra Area, P O Box: 6574, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
01.05.2007 (Production Began in July 2007) |
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Com. Reg. No.: |
29204,
Ras Al Khaimah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of PET Resin and Films for Bottles. |
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No. of Employees : |
570 |
RATING & COMMENTS
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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 |
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Payment Behaviour : |
Regular |
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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 |
|
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 |
Company Name : JBF RAK LLC
Country of Origin : Ras Al
Khaimah, United Arab Emirates
Legal Form : Limited Liability
Company - LLC
Registration Date : 1st
May 2007
Commercial
Registration Number : 29204, Ras Al Khaimah
Industrial Licence
Number : 10RZ4 11070787
Chamber Membership
Number : 72357
Issued Capital : UAE Dh
237,159,000
Paid up Capital : UAE Dh
237,159,000
Total Workforce : 570
Activities :
Manufacture of PET resin and films for bottles
Financial Condition : Good
Payments : Regular
Operating Trend : Steady
Person Interviewed : Prakash Raval, Finance Manager
JBF RAK
LLC
Location : Al Jazera
Al Hamra Area
PO Box : 6574
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2447269
/ 2447289 / 2047100
Facsimile : (971-7) 2447202
/ 2447279 / 2446620
Mobile : (971-50) 4874175 / 5401514
Email : cba@jbfrak.ae / prakashraval@jbfrak.ae
Subject operates
from a large suite of offices that are rented and located in the Industrial
Area of Ras Al Khaimah.
Name Position
·
Cheerag P Arya Managing
Director
·
Rohit Maindwali General
Manager
·
Antonea D'souza Purchasing
Manager
·
Prakash
Raval Finance
Manager
·
Gangadar S Poojar Assistant
Finance Manager
·
Gopal
Krishna Export
Manager
Date of Establishment : 1st
May 2007 (Production began in July 2007)
History :
Subject began in 2007 under
the name “JBF RAK FZ LLC”. However in 2008 it changed its
name to “JBF RAK LLC”.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 29204, Ras Al Khaimah
Industrial Licence No. : 10RZ4 11070787
Chamber Member No. : 72357
Issued Capital : UAE Dh 237,159,000
Paid up Capital : UAE Dh 237,159,000
·
Ras Al Khaimah Investment Authority (RAKIA) 51%
·
JBF Global Pte Ltd 49%
Singapore
·
JBF Bahrain SPC
Manama
Bahrain
·
JBF Global Europe BVBA
Belgium
Activities: Engaged in the manufacture of PET resin and films for bottles.
JBF RAK produces 360,000 TPA of finest Bottle Grade PET Resin, and 102,000 TPA
of BOPET Film under the brand name
ARYAPET.
Import
Countries: India, China,
Italy, Belgium, Germany, Saudi Arabia and South Korea.
International Suppliers:
·
SABIC Saudi
Arabia
·
Samsung C & T
Corporation South Korea
·
Hyosing Corporation South Korea
·
Mitsui Belgium
Operating Trend: Steady
Subject has a
workforce of approximately 570 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year Ending
31/03/13: Year Ending
31/03/14: Year Ending
31/03/15:
Total Sales US$ 586,704,109 US$ 800,000,000 US$ 860,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Prakash
Raval,
Finance Manager
·
National
Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7) 2221127
Fax: (971-7) 2224202
·
HSBC
Bank Middle East
PO Box: 9
Ras Al Khaimah
Tel: (971-7) 2330200
·
Mashreq
Bank
PO Box: 700
Ras Al Khaimah
Tel: (971-7) 2037216
Regular
Abu Dhabi Islamic Bank (ADIB), a
top-tier Islamic financial services institution, announced in February 2012
that it had closed a UAE Dh 275 million (US$ 75M) syndicated Islamic financing facility
for JBF RAK LLC, a subsidiary of JBF Industries.
This marks the debut Islamic finance
facility for JBF RAK, a specialist polymer manufacturer focused on PET polymer
resin chips (chips) and BOPET film products (films). It is a leader in the
Middle East region with a market share of over 20% in chips and film products.
The financing will be used to expand
JBF RAK production in Ras Al Khaimah including the purchase of new machinery
and equipment and to optimize its debt profile by introducing Islamic term
funding.
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.66.99 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.73.47 |
|
UAE Dh |
1 |
Rs.18.26 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.