MIRA INFORM REPORT

 

 

Report No. :

330422

Report Date :

04.07.2015

 

IDENTIFICATION DETAILS

 

Name :

EMIRATES NATIONAL FACTORY FOR PLASTIC INDUSTRIES LLC

 

 

Registered Office :

Industrial Estate No. 13, PO Box 23874, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

05.12.1995

 

 

Com. Reg. No.:

14665

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the manufacture of plastic products, including printed and plain shopping bags, courier envelopes and flyers, rubbish bags, polythene sheets, stretch film, air bubble film, double and triple laminated film bags and household aluminium foil.

 

 

No. of Employees :

400

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

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. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. 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. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. 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                                    : EMIRATES NATIONAL FACTORY FOR PLASTIC INDUSTRIES LLC

Country of Origin                                   : Sharjah, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 5th December 1995

Commercial Registration Number           : 14665, Sharjah

Trade Licence Number                           : 3742

Chamber Membership Number               : 37195

Issued Capital                                       : UAE Dh 164,000,000

Paid up Capital                                     : UAE Dh 164,000,000

Total Workforce                         : 400

Activities                                               : Manufacturers of plastic products.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Fadi Al Dahkeel, Import & Export Manager

 

COMPANY NAME

 

EMIRATES NATIONAL FACTORY FOR PLASTIC INDUSTRIES LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Industrial Estate No. 13

PO Box            : 23874

Town                : Sharjah

Country : United Arab Emirates

Telephone         : (971-6) 5436060

Facsimile          : (971-6) 5439595

Mobile              : (971-52) 9010835 / 9010700

Email                : mazen.sharaih@enbigroup.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                    Position

 

Omar Abdullah Abdulaziz Al Shamsi                   Emirati                          Managing Director

 

Nazeer Badi Rajoub                                           Syrian                           Director

 

Mazen Sharaih                                                       -                               General Manager

 

Samer Qababah                                                    -                               Administration Manager

 

Fadi Al Dahkeel                                                     -                               Import & Export Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 5th December 1995

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 14665, Sharjah

 

Trade Licence No.        : 3742 (Expires 02/12/2015)

 

Chamber Member No.  : 37195

 

Issued Capital              : UAE Dh 164,000,000

 

Paid up Capital            : UAE Dh 164,000,000

 

Name of Shareholder (s)                                                           Percentage

 

Saudi Printing Packaging Co (SPPC)                                              100%

Al Nakhil Tower

King Fahad Road

Riyadh

Saudi Arabia

Tel: (966-11) 2884884

Fax: (966-11) 2884900

 

 

AFFILIATED COMPANIES

 

United Security LLC

Sharjah

United Arab Emirates

 

City Pak LLC

Sharjah

United Arab Emirates

 

United International Clear Packaging

Sharjah

United Arab Emirates

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic products, including printed and plain shopping bags, courier envelopes and flyers, rubbish bags, polythene sheets, stretch film, air bubble film, double and triple laminated film bags and household aluminium foil.

 

Import Countries: Europe and the United States of America

 

Operating Trend: Steady

 

Subject has a workforce of approximately 400 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 791,428,059                 UAE Dh 812,601,337

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Standard Chartered Bank

Al Boorj Avenue

PO Box: 5

Sharjah

Tel: (971-6) 5357788

Fax: (971-6) 5543604

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                November 2006                         October 2008

Credit amount                                       150,000                         160,000

Amount overdue                                    0                                              0

Payment terms                                      60 days                                                90 days

Payment Method                                   Letters of Credit                                    Letters of Credit

Paying record                                       No Complaints                          No Complaints

Currency                                               US Dollars                                Euros

 

 

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.63.40

UK Pound

1

Rs.98.94

Euro

1

Rs.70.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               

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.