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Report No. : |
312250 |
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Report Date : |
17.03.2015 |
IDENTIFICATION DETAILS
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Name : |
GREEN CREST
INDUSTRIES (ME) LTD |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, P O Box: 16790, 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 : |
26.12.1991 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Manufacture of
Polypropylene Bags, Plastic Sheets and LDPE/HDPE Shopping Bags. |
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No. of Employees : |
125 |
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 |
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Status : |
Moderate |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
Company Name : GREEN
CREST INDUSTRIES (ME) LTD
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Company
Registration Date : 26th
December 1991
Trade Licence
Number : 582
Chamber Membership
Number : 22788
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 125
Activities :
Manufacture of polypropylene bags, plastic sheets and LDPE/HDPE
shopping bags
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Khalid Tariq,
Finance Manager
GREEN CREST
INDUSTRIES (ME) LTD
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 16790
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8815255 / 8817675 / 8815178
Facsimile : (971-4) 8816533 / 8819091
Mobile : (971-50) 6567763
Email : gr123@emirates.net.ae / info@gcplast.com
Subject operates
from a large suite of offices and a factory that are rented and located in the
Jebel Ali Free Zone.
Name Position
·
Arshad
Farooq Managing
Director
·
Amjad
Farooq Director
·
Ahmed
Amjad Farooq General
Manager
·
Mohamed
Sultan Gulam Sales
Manager
·
Mohamed
Umar Administration
Manager
·
Khalid
Tariq Finance
Manager
·
Mohamed
Rizwan Public
Relations Manager
·
William
Loretta Human
Resources Manager
Date of Establishment : 26th
December 1991
Legal Form :
Free Zone Company
Trade Licence No. : 582
(Expires 25/12/2015)
Chamber Member No. : 22788
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Arshad
Farooq
·
Amjad
Farooq
·
Daikool Industries Ltd
Dubai
Activities: Engaged in the manufacture of polypropylene
bags, plastic sheets and LDPE/HDPE shopping bags.
The company specialises in producing the
following products:
Polypropylene woven Sacks
Fabric sheets
PP film/bags
LDPE /HDPE carrier bags with 6 colour printing viz. vest styled, punched out
handle, patch handle
Wicketer bags for bread packaging/Bakery bags
Heavy duty garbage bags and dustbin liner
The machinery ranges are as follows:
Raffia tape manufacturing extruder plant –
Austria, England made
Circular weaving machine 6 shuttle – Austria made
Automatic sack conversion line – Austria, Taiwan
Flexographic Printing machine - Austria
Blown Film extruder – Germany, Taiwan
Bag making machine – Germany, Taiwan
Bread making bag machine – Taiwan
Automatic bag making machines - Taiwan
6 colour - Roll-to-Roll - Flexographic printing machine - Taiwan
Production Capacity: 30,000,000 PP (Polypropylene) woven sacks
per annum; it has a total capacity of more than 400 Metric Tons of
Polypropylene and Polyethylene bags combined.
Import
Countries: Taiwan, Korea,
Indonesia, Qatar, Oman, Saudi Arabia and Europe
Suppliers:
·
QAPCO Qatar
·
Borouge Pte Ltd Abu
Dhabi
·
Oman Polyprolene Co Oman
·
Rakha Al Kahleej Co Dubai
·
SABIC Saudi
Arabia
Clients:
·
Oman
Flour Co Oman
Export Countries: Oman and Qatar
Brand Names: GCI
Operating Trend: Steady
Subject has a
workforce of approximately 125 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 35,506,971 UAE Dh 34,437,517
Local sources
consider subject’s financial condition to be Fair.
The above figures were provided by Mr Khalid Tariq, Finance Manager
·
HSBC Bank
Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
No complaints regarding
subject’s payments have been reported.
Credit amount 137,000 200,000
Amount overdue 0 0
Payment terms 180
days 180
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Euros
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.62.82 |
|
|
1 |
Rs.92.83 |
|
Euro |
1 |
Rs.66.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
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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 |
|
|
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.