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Report No. : |
343433 |
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Report Date : |
02.10.2015 |
IDENTIFICATION DETAILS
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Name : |
KINGSPAN
INSULATED PANELS MANUFACTURING LLC |
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Registered Office : |
Dubai Investment Park Warehouse, Emirates Street, Jebel Ali Free Zone, P O Box: 60493, 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 : |
27.10.1992 |
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Com. Reg. No.: |
46364, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of insulation products and panels, import and distribution
of structural steel, solar products, engineered
timber systems, flooring and environmental products. |
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No. of Employees : |
70 |
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) |
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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, 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 diversification and creating more opportunities for nationals through
improved education and increased private sector employment.
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Source
: CIA |
Company Name : KINGSPAN
INSULATED PANELS MANUFACTURING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 27th
October 1992
Commercial
Registration Number : 46364,
Dubai
Trade Licence
Number : 300682
Chamber Membership
Number : 25563
Issued Capital : UAE Dh
1,453,000
Paid up Capital : UAE Dh
1,453,000
Total Workforce : 70
Activities :
Manufacture of insulation products and panels and distribution of structural steel, solar products,
engineered timber systems, flooring and environmental products
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
KINGSPAN INSULATED
PANELS MANUFACTURING LLC
Building : Dubai Investment Park Warehouse
Street : Emirates Street
Area : Jebel Ali Free Zone
PO Box : 60493
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8854232 / 3245454
Facsimile : (971-4) 8854223 / 3249451
Mobile : (971-50) 6242750 / 4522807
Email : murali.ayalur@rigidal.com
Subject operates from
a medium sized suite of offices and a workshop that are rented and located in
the Jebel Ali Free Zone Area of Dubai.
Name Position
·
Shrini
Menon General
Manager
Date of Establishment : 27th
October 1992
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 46364, Dubai
Trade Licence No. : 300682
(Expires 26/10/2015)
Chamber Member No. : 25563
Issued Capital : UAE Dh 1,453,000
Paid up Capital : UAE Dh 1,453,000
·
Spot
Business Solution LLC 51%
United Arab Emirates
·
Kingspan
Overseas Investments Ltd 49%
United Kingdom
Activities: Engaged
in the manufacture of insulation products and panels, import and distribution
of structural steel, solar products, engineered timber systems, flooring and
environmental products.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 70 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
16,225,000 UAE Dh
17,100,000
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.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and the
company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.74 |
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|
1 |
Rs.99.53 |
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Euro |
1 |
Rs.73.80 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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.