MIRA INFORM REPORT

Report No. :	493316
Report Date :	20.02.2018

IDENTIFICATION DETAILS

Name :	INTERPLAST COMPANY LTD
Registered Office :	Industrial Area No. 1, Sharjah PO Box 4679
Country :	United Arab Emirates
Financials (as on) :	31.12.2016
Date of Incorporation :	22.02.1982
Com. Reg. No.:	58788
Legal Form :	Limited Liability Company
Line of Business :	Subject is engaged in the manufacture of polyvinyl chloride (PVC) compounds suitable for the production of both rigid and flexible pipes in all specifications, mineral water bottles (under licence from Dun Plastique of France), oil and other crystal bottles, thermoformed cups and trays, as well as flexible PVC hoses. Subject also specialises in the extrusion and production of conduit fittings and cable coverings.
No. of Employees :	1,800

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
United Arab Emirates	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 from the oil and gas sector to 30%.

Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.

The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, 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			:	INTERPLAST COMPANY LTD
2) Registered Address:
Address			:	Industrial Area No. 1
Town			:	Sharjah
Country			:	United Arab Emirates
PO Box			:	4679
Phone (s)			:	(971-6) 5339090 / 5596887 / 5377681 / 5371599 / 5324404
Facsimile			:	(971-6) 5336905 / 5596905
Email				interplast@emirates.net.ae / john@interplast-uae.com / koshy@interplast-uae.com
3) Operational Address & Contact Details:
Address			:	Industrial Area No. 1
Town			:	Sharjah
Country			:	United Arab Emirates
PO Box			:	4679
Phone (s)			:	(971-6) 5339090 / 5596887 / 5377681 / 5371599 / 5324404
Facsimile			:	(971-6) 5336905 / 5596905
Email				interplast@emirates.net.ae / john@interplast-uae.com / koshy@interplast-uae.com
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category			:	Limited Liability Company
Date of Registration			:	22nd February 1982
Trade License Number			:	3155
Commercial Registration Number			:	58788, Sharjah
OTHER REGISTRATION/ MEMBERSHIPS
Chamber Membership Number			:	3790
KEY FACTS
Operational Status		:		Steady
Financial Condition		:		Good
Primary Business Activity		:		Manufacturers of PVC compounds
Number of Employees		:		1,800
Capital		:		UAE Dh 100,000,000
Production Capacity		:		65,000 metric tonnes per annum
Note:
Engaged in the manufacture of polyvinyl chloride (PVC) compounds suitable for the production of both rigid and flexible pipes in all specifications, mineral water bottles (under licence from Dun Plastique of France), oil and other crystal bottles, thermoformed cups and trays, as well as flexible PVC hoses. Subject also specialises in the extrusion and production of conduit fittings and cable coverings. The company gained ISO 9001 Certification in December 1997.
CAPITAL DETAILS
Issued Capital:
No of Shares				No of Shares				Amount
N/A				N/A				UAE Dh 100,000,000
Paid Up Capital:
No of Shares				No of Shares				Amount
N/A				N/A				UAE Dh 100,000,000
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
				Year Ending 31/12/15:				Year Ending 31/12/16:
Total Sales				UAE Dh 813,000,000				UAE Dh 800,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Koshy Thomas, Financial Controller
BANKERS
1	Name						ANZ Grindlays Bank Plc
	Address						Al Boorj Avenue
	PO Box						357 Sharjah
	Tel						(971-6) 5359998
	Fax						(971-6) 5357046
2	Name						United Arab Bank
	PO Box						881 Sharjah
	Tel						(971-6) 5354111
SHAREHOLDERS
1	Name						Harwal Company
	Country						Cyprus
	Percentage						29.50%
2	Name						Al Ahlia Trading & Industrial Ltd
	Percentage						24.00%
3	Name						Gulf Investment Corporation (GIC) (Al Khaleej Investment Est)
	Country						Kuwait
	Percentage						23.50%
4	Name						Al Dhaheri Group
	Percentage						13.00%
5	Name						Emirates Industrial Bank
	Percentage						10.00%
SENIOR MANAGEMENT
Sr.No	Name						Designation
1	Harout Ohanesian						Chairman
2	Sheikh Suroor Al Dhaheri						Managing Director
3	H.E. Juan Salem Al Dhaheri						Director
4	Bedross Bombakian						General Manager
5	John Korean						Finance Manager
6	K H M Bashir						Administration Manager
7	Farahat Kiwan						Public Relations Manager
8	Humayun Akhtar						Production Manager
9	Koshy Thomas						Financial Controller
10	Praviv Kulkarani						Commercial Manager
AFFILIATED COMPANIES
• Cosmoplast Industrial Limited WLL Sharjah Industrial Area No. 2 PO Box: 6032 Sharjah Tel: (971-6) 5331264 Fax: (971-6) 5331917 • Inter Metal Ltd Sharjah Industrial Area No. 1 PO Box: 22285 & 4679 Sharjah Tel: (971-6) 5322462 Fax: (971-6) 5337271 • Mayfair International Sales Italia Srl Via Porpora 5 Milan 20131 Italy Tel: (39-2) 26147455 Fax: (39-2) 2828582
• US Polymers Inc 6915 East Slauson Avenue Commerce CA 90040 United States of America Tel: (1-213) 7283023 Fax: (1-213) 7282823 • International Plastics Centre LLC PO Box: 8923 Riyadh 11493 Saudi Arabia Tel: (966-11) 2267110 Fax: (966-11) 2267110 • Interplast SA 8 Rue de l’Ancienne Comedie 75006 Paris France Tel: (33-1) 46342374 Fax: (33-1) 43264320
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country						Activity
1	Netherlands						Import
2	Belgium						Import
3	United Kingdom						Import
4	Saudi Arabia						Import
5	Europe						Export
6	South-East Asia						Export
7	Africa						Export
8	Arab states						Export
Clients :
Sr.No	Name						Country
1	Majed Plastic Containers Trading						Dubai, UAE
2	Al Ghazal Trading Est						Ajman, UAE
3	Asia Plastic & Packaging Factory						Saudi Arabia
International Suppliers:
Sr.No	Name						Country
1	•N.C. Trading Holland BV						Netherlands
2	Haagan Chemie						Netherlands
3	Mitsui & Co Benelux SA						Belgium
4	Exxon Chemicals International Inc						Belgium
5	ICI Chemicals-Polymers (UK)						United Kingdom
6	Sabic Marketing						Saudi Arabia
BRNAD NAMES
Sr.No	Name
1	IP-HARWAL
2	DECODUCT
3	DECOFORM
4	DECOPACK
5	EDISON
6	FLEXIPACK
7	INTERGARD
PREMISES
Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Sharjah.
PAYMENT
Regular
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 Interviewed : Koshy Thomas, Financial Controller
Opinion on the credit figure of EUR 250,000: Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.91
UK Pound	1	INR 90.31
Euro	1	INR 80.17
UAE DH	1	INR 17.63

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	KET

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.