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MIRA INFORM REPORT
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Report No. : |
485517 |
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Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
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Name : |
JOTUN ABU DHABI LLC |
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Registered Office : |
Musaffah Industrial Area, Road 14, Abu Dhabi, Po box 3714 |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
26.04.1993 |
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Com. Reg. No.: |
25007 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is Engaged in the
manufacture of protective and marine coatings, floor systems and decorative
paints as well as gel coal and polyester resin. |
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No. of Employees : |
168 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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
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Source
: CIA |
IDENTIFICATION
& CONTACT DETAILS
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1)
Name (s): |
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Organization Official Name |
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JOTUN ABU DHABI LLC |
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2) Registered
Address: |
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Address |
: |
Musaffah Industrial Area, Road
14 |
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Town |
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Abu Dhabi |
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Country |
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United Arab Emirates |
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PO Box |
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3714 |
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Phone (s) |
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(971-2) 5510300 / 6910700 |
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Facsimile |
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(971-2) 5510232 |
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Email |
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jotunadh@emirates.net.ae /
csd@jotunadh.ae / csd@jotun.com / finance.auh@jotun.com |
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3)
Operational Address & Contact Details: |
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Address |
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Musaffah Industrial Area, Road
14 |
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Town |
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Abu Dhabi |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
3714 |
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Phone (s) |
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(971-2) 5510300 / 6910700 |
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Facsimile |
: |
(971-2) 5510232 |
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Email |
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jotunadh@emirates.net.ae /
csd@jotunadh.ae / csd@jotun.com / finance.auh@jotun.com |
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LEGAL
FORM & INCORPORATION (REGISTRATION) DETAILS
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Legal Form - Category |
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Limited Liability Company –
LLC |
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Start Date |
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1974 |
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Date of Registration |
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26th April 1993 |
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Industrial Licence Number |
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311 |
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Commercial Registration Number |
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25007, Abu Dhabi |
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Date of Establishment |
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Subject’s operations date back
to 1974, however it was registered on 26th April 1993. |
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OTHER
REGISTRATION/ MEMBERSHIPS
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Chamber Membership Number |
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15744 |
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KEY
FACTS
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Operational Status |
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Steady |
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Financial Condition |
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Good |
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Primary Business Activity |
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Manufacture of paints and
coatings |
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Number of Employees |
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168 |
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Capital |
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UAE Dh 4,000,000 |
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Note: |
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Engaged in the manufacture of
protective and marine coatings, floor systems and decorative paints as well |
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CAPITAL
DETAILS
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Issued
Capital: |
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No
of Shares |
No
of Shares |
Amount |
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N/A |
N/A |
UAE Dh 4,000,000 |
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Paid
Up Capital: |
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No
of Shares |
No
of Shares |
Amount |
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N/A |
N/A |
UAE Dh 4,000,000 |
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FINANCIAL
DATA
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Financial highlights provided
by local sources are given below: |
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Currency: United Arab Emirates
Dirham (UAE Dh) |
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Year
Ending 31/12/15: |
Year
Ending 31/12/16: |
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Total
sales |
UAE Dh 350,000,000 |
UAE Dh 340,000,000 |
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Local sources consider
subject’s financial condition to be Good. |
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The above figures were
provided by Mr Sisa Raman Subramanian, Financial Manager |
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BANKERS
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1 |
Name |
National Bank of Abu Dhabi |
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Address |
Sheikh Khalifa Street |
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PO Box |
4 Abu Dhabi |
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Tel |
(971-2) 6345777 / 6327113 /
6335262 |
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Fax |
(971-2) 6336078 |
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2 |
Name |
Citibank |
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Address |
Al Salam Street |
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PO Box |
999 Abu Dhabi |
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Tel |
(971-2) 6742484 |
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Fax |
(971-2) 6744742 |
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SHAREHOLDERS
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1 |
Name |
Jotun UAE Ltd (LLC) |
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Address |
Jotun Building Airport Road
Rashidiya, Al Quoz Industrial Area |
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PO Box |
3671 Dubai United Arab
Emirates |
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Tel |
(971-4) 2857651 / 3395000 |
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Fax |
(971-4) 2859051 / 3380666 |
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Email |
jotunadh@emirates.net.ae |
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2 |
Name |
Jotun Paints A/S |
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Address |
2021 Hasle N-3235 Sandefjord
Norway |
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Tel |
(47-33) 457000 |
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Fax |
(47-33) 464613 |
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3 |
Name |
Capital Investment Co LLC |
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Address |
8867 Dubai United Arab
Emirates |
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Tel |
(971-4) 2628222 |
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Fax |
(971-4) 2628111 |
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SENIOR
MANAGEMENT
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Sr.No |
Name |
Designation |
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1 |
Yasser Hassan |
General Manager |
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2 |
Sudhair Patel |
Operations Manager |
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3 |
Thomas Zakaria |
Human Resources Manager |
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4 |
Sisa Raman Subramanian |
Financial Manager |
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5 |
Alex Jacoub |
Commercial Manager |
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6 |
Ann Muranda |
Customer Services Manager |
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7 |
Sunil Pillai |
Sales Executive |
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8 |
Samir Mostafa |
Senior Accountant |
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AFFILIATED
COMPANIES
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Jotun UAE Ltd (LLC) is a
member of the well known Jotun A/S of Norway, which is one of the world’s leading
industrial and heavy duty marine paints and coatings manufacturers and
suppliers. The group operates in 5 continents and in over 40 countries. |
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• Corro-Coat Saudi Arabia Ltd |
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• Jotun Paints |
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• Ajay Enterprises-Hepworth
Plastic Gulf |
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INTERNATIONAL
TRADE ACTIVITY MARKETS
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Sr.No |
Country |
Activity |
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1 |
Norway |
Import |
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2 |
Germany |
Import |
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3 |
Japan |
Import |
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PREMISES
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Subject operates from a suite
of offices and a factory covering 25,000 square metres that are owned and
located in the Industrial Area of Abu Dhabi. |
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PAYMENT
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No complaints regarding subject’s
payments have been reported. |
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ADVERSE
DATA
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Performance Defaults |
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No
record found |
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Payment Defaults |
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No
record found |
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Adverse Press Coverage |
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No
record found |
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Litigations |
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No record
found |
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Former Business Relationships |
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No
record found |
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INVESTIGATOR'S
COMMENTS
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Person
Interviewed : Sisa Raman Subramanian,
Financial Manager |
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Jotun Abu Dhabi LLC is well established
in the local paints market with operations dating back to 1974. It has
supplied products to a number of prestigious projects and enjoys an excellent
reputation for the quality of its products. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.83 |
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1 |
INR 85.28 |
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Euro |
1 |
INR 76.14 |
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UAE DH |
1 |
INR 17.36 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.