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MIRA INFORM REPORT
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Report No. : |
516518 |
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Report Date : |
25.06.2018 |
IDENTIFICATION DETAILS
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Name : |
ARC INTERNATIONAL MIDDLE EAST LLC |
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Registered Office : |
Ras Al Khaimah Highway, Al Jazeera Al Hamra, PO Box 3248, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
December 1998 |
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Com. Reg. No.: |
16459, Ras Al Khaimah |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject began production in December 1998 of opal glass tableware. In
March 2000 it started producing flint glass products as a part of its
expansion into this allied field. The company manufacture a wide variety of
dinner sets, plates, bowls, cups & saucers, glasses, oval platters,
available in contemporary and elegant designs. |
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No. of Employees : |
1,450 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 (31.12.2017) |
Current Rating (01.04.2018) |
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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, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. 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 |
SUMMARY
Company Name :
ARC INTERNATIONAL MIDDLE EAST LLC
Trading As :
RAK GLASS LLC
Country of Origin :
Ras Al Khaimah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
December 1998
Commercial Registration Number :
16459, Ras Al Khaimah
Trade Licence Number :
13282
Chamber Membership Number :
3504
Issued Capital : UAE Dh
68,350,000
Paid up Capital :
UAE Dh 68,350,000
Total Workforce :
1,450
Activities :
Producers of glass products
Financial Condition :
Good
Payments :
Regular
Operating Trend :
Steady
Person Interviewed :
Belraj Kumar, Finance Manager
COMPANY
NAME
ARC INTERNATIONAL MIDDLE EAST LLC
TRADING
AS
RAK GLASS LLC
ADDRESS
Registered &
Physical Address
Location : Ras Al Khaimah
Highway, Al Jazeera Al Hamra
PO Box :
3248
Town :
Ras Al Khaimah
Country : United Arab
Emirates
Telephone : (971-7) 2446600
/ 2051000
Facsimile : (971-7)
2446611 / 2051175
Mobile :
(971-50) 6470120 / 5876689 / 6343693 / (971-52) 9094112
Email :
rakglass@emirates.net.ae / infas@arc-intl.com / info@arc-intl.com / belraj.kumar@arc-intl.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Ras Al Khaimah.
KEY
PRINCIPALS
Name Position
Sheikh Saud Bin Saqer Al Qassimi Chairman
G Stephan Export
Manager
Sanathan Namibyar Administration
Manager
Belraj Kumar Finance
Manager
Barath Bhushan Chief
Financial Officer
LEGAL
FORM & OWNERS
Date of Establishment : December 1998
History : Subject was
originally established in 1998 under the name of “Al Manal Glass Co LLC” but
changed its name to the current style of “RAK Glass LLC” in June 2002.
In April 2004, the French based “Arc International” acquired an 80%
share in the subject’s ownership and the company was renamed under the current
style of “Arc International Middle East LLC”, trading as “RAK Glass LLC”
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 16459, Ras Al Khaimah
Trade Licence No. : 13282
Chamber Member No. : 3504
Issued Capital : UAE Dh 68,350,000
Paid up Capital : UAE Dh 68,350,000
Name of
Shareholder (s) Percentage
Arc International 80%
6 Place des Etats-Unis
75116 Paris
France
Tel: (33-1) 47237219
Fax: (33-1) 47202284
Email: paris@arc-intl.com
Sheikh Saud Bin Saqer Al Qassimi ]
]
Sheikh Omar Bin Saqer Al
Qassimi ]
]
Sheikh Ahmed Bin Saqer Al Qassimi ] 20%
]
Sheikh Mohamed Bin Saqer Al Qassimi ]
]
30 members of the Al Qassimi family ]
AFFILIATED
COMPANIES
Ras Al Khaimah Ceramics Co
Ajman Dubai Highway
Al Jezirah Area
PO Box: 4714
Ras Al Khaimah
Tel: (971-7) 2445046
Fax: (971-7) 2445270
Email: rakceram@emirates.net.ae
Al Hamra Fort Hotel
PO Box: 1468
Ras Al Khaimah
Tel: (971-7) 2446666
Fax: (971-7) 2446677
Email: hamfort@emirates.net.ae
Arc International Middle East LLC
Sama Tower, 5th Floor, Suite No. 502B-503B
Sheikh Zayed Road
PO Box: 122675
Dubai
Tel: (971-4) 6470278 / 3561111 / 3595323
Fax: (971-4) 3592021
OPERATIONS
Activities: Subject began production in December 1998 of opal glass tableware. In
March 2000 it started producing flint glass products as a part of its expansion
into this allied field. The company manufacture a wide variety of dinner sets,
plates, bowls, cups & saucers, glasses, oval platters, available in
contemporary and elegant designs
The company’s products range from plain white to elegantly designed opal
glass collection, which caters to the high specific and general needs of the
tableware industry. As well as having a wide collection of flint glass beverage
ware which suits the requirements of households as well as the foodservice
industry.
Production Capacity : 70 tonnes per day
Import Countries: Europe and GCC countries
Export Countries: Subject exports to more than 55 countries located
across the world, including Europe, South Africa and Venezuela
Operating Trend: Steady
Subject has a workforce of approximately 1,450 employees.
FINANCIAL
DATA
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales UAE
Dh 293,124,000 UAE Dh
295,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
BANKERS
National Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7) 2221127
Fax: (971-7) 2224202
United Arab Bank
Al Sabah Street
PO Box: 615
Ras Al Khaimah
Tel: (971-7) 2333556
Fax: (971-7) 2330922
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
Incorporated in 1998, subject is the only state of the art company
producing opal glassware in the Middle East & Gulf Co-operation Council
(GCC) countries. It specialises in the manufacture of opal and flint glass
tableware and is currently producing 70 tonnes per day.
Subject was previously known as “Al Manal Glass Co LLC” but changed its
name to “RAK Glass LLC” in June 2002. In April 2004, the French based “Arc
International” acquired an 80% share in the subject’s ownership and the company
was renamed under the current style of “Arc International Middle East LLC”,
trading as “RAK Glass LLC”.
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.77 |
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1 |
INR 89.95 |
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Euro |
1 |
INR 78.85 |
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UAE Dh |
1 |
INR 18.53 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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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
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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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.