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MIRA INFORM REPORT
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Report No. : |
507492 |
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Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
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Name : |
RAK GHANI GLASS LLC |
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Registered Office : |
Rakia Industrial Zone 1, Plot 94B, Al Hamra
Industrial Zone, PO Box 6672, 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 : |
01.10.2006 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the manufacture of glass bottles for the
pharmaceutical industry. Subject has an annual production capacity of 44,000
tonnes or 600 Million (p.a.) light weight pharmaceutical glass containers of
European standards. |
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No. of Employees : |
200 |
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 : |
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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 |
SUMMARY
Company Name :
RAK GHANI GLASS LLC
Country of Origin :
Ras Al Khaimah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
1st October 2006
Trade Licence Number :
26IZ10060100
Issued Capital :
UAE Dh 44,000,000
Paid up Capital :
UAE Dh 44,000,000
Total Workforce : 200
Activities :
Manufacturers of glass bottles
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
Person Interviewed :
Tahir Ghafoor Khan, Purchasing Manager
COMPANY
NAME
RAK GHANI GLASS LLC
ADDRESS
Registered &
Physical Address
Location :
Rakia Industrial Zone 1, Plot 94B, Al Hamra Industrial Zone
PO Box :
6672
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Telephone : (971-7) 2444524
/ 2362549
Facsimile : (971-7)
2444523 / 2362749
Mobile :
(971-50) 4320018
Email :
info@rakghaniglassllc.com / admin@rakghaniglassllc.com /
naveed.ahmed@rakghaniglassllc.com / proc.m.gr@rakghaniglassllc.om
Premises
Subject operates from a suite of offices and a factory covering an area
of 12,000 m2 that are rented and located in the Industrial Area of Ras Al
Khaimah.
Branch Offices
Location Description
50-L Model Town Extension Office
premises
Lahore
Pakistan
Tel: (92-42) 5203975 / 5203976
Fax: (92-42) 5160314
KEY
PRINCIPALS
Name Position
Imtiaz Ahmad Khan Chief
Executive Officer
Tahir Ghafoor Khan Purchasing
Manager
Tilal Safdar Marketing Manager
Nadeem Butt Marketing
Officer
Ahmed Haseeb Finance
Manager
Naveed Ahmed Assistant
Finance Manager
Saleem Mohamed Administration Manager
LEGAL
FORM & OWNERS
Date of Establishment : 1st
October 2006
Legal Form : Limited Liability
Company - LLC
Trade Licence No. : 26IZ10060100
Issued Capital : UAE Dh 44,000,000
Paid up Capital : UAE Dh 44,000,000
Name of
Shareholder (s) Percentage
RAKIA Investment Authority 51.00%
J S Investment Holding 18.30%
Cayman Islands
Ghani Glass Co 18.30%
Pakistan
SJC RAK Ghani 12.40%
Cayman Islands
OPERATIONS
Activities: Engaged in the manufacture of glass bottles for the pharmaceutical
industry. Subject has an annual production capacity of 44,000 tonnes or 600
Million (p.a.) light weight pharmaceutical glass containers of European
standards.
Subject is ISO 9001 accredited.
Import Countries: Europe, Pakistan, Saudi Arabia, Oman, Egypt and
the United States of America
International
Suppliers:
Zamil Chemical Saudi
Arabia
Saleh Abdulaziz
Abahassain Co Saudi Arabia
Northern Mineral Co Oman
Operating Trend: Steady
Subject has a workforce of approximately 200 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 84,000,000 UAE Dh
85,650,000
Local sources consider subject’s financial condition to be Fair.
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
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
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 67.08 |
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1 |
INR 91.14 |
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Euro |
1 |
INR 80.00 |
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UAE Dh |
1 |
INR 18.37 |
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
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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
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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.