MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
INTERCARE LIMITED |
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Registered Office : |
Industrial Area
No. 15, PO Box 5628, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
1972 |
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Com. Reg. No.: |
166066, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject’s operations are performed through the following divisions: Fencing Division,
Building Materials Division, Washroom Hygiene Division Coatings
Division, nteriors Division, Floorcare Division |
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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : INTERCARE LIMITED
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1972
Registration Date : 19th December 1987
Commercial Registration Number : 166066, Sharjah
Trade Licence Number : 110642
Chamber Membership Number : 18660
Issued Capital : UAE Dh 3,200,000
Paid up Capital : UAE Dh 3,200,000
Total Workforce : 350
Activities : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 500,000
COMPANY NAME
INTERCARE LIMITED
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 15
PO Box : 5628
Town :
Sharjah
Country : United Arab Emirates
Telephone : (971-6) 3545500 / 5334013 / 5342595
Facsimile : (971-6) 5341862
Email : intercare@emirates.net.ae
Premises
Subject operates
from a large suite of offices, a factory and warehousing that are owned and
located in the Industrial Area of Sharjah.
Branch Office (s)
Location Description
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PO Box: 28589 Sales
Office
Tel: (971-2) 6349440
Fax: (971-2) 6349550
·
Airport Road Sales
Office
PO Box: 10886
Dubai
Tel: (971-4) 2859091 / 3328070
Fax: (971-4) 2851077 / 3328133
KEY PRINCIPALS
Name Position
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John H Colley General
Manager
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Naresh K Ramchandani Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1972, however it was registered on 19th
December 1987.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 166066,
Sharjah
Trade Licence No. : 110642
(Expires 16/12/2008)
Chamber Member No. : 18660
Issued Capital : UAE Dh 3,200,000
Paid up Capital : UAE Dh 3,200,000
Name of Shareholder (s) Percentage
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Ghanem Mohamed
Obaid 51%
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Intercare (Overseas)
Ltd 49%
United Kingdom
AFFILIATED COMPANIES
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Intercare
Steel Co. Ltd
Industrial Area No. 6
PO Box: 5628
Sharjah
Tel: (971-6) 5437595 / 5422383
Fax: (971-6) 5437862 / 5431014
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Intercare
Chemicals Ltd
Industrial Area No. 6
PO Box: 5628
Sharjah
Tel: (971-6) 5437671 / 5345500
Fax: (971-6) 5437862 / 5349991
·
Intercare
Egypt
Cairo
Egypt
Tel: (20-2)
46102495
Fax: (20-2)
46102498
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
· Fencing Division
Engaged
in the supply, design, manufacture, and installation of fencing including high
level raising barriers, hydraulic bollards, road blockers, tyre killers and
custom designed shaded parking facilities.
· Building Materials Division
This
division provides a broad range of perforated and expanded metals, expansion
joint covers, and shade netting.
· Washroom Hygiene Division
This
was the first division to be established by the subject and is engaged in the supply
and installation of a wide range of mechanical and electronic towel cabinets,
paper products, warm air hair and hand dryers, liquid soap dispensers, and room
automatic air fresheners.
· Coatings Division
Provides
custom coats in powder paint for the architectural finish coating market, with
a 60% market share within this sector in the UAE.
· Interiors Division
The division specialises in
the institutional field of furniture and soft furnishings.
· Floorcare Division
This
division enjoys a 65% share of the UAE market supplying a range of carpet and
upholstery shampooing, floor scrubbing and polishing, wet and dry vacuum
cleaners. It distributes mainly to the hotel industry.
Subject is ISO 9002 accredited.
Import
Countries: United Kingdom,
Japan, France and India.
Brand Names: APT, DUELVO, TASKI, and TRUVOX.
Subject has a
workforce of approximately 350 employees.
FINANCIAL DATA
Companies
registered in Sharjah, United Arab Emirates are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
BANKERS
·
National Bank
of Sharjah
Al Boorj Avenue
PO Box : 4
Sharjah
Tel : (971-6) 5547747
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HSBC Bank
Middle East
Al Arooba Street
PO Box : 25
Sharjah
Tel : (971-6) 5537222
Fax : (971-6) 5537880
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Intercare Limited
is well established in the local market with operations dating back over 35 years.
The company operates a number of divisions with activities covering fencing,
building materials, coatings, floorcare and interior decoration.
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 and the above credit figure is
admissible.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)