MIRA INFORM
REPORT
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Report Date : |
26.04.2011 |
IDENTIFICATION DETAILS
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Name : |
LUBREX FZC |
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Registered Office : |
Hamriyah Free
Zone, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
13.03.2005 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Manufacturers of motor oil, antifreeze, water coolant and brake fluid. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
United Arab Emirates |
a2 |
a2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : LUBREX FZC
Country of Origin :
Legal Form : Free Zone Company - FZC
Registration Date : 13th March 2005
Trade Licence Number : 1063
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 40
Activities : Manufacturers of motor oil, antifreeze, water coolant and brake fluid.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
Person Interviewed : Rajesh Itty Eapan, Finance Manager
COMPANY NAME
LUBREX FZC
company address
Registered & Physical
Address
Location : Hamriyah Free Zone
PO Box : 42438
Town : Sharjah
Country :
Telephone : (971-6) 5261200 / 5261922 / 5261910 /
5261944
Facsimile : (971-6) 5261201 / 5261933
Email : info@lubrex.net
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Hamriyah Free Zone Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Vahid
Reza Naaimi Iranian Managing
Director
·
Abbas
Muniri - Factory
Manager
·
Rajesh
Itty Eapan - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 13th
March 2005
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 1063
(Expires 13/03/2011)
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s) Percentage
·
World
Trade FZE 40.00%
Jebel Ali Free Zone
·
Petro Pardis
FZE 20.00%
Sharjah
·
Hussain
Muniri 13.33%
·
Mohamed
Esani 13.33%
·
Mortaza
Esani 13.33%
OPERATIONS
Activities: Engaged in the manufacture of motor oil,
antifreeze, water coolant and brake fluid.
Subject is ISO 9001:2008 accredited.
Import
Countries:
Operating Trend: Steady
Subject has a
workforce of 40 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year Ending 31/12/08: Year Ending 31/12/09:
Total Sales UAE Dh
109,600,000 UAE Dh
113,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Rajesh Itty
Eapan, Finance Manager
BANKERS
·
Emirates
Bank International Ltd
Immigration Road
PO Box: 25090
Sharjah
Tel: (971-6) 5733300
Fax: (971-6) 5730077
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.45 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.64.78 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.