MIRA INFORM REPORT

 

 

Report Date :           

23.12.2011

 

IDENTIFICATION DETAILS

 

Name :

INTERCOIL INTERNATIONAL CO LLC

 

 

Registered Office :

Sheikh Zayed Road, Al Quoz Industrial Area No. 4, P O Box 10310, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

13.03.1978

 

 

Com. Reg. No.:

41065, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture and retail of household furniture, synthetic sponge and spring mattresses, headboards, sofa beds and bedding accessories, as well as sofa sets, curtains, and other furniture

 

 

No. of Employees :

270 persons

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 350,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : INTERCOIL INTERNATIONAL CO LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Start Date                                             : 1974

Registration Date                                   : 13th March 1978

Commercial Registration Number            : 41065, Dubai

Trade Licence Number                            : 1053969

Industrial Licence Number                       : 300233

Chamber Membership Number                : 4081

Issued Capital                                        : UAE Dh 4,000,000

Paid up Capital                                      : UAE Dh 4,000,000

Total Workforce                                     : 270

Activities                                               : Manufacture and retail of household furniture, synthetic sponge and

spring mattresses, headboards, sofa beds and bedding accessories, as well as sofa sets, curtains, and other furniture

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 350,000

Person Interviewed                                 : Tom Joseph, Finance Manager

 

 

 

COMPANY NAME

 

INTERCOIL INTERNATIONAL CO LLC

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Sheikh Zayed Road

Area                 : Al Quoz Industrial Area No. 4

PO Box             : 10310

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3474474

Facsimile          : (971-4) 3478844

Email                : intercoil@emirates.net.ae

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Dubai.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Al Garhoud                                                                                       Rented showroom premises

Dubai

     Tel: (971-4) 2822280

     Fax: (971-4) 2823038

 

·       Karama Road                                                                                    Rented showroom premises

Dubai                                                                                               covering an area of 1,500

       Tel: (971-4) 3350333                                                                               square feet

       Fax: (971-4) 3350655

 

·       Al Quoz Industrial area No. 3                                                              Rented showroom premises

Dubai

Tel: (971-4) 3475505

Fax: (971-4) 3477321

 

·       Abu Dhabi                                                                                        Rented showroom premises

Tel: (971-2) 6437550

 

·       Crystal Plaza Centre                                                                         Rented showroom premises

Corniche Road, Ground Floor

Sharjah

Tel: (971-6) 5750294

 

·       Al Ain Mall, Ground Floor                                                                   Rented showroom premises

Al Ain

Tel: (971-3) 7660206

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Hassan Abbas Ali Al Hazeem                          Kuwaiti                        Managing Director

 

·       Salem Khamis Sabt Al Suwaidi                        Emirati                        Director

 

·       Mohamed Abdul Ghani                                         -                            General Manager

 

·       Soni Peter                                                           -                            Commercial Manager

 

·       Emad Hamdy                                                       -                            Export Manager

 

·       Mokhtar Mohamed                                               -                            Showroom Manager

 

·       Tom Joseph                                                         -                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject was established in 1974 but was officially registered on 13th March 1978

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 41065, Dubai

 

Trade Licence No.       : 1053969

 

Industrial Licence No.  : 300233           

 

Chamber Member No. : 4081

 

Issued Capital              : UAE Dh 4,000,000

 

Paid up Capital            : UAE Dh 4,000,000

 

Name of Shareholder (s)                                              Percentage

·       Salem Khamis Sabt Al Suwaidi                                        51%

·       Heirs of the late Abbas Ali Al Hazeem                   49%

 

AFFILIATED COMPANIES

 

·       Intercoil International Company LLC

Crystal Tower

Sheikh Hamdan Bin Mohamed Street

PO Box: 35576

Abu Dhabi

Tel: (971-2) 6773474

Fax: (971-2) 6773247

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and retail of household furniture, synthetic sponge and spring mattresses, headboards, sofa beds and bedding accessories, as well as sofa sets, curtains, and other furniture.

 

In May 2010, subject announced it had signed a licensing and distribution agreement with Simmons a global bedding company based in Atlanta, US. As part of the agreement Intercoil will be the exclusive licensee of Simmons products across the Middle East.

 Subject was accredited the ISO 9001 Quality Certificate by KPMG in August 2001.

 

Import Countries: Europe and the Far East

 

Export Countries: Subject exports throughout Africa, Asia and Europe

 

Brand Names: THERAPEDIC, INTERCOIL and SIMMONS

 

Operating Trend: Steady

 

Subject has a workforce of approximately 270 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 69,500,000                   UAE Dh 77,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Tom Joseph, Finance Manager

 

 

BANKERS

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

 

·       Emirates Bank International Ltd

Al Nasr Square

PO Box: 2923

Dubai

Tel: (971-4) 2281181

 

·       Commercial Bank of Dubai

Mankhool Street

PO Box: 2668

Dubai

Tel: (971-4) 3523355

Fax: (971-4) 3527655 / 2524796

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                  December 2004            December 2006            January 2008

Credit amount                            55,000                          9,000                            35,000

Amount overdue             0                                  0                                  0

Payment terms                          180 days                       90 days                         120 days

Payment Method                       Letters of Credit             Letters of Credit             Letters of Credit

Paying record                            No Complaints               No Complaints               No Complaints

Currency                                   Pounds Sterling             Pounds Sterling             Euros

 

 

GENERAL COMMENTS

 

Established in 1974, subject is involved in the manufacture of household furniture, synthetic sponge and spring mattresses.

 

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.52.78

UK Pound

1

Rs.82.73

Euro

1

Rs.68.88

 

 

RATING EXPLANATIONS

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.