MIRA INFORM REPORT

 

 

Report Date :           

25.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ELCOME INTERNATIONAL LLC

 

 

Registered Office :

Dubai Investment Park, Plot No. 598-1121, P O Box 1788, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

12.02.1977

 

 

Com. Reg. No.:

41410, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Provision of marine solutions

 

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$ 500,000

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                                     : ELCOME INTERNATIONAL LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 12th February 1977

Commercial Registration Number                        : 41410, Dubai

Trade Licence Number                            : 204808

Chamber Membership Number                : 2758

Issued Capital                                        : UAE Dh 8,000,000

Paid up Capital                                      : UAE Dh 8,000,000

Total Workforce                                     : 110

Activities                                               : Provision of marine solutions.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 500,000

 

COMPANY NAME

 

ELCOME INTERNATIONAL LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Dubai Investment Park, Plot No. 598-1121

PO Box             : 1788

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8121333

Facsimile          : (971-4) 8121300

Email                : info@elcome.ae

 

Note     Subject moved to the above address in mid 2008 and was formerly located at the following address:

 

            Al Jaddaf Dockyard, Gate No. 2, Shed 159

            Dubai

 

Premises

Subject operates from a suite of offices, a warehouse and a workshop that are rented and located in the Dubai Investment Park.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Kuldip Singh Grewal                                         Indian                         Managing Director

 

·       Saif Abdullah Ali Saif Al Shafar                         Emirati                        Director

 

·       Ellen Ann Hardman                                         British                         Director

 

·       Thomas D’sa                                                       -                            Deputy General Manager

 

·       Sandeep Zuthi                                                      -                            Deputy General Manager

 

·       Jackson Mathew                                                  -                            Finance Manager

 

·       N N Prabhu                                                          -                            Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th February 1977

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 41410, Dubai

 

Trade Licence No.       : 204808 (Expires 11/02/2012)

 

Chamber Member No. : 2758

 

Issued Capital              : UAE Dh 8,000,000

 

Paid up Capital            : UAE Dh 8,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Saif Abdullah Ali Saif Al Shafar                                        65%

 

·       Ellen Ann Hardman                                                        25%

 

·       Kuldip Singh Grewal                                                       10%

 

 

AFFILIATED COMPANIES

 

·       Elcome International WLL

PO Box: 55114

Flat 44, Al Bader Building

Road No. 1704

Bahrain

Tel: (973-17) 532610

Fax: (973-17) 530304

 

·       Elcome Al Kuwait General Trading Co WLL

PO Box: 28005

Safat 13141

Kuwait

Tel: (965) 24345276

Fax: (965) 24345191

 

·       Elcome Qatar WLL

PO Box: 20277

Al Wakra

Qatar

Tel: (974) 44986001

Fax: (974) 44986001

 

·       Marine & Safety Solutions Co

PO Box: 2884

Al Khobar 31952

Saudi Arabia

Tel: (966-3) 8992324

 

·       Elcome International LLC

PO Box: 1127

Muttrah 114

Muscat

Oman

Tel: (968) 24788802

Fax: (968) 24788809

 

·       Elcome International Yemen Ltd

PO Box: 9

Aden

Yemen

Tel: (967-2) 270323

Fax: (967-2) 270324

 

 

OPERATIONS

 

Activities: Engaged in the provision of marine solutions including the following products and services:

 

     -  Airtime solutions

     -  Automation solutions

     -  Charts and Publication solutions

     -  Communication solutions

     -  Entertainment System solutions

     -  Life Safety, Fire Alarm and Security solutions

     -  Navigation solutions

     -  Project management; integration, design

     -  Service solutions; fixed, call-out, preventive/corrective

 

Import Countries: Netherlands, Spain, United Kingdom and the United States of America

 

Operating Trend: Steady

 

Subject has a workforce of approximately 110 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 34,150,000                   UAE Dh 35,800,000

 

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

 

 

BANKERS

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

 

 

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.49.87

UK Pound

1

Rs.79.73

Euro

1

Rs.69.52

 

 

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.