MIRA INFORM REPORT

 

 

Report Date :

31.01.2012

 

IDENTIFICATION DETAILS

 

Name :

INDICAA GROUP LTD

 

 

Registered Office :

Sheikh Zayed Road, Round About 6/7, Jebel Ali Free Zone, 16983, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

28.06.1994

 

 

Com. Reg. No.:

823, Dubai

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Engaged in the Import and Distribution of Building Materials, Steel Products, Scrap Metals and Textiles

 

 

No. of Employees :

15

 

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$ 200,000

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 30, 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                                     : INDICAA GROUP LTD

Country of Origin                                    : British Virgin Islands

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 28th June 1994

Commercial Registration Number            : 823, Dubai

Trade Licence Number                            : 901

Chamber Membership Number                : 31132

Issued Capital                                        : UAE Dh 10,000,000

Paid up Capital                                      : UAE Dh 10,000,000

Total Workforce                                     : 15

Activities                                               : Import and distribution of building materials, steel products, scrap metals and textiles.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

Person Interviewed                                 : Rami Durai, Finance Manager

 

COMPANY NAME

 

INDICAA GROUP LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Sheikh Zayed Road, Round About 6/7

Area                 : Jebel Ali Free Zone

 

PO Box             : 16983

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 8817817

Facsimile          : (971-4) 8817827

Mobile               : (971-50) 45529984 / 6452359

Email                : lloyddxb@emirates.net.ae / indicaa@indicaa.com

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Al Tawhidi Building, 5th Floor, Office No. 502                                        Office premises

Al Mankool Road

Bur Dubai

PO Box: 6740

Dubai

     Tel: (971-4) 3511222

     Fax: (971-4) 3511200

 

 

KEY PRINCIPALS

 

     Name                                               Nationality                                 Position

 

·       Sanjeev Garg                                       Indian                                     Managing Director

 

·       Vaidhya Nathan                                       -                                        Commercial Manager

 

·       Rami Durai                                              -                                        Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th June 1994

 

History                         : Subject was originally established in 1994 under the name of “Indicaa Global Limited”.

  However it re-registered under the current style of “Indicaa Group Ltd” in 2009.

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Indicaa Global Ltd, a Limited

  Liability Company incorporated in the British Virgin Islands.

 

  Indicaa Global Ltd in the United Arab Emirates, operates as a Branch of a Foreign

  Registered Corporation.

 

  A Branch of a Foreign Registered Corporation is not a legal entity in its own

  right. Responsibility for payments lays in the hands of the company where it is

  originally registered.

 

  Under these circumstances, we strongly advise that any international trade

  credit should only be written under the name of the main company where the

  subject holds its registered office, in this case the British Virgin Islands.

 

Commercial Reg. No.  : 823, Dubai

 

Trade Licence No.       : 901 (Expires 27/06/2012)

 

Chamber Member No. : 31132

 

Issued Capital              : UAE Dh 10,000,000

 

Paid up Capital            : UAE Dh 10,000,000

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of building materials, steel products, scrap metals and textiles.

 

Import Countries: Europe and GCC countries.

 

Operating Trend: Steady

 

Subject has a workforce of 15 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 26,300,000                   UAE Dh 27,000,000

 

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

 

The above financial figures were confirmed by Rami Durai, Finance Manager

 

 

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

 

Established in 1994, subject is involved in the import and distribution of building materials, steel products, scrap metals and textiles.

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.50

UK Pound

1

Rs.77.73

Euro

1

Rs.65.18

 

 

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.