MIRA INFORM REPORT

 

 

Report Date :           

02.03.2012

 

IDENTIFICATION DETAILS

 

Name :

UNIGULF DEVELOPMENT LLC

 

 

Registered Office :

Omra Mall, Ground Floor, 22B Street, Al Rashidiya Area, P O Box 2328, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

09.02.1983

 

 

Com. Reg. No.:

8726, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of heating, ventilation, air-conditioning units and spare parts, as well as electronics and electrical household appliances.

 

 

No. of Employees :

47

 

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                                     : UNIGULF DEVELOPMENT LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 9th February 1983

Commercial Registration Number                        : 8726, Dubai

Trade Licence Number                            : 208206

Chamber Membership Number                : 10127

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 47

Activities                                               : Distributors of heating, ventilation, air-conditioning units and spare

parts, as well as electronics and electrical household appliances.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 500,000

Person Interviewed                                 : K G Thomas, Human Resources Manager

 

COMPANY NAME

 

UNIGULF DEVELOPMENT LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Omra Mall, Ground Floor

Street               : 22B Street

Area                 : Al Rashidiya Area

PO Box             : 2328

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2862100

Facsimile          : (971-4) 2858001

Email                : info@unigulf.com

 

Please note that subject’s previous address was, Mohamed Hadi Al Khaja Building, Al Ittihad Square, Al Rigga, Dubai.

 

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.

 

Branch Offices

 

Location                                                                                                      Description

 

·       PO Box: 47356                                                                                             Office & showroom

Abu Dhabi

Tel: (971-2) 6457763 / 6338748

Fax: (971-2) 6458742 / 6338749

 

·       PO Box: 27358                                                                                             Office & showroom

Sharjah

     Tel: (971-6) 5397099

     Fax: (971-6) 5397088

 

·       Al Rayan Road                                                                                              Office & showroom

Doha

Qatar

Tel: (974) 44369485

Fax: (974) 44373805

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                               Position

 

·       Prakash Chablani                                          Indian                                        Managing Director

 

·       Mohamed Abdul  Hassan Al Luz                     Emirati                                      Director

 

·       K G Thomas                                                      -                                          Human Resources Manager

 

·       Nagppan Ramanathan                                       -                                          Finance Manager

 

·       T U Kishore                                                       -                                          Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 9th February 1983

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 8726, Dubai

 

Trade Licence No.       : 208206 (Expires 09/02/2013)

 

Chamber Member No. : 10127

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                                    Percentage

·       Mohamed Abdul  Hassan Al Luz                                             51%

·       Prakash Chablani                                                                  49%

 

 

AFFILIATED COMPANIES

 

·       P3 Gulf LLC

Jebel Ali Free Zone

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of heating, ventilation, air-conditioning units and spare parts, as well as electronics and electrical household appliances.

 

Import Countries: United States of America, Canada, Italy, United Kingdom and Malaysia.

 

International Suppliers:

 

·       Atco Rubber Products Inc      United States of America

·       Gemco                                 United States of America

·       Aquatechnik Spa                   Italy

·       L’Isolante K-Flex                   Italy

·       Harp International Ltd United Kingdom

·       Poly Glass Fibre (M) BHD      Malaysia

 

Brand Names: EUROPAN, URECON, COMPAC, ARNOFLEX, HARDCAST, REFCO and AEROEQUIP

 

Operating Trend: Steady

 

Subject has a workforce of 47 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 52,600,000                   UAE Dh 55,000,000

 

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

 

The above figures were provided by Mr K G Thomas, Human Resources Manager

 

 

BANKERS

 

·       National Bank of Ras Al Khaimah

Al Maktoum Street

PO Box: 1531

Dubai

Tel: (971-4) 2226291

Fax: (971-4) 2281312

 

·       Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

Tel: (971-4) 2229131 / 2221134

Fax: (971-4) 2233784

 

·       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.49.15

UK Pound

1

Rs.78.25

Euro

1

Rs.65.57

 

 

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.