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Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
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Name : |
INTER EQUIPMENT CO LTD |
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Registered Office : |
Junction No. 13,
Plot No. M0429 / M0430 / M0431, Sheikh Zayed Road, Jebel Ali Free Zone, P O
Box 18200, Dubai |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
09.10.1999 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and distribution
of construction, oil & gas and industrial products |
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No. of Employees : |
150 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Branch of a Foreign Registered Corporation |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : INTER EQUIPMENT CO LTD
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 9th October 1999
Trade Licence Number : 1950
Chamber Membership Number : 56485
Total Workforce : 150
Activities : Import and distribution of construction, oil & gas and industrial products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Manoj Singh, Finance Manager
INTER EQUIPMENT CO
LTD
Registered &
Physical Address
Location : Junction No. 13, Plot No. M0429 /
M0430 / M0431
Street :
Area : Jebel Ali Free Zone
PO Box : 18200
Town :
Country : United Arab Emirates
Telephone : (971-4) 8816000
Facsimile : (971-4) 8810100
Email : sales@interequipment.com / intereqp@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices, a warehouse and a showroom that are
rented and located in the Jebel Ali Free Zone.
Other
Locations
Location Description
·
PO Box:
9004 Rented
office & showroom
Tel: (971-4) 2821400
Fax: (971-4) 2821600
·
Mussafah
Industrial Area, M14, Sector No. 36 Rented
office, showroom & warehouse
PO Box: 9779
Tel: (971-2) 5546600
Fax: (971-2) 5546646
Name Position
·
Zafar
Iqbal General
Manager
·
Mohan
Kasargod Sales
Manager
·
Shafqat
Ali Marketing
Manager
·
Manoj Singh Finance
Manager
·
Dawood Bhatty Commercial
Manager
·
Biju George Warehousing
Manager
Date of Establishment : 9th
October 1999
Legal Form :
Subject is the United Arab
Emirates registered branch of Inter Equipment Co Ltd, a Limited Liability
Company incorporated in the
Inter Equipment Co Ltd in the
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
Trade Licence No. : 1950
(Expires 30/04/2013)
Chamber Member No. : 56485
Activities: Engaged in the import and distribution of
construction, oil & gas and industrial products, including the
following:
- Tubular & structural products
- Flanges & Fittings
- Bolting & gaskets
- Valves
- Special piping products
- Piping equipment & tools
- Industrial safety products
- Welding equipment & accessories
- Tools & consumables
- Lifting equipment
- Workshop & rescue apparatus
- Sandblasting & airless spray painting
equipment
- Used machinery & spares
Subject’s clients are based in the following sectors: Oil & Gas
industry, engineering & construction, refineries and power plants, marine
and shipbuilding, food and beverages, government and semi-government
organisations.
Subject’s operations are ISO 9002
accredited.
Import
Countries: Europe,
International
Suppliers:
·
KF
Industries
·
Sumitomo
·
Tubos
Reunidos SA
·
·
Norexco
·
Siebe
Gorman & Co Ltd
Export
Countries: Subject exports
to approximately 20 countries, with its main markets including
Operating Trend: Steady
Subject has a
workforce of approximately 150 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh
138,700,000 UAE Dh
150,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures were provided by Mr Manoj
Singh, Finance Manager
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Tel: (971-4) 2221281
Fax:
(971-4) 2284631
·
HSBC
Bank
Deira Souk Branch
PO Box: 66
Tel: (971-4) 2535000
No complaints regarding
subject’s payments have been reported.
Credit amount 60,000 54,000 65,000
Amount overdue 0 0 0
Payment terms 30
days 90 days 90 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Euros Pounds Sterling Euros
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.53.34 |
|
UK Pound |
1 |
Rs.86.11 |
|
Euro |
1 |
Rs.69.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.