|
Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
Ultimate Armour Works FZC |
|
|
|
|
|
|
Registered Office : |
RAK Free Zone, |
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Date of Incorporation : |
08.05.2005 |
|
|
|
|
|
|
Legal Form : |
Free Zone Company - FZC |
|
|
|
|
|
|
Line of Business : |
Manufacture of Armoured and Specialised Vehicles. |
|
|
|
|
|
|
No. of Employees : |
200 |
|
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
United Arab Emirates - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and
a sizable annual trade surplus. Successful efforts at economic diversification
have reduced the portion of GDP based on oil and gas output to 25%. Since the
discovery of oil in the UAE more than 30 years ago, the UAE has undergone a
profound transformation from an impoverished region of small desert
principalities to a modern state with a high standard of living. The government
has increased spending on job creation and infrastructure expansion and is
opening up utilities to greater private sector involvement. In April 2004, the
UAE signed a Trade and Investment Framework Agreement with
|
Source : CIA |
Company Name :
ULTIMATE ARMOUR WORKS FZC
Country of Origin :
Ras Al Khaimah,
Legal Form :
Free Zone Company - FZC
Registration Date :
8th May 2005
Trade Licence Number :
96431
Issued Capital :
UAE Dh 100,000
Paid up Capital :
UAE Dh 100,000
Total Workforce :
200
Activities :
Manufacture of armoured and specialised vehicles.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Saju Varghese, Finance Manager
ULTIMATE ARMOUR WORKS FZC
Location : RAK Free
Zone,
PO Box : 54595
Town : Ras Al Khaimah
Country :
Telephone : (971-7) 2434839
Facsimile : (971-7)
2435257
Email : sales@armour-works.com
Subject operates from a large suite of offices and a factory that are
rented and located in the Ras Al Khaimah Free Zone.
Name Nationality Position
· Mark Ragenass South African Managing
Director
· Marian Shy Polish Director
· Manoj Achad - Administration
Manager
· Saju Varghese - Finance
Manager
Date of
Establishment : 8th
May 2005
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 96431
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
· Mark Ragenass 85%
· Marian Shy 15%
Activities: Engaged in the manufacture of armoured and specialised vehicles ranging
from sports utility vehicles to trucks.
Subject’s customers include NGOs, Diplomats, Governments, Private
security companies, Contractors, Banks, & Corporations
Subject is 9000:2001 accredited.
Import Countries:
Operating Trend: Steady
Subject has a workforce of approximately 200 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 82,460,000 UAE Dh
85,746,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Saju Varghese, Finance Manager
·
National Bank of Ras Al Khaimah
PO Box: 5300
Ras Al Khaimah
Tel: (971-7)
2221127
Fax: (971-7)
2224202
No complaints regarding subject’s payments have been reported.
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.55.20 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.