MIRA INFORM REPORT

 

 

Report Date :

28.11.2012

 

IDENTIFICATION DETAILS

 

Name :

INTERGULF LTD

 

 

Registered Office :

Sheikh Khalid Port (Saeed Port), PO Box: 6131 & 4115, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

24.09.1980

 

 

Reg. No.:

4744

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Producers of PVC compounds for industrial and packaging applications.

 

 

No. of Employees :

120

 

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)

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

 

 

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 Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

SUMMARY

 

Company Name                         : INTERGULF LTD

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Limited Liability Company

Registration Date                                   : 24th September 1980

Commercial Registration Number            : 4744, Sharjah

Trade Licence Number                            : 10746

Chamber Membership Number                : 4138

Issued Capital                                        : UAE Dh 3,600,000

Paid up Capital                                      : UAE Dh 3,600,000

Total Workforce                                     : 120

Activities                                               : Producers of PVC compounds for industrial and packaging applications.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

INTERGULF LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Sheikh Khalid Port (Saeed Port)

PO Box             : 6131 & 4115

Town                 : Sharjah

Country             : United Arab Emirates

 

Telephone         : (971-6) 5029000

Facsimile          : (971-6) 5285720 / 5344289 / 5029190

Email                : agencydesk@iffco.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are owned and located in the Port Area of Sharjah.

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Srikant Rao                                                                                           Managing Director

 

Iqbal Mohamed Osman Mohamed Saif                                                     Director

 

Keshour Kumar                                                                                      Commercial Manager

 

Raul Avasthi                                                                                          Export Manager

 

Maha Daven Shanker                                                                             Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 24th September 1980

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 4744, Sharjah

 

Trade Licence No.       : 10746

 

Chamber Member No. : 4138

 

Issued Capital              : UAE Dh 3,600,000

 

Paid up Capital            : UAE Dh 3,600,000

 

Name of Shareholder (s)

 

Tiffany Foods Ltd

PO Box: 4115

Sharjah

United Arab Emirates

Tel: (971-6) 365195

 

IFFCO Limited

PO Box: 29220

Sharjah

United Arab Emirates

Tel: (971-6) 5029000

Fax: (971-6) 5029190

Email: info@iffco.com

 

 

AFFILIATED COMPANIES

 

Subject is a member of the IFFCO Group of Companies, which consists of the following concerns:

 

International Packaging Co LLC

New Industrial Area

PO Box: 2990

Ajman

United Arab Emirates

Tel: (971-6) 7436814

Fax: (971-6) 7435503

Email: ipc@iffco.com

 

Emirates Industrial & Trading Co Ltd (EITCO)

Sharjah Port

PO Box: 4115 / 6906

Sharjah

United Arab Emirates

Tel: (971-6) 5334696

Fax: (971-6) 5333180

 

Emirates Refining Co Ltd (ERCO)

PO Box: 4115

Sharjah

United Arab Emirates

Tel: (971-6) 5357966

 

Intergulf Services Ltd

PO Box: 6131

Sharjah

United Arab Emirates

Tel: (971-6) 281391

 

Allana International Ltd

Jebel Ali Free Zone

PO Box: 16787

Dubai

United Arab Emirates

Tel: (971-4) 816120

 

Delmon Products Ltd

Jebel Ali Free Zone

PO Box: 16787

Dubai

United Arab Emirates

Tel: (971-4) 816504

 

Seville Products Ltd (LLC)

Al Ramool Industrial Area

PO Box: 10596

Dubai

United Arab Emirates

Tel: (971-4) 850066

Fax: (971-4) 850066 / 855724

 

Al Ain National Juice & Refreshment Co

PO Box: 15937

Al Ain

United Arab Emirates

Tel: (971-3) 7216555

Fax: (971-3) 7215208

 

Gateway Chemicals LLC

PO Box: 10596

Dubai

United Arab Emirates

Tel: (971-4) 3386116

Fax: (971-4) 3384416

 

IFFCO Egypt SAE

Street 262, Villa 10B

New Maadi

Cairo

Egypt

Tel: (20-2) 7545841 / 7545842 / 7545843 / 7545847

Fax: (20-2) 5164554

 

Civil Product Ltd

Dubai

United Arab Emirates

Tel: (971-4) 2850066

 

Unipex Dairy Products Co Ltd

Sharjah Industrial Area No. 2

PO Box: 5646 & 77

Sharjah

Tel: (971-6) 5337864 / 5326339 / 5321146 / 5337434

Fax: (971-6) 5336312

Email: unipex@emirates.net.ae

 

Dubai Meat Packers Ltd

 

 

OPERATIONS

 

Activities: Engaged in the production of PVC compounds for industrial and packaging applications, including PET  preforms and bottles.

 

Subject is ISO 9001:2008, ISO 22000 and HACAP accredited. Subject is also certified by Pepsi Cola & Coca Cola for GCC countries and Africa.

 

Import Countries: Europe and GCC countries.

 

Operating Trend: Steady

 

Subject has a workforce of 120 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 23,100,000                   UAE Dh 24,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

ABN Amro Bank

Al Zayani Building

PO Box: 1971

Sharjah

Tel: (971-6) 5355021

 

 

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.55.70

UK Pound

1

Rs.89.34

Euro

1

Rs.72.35

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.