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Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
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Name : |
KHK SCAFFOLDING & FORMWORK LLC |
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Registered Office : |
New Industrial
Area, Sanayia, P O Box 2701, Ajman |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.12.1994 |
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Com. Reg. No.: |
9570, Ajman |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of scaffolding and related equipment |
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No. of Employees : |
950 employees |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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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 country 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. 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.
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Source : CIA |
Company Name : KHK SCAFFOLDING & FORMWORK LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 12th December 1994
Commercial Registration Number : 9570, Ajman
Chamber Membership Number : 13093
Issued Capital : UAE Dh 15,000,000
Paid up Capital : UAE Dh 15,000,000
Total Workforce : 950
Activities : Manufacture of scaffolding and related equipment.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mervin D’Cunha, Finance Manager
KHK SCAFFOLDING
& FORMWORK LLC
Registered &
Physical Address
Location : New Industrial Area, Sanayia
PO Box : 2701
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7439013
Facsimile : (971-6) 7439017
Email : khkscaf@emirates.net.ae
Premises
Subject operates from
a suite of offices and a factory covering an area of 51,000 square metres that
are owned and located in the Industrial Area of Ajman.
Name Nationality Position
·
Arjan Dulmal Taurani Indian Managing
Director
·
Anil Monesh Kumar Taurani Indian Director
·
Ali
Abdullah Al Hamrani Emirati Director
·
Mirza
Nadim Baig - General
Manager
·
Mervin
D’Cunha - Finance
Manager
·
Fayyaz
Kareem Jaffer - Sales
Manager
·
Sunil
Mehta - Purchasing
Manager
·
K S
Choudhury - Quality
Control Manager
·
Amerk
Singh Athwal - Technical
Manager
·
Gel Roy - Financial
Controller
·
Sesar
Benance - Human
Resources Manager
Date of Establishment : 12th
December 1994
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 9570, Ajman
Chamber Member No. : 13093
Issued Capital : UAE Dh 15,000,000
Paid up Capital : UAE Dh 15,000,000
Name of Shareholder
(s) Percentage
·
Ali Abdullah
Al Hamrani 51%
·
Arjan Dulmal Taurani ]
] 49%
·
Anil Monesh Kumar Taurani ]
·
Dayal
Steel Suppliers LLC
Dubai
·
Universal
Tube and Plastic FZC
Dubai
·
ANA
Steel Trading
Ajman
Activities: Engaged in the manufacture of scaffolding
and related equipment.
Subject is an ISO 9001-2008 accredited company.
Production
Capacity: 50,000 metric
tonnes per annum
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a workforce
of approximately 950 employees.
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
470,000,000 UAE Dh
481,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mervin D’Cunha, Finance Manager
·
Mashreq
Bank Plc
PO Box: 11
Ajman
Tel: (971-6) 7422440
Fax: (971-6) 7426690
·
National
Bank of Fujairah
Main Branch
Ajman
Acc No. 200010250
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.53.94 |
|
UK Pound |
1 |
Rs.82.77 |
|
Euro |
1 |
Rs.71.05 |
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 |
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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.