|
Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNIVERSAL LUBRICANT FACTORY LLC (ZINOL) |
|
|
|
|
Registered Office : |
Al Qasmiah Road, Industrial Area No. 4, PO Box 6527, Sharjah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
07.04.1996 |
|
|
|
|
Com. Reg. No.: |
28070 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture and
blending of automotive, industrial and marine lubricants. |
|
|
|
|
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
|
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 |
Company Name :
UNIVERSAL LUBRICANT FACTORY LLC (ZINOL)
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
7th April 1996
Commercial Registration Number : 28070, Sharjah
Trade Licence Number :
3766
Chamber Membership Number :
37830
Issued Capital :
UAE Dh 250,000
Paid up Capital :
UAE Dh 250,000
Total Workforce :
200
Activities :
Manufacture and blending of automotive, industrial and marine lubricants.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
UNIVERSAL LUBRICANT FACTORY LLC (ZINOL)
Registered &
Physical Address
Street : Al Qasmiah
Road
Area : Industrial
Area No. 4
PO Box : 6527
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5320131
Facsimile : (971-6)
5336161
Email : unilube@emirates.net.ae
Premises
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Sharjah.
Name Nationality Position
Ibrahim Ahmed Ali Indian Director
Nazir Ahmed - General
Manager
Arvin Fernandes - Commercial
Manager
Mohamed Shagahan - Finance
Manager
Viswa Parkash - Production
Manager
Shamshad Ahmed - Sales
Manager
Date of Establishment : 7th
April 1996
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 28070, Sharjah
Trade Licence No. : 3766
Chamber Member No. : 37830
Issued Capital : UAE Dh 250,000
Paid up Capital : UAE Dh 250,000
Name of
Shareholder (s) Percentage
Heirs of Mohamed Bin Jersh Bin Ali 51%
Ibrahim Ahmed Ali 49%
Activities: Engaged in the
manufacture and blending of automotive, industrial and marine lubricants.
Production
Capacity: 200,000 metric
tonnes per year.
Import Countries: Europe
and the Far East
Export Countries: Subject exports approximately 80% of its
production with the main markets being the United States of America and Europe
Brand Names: ZINOL
Operating Trend: Steady
Subject has a workforce of approximately 200 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales UAE
Dh 840,048,000 UAE Dh
926,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Mohamed Shagahan, Finance Manager
Emirates Bank International Ltd
Immigration Road
PO Box: 25090
Sharjah
Tel: (971-6) 5733300
Fax: (971-6) 5730077
No complaints regarding subject’s payments have been reported.
Established in 1996, subject is involved in the manufacture of automotive,
industrial and marine lubricants.
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.54.84 |
|
UK Pound |
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.