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Report Date : |
10.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
UB EMIRATES LLC |
|
|
|
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Registered Office : |
Plot No. 262,
Ajman Free Zone, Al Jurf, P O Box
22244 & 3386, Ajman |
|
|
|
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Country : |
United Arab Emirates |
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|
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Date of Incorporation : |
18.07.2010 |
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|
|
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Com. Reg. No.: |
58230, Ajman |
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|
|
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Importer and Distributor
of electrical products, including cables, wires, switchgear, fans, light fittings, bulbs, water heaters and
weatherproof accessories |
|
|
|
|
No. of Employees : |
75 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
UAE 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.
|
Source : CIA |
Company Name : UB EMIRATES LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 18th July 2010
Commercial Registration Number : 58230, Ajman
Trade Licence Number : 51682
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 75
Activities : Distributors of electrical products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
UB EMIRATES LLC
Registered &
Physical Address
Building : Plot No. 262
Area : Ajman Free Zone, Al Jurf
PO Box : 22244 & 3386
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7489394
Facsimile : (971-6) 7487975
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Ajman
Free Zone Area.
Name Position
·
Arvinda
Dagshan Varith Managing
Director
·
Venoy
Kumran Director
·
Sash
Marikalmath Financial
Manager
Date of Establishment : 18th
July 2010
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 58230, Ajman
Trade Licence No. : 51682
(Expires 17/07/2013)
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s)
·
Arvinda
Dagshan Varith
·
Venoy
Kumran
·
UB
Emirates LLC
Al Nahda Platinum Business Centre, 1st Floor, Office No. 102
Al Nahda (2), Al Qusais
PO Box: 20827
Dubai
Tel: (971-4) 2382249
Fax: (971-4) 2382289
·
UB
Emirates LLC
Abu Dhabi
·
UB
Electrical Trading
Dubai
·
UB Gulf
FZE
Jebel Ali
Dubai
·
UB Gulf
FZE
Hamriyah Free Zone
Sharjah
·
Fenshawe
Group Holdings Middle East Ltd
Ras Al Khaimah
·
Barrel
Oilfield Equipment Trading LLC
·
Montrose
International S A
Fujairah
·
Asian
Opportunities and Investments Ltd
·
Ajman Montrose International
SA
Fujairah
Activities: Engaged in the import and distribution of
electrical products, including cables, wires, switchgear, fans, light fittings, bulbs, water heaters and
weatherproof accessories.
Import
Countries: Europe and the
Far East.
Brand Names: GALUX, LUVATA, USHA, VINI TAPE, LKS,
HAVELLS, CUPRA, NCI, NEXANS, NOVABLUE
INDUSTRIES, LKH, FULHAM, DECODUCT,
BIAX, RAMCRO, MEGALITE, HOTACE, LS, TRY
IT, VS, MHI, INNOWARE, MESC, SCAME, KED
BROOKE, MAY, EVERLUX and SM CABLES
Subject has a workforce
of 75 employees.
Companies
registered in Ajman, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
·
HSBC
Bank Middle East
Main Branch
Ajman
Tel: (971-6) 5537222
Fax: (971-6) 5537880
No complaints
regarding subject’s payments have been reported.
According to local sources,
subject meets its payment obligations in a timely manner and the business is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.75 |
|
UK Pound |
1 |
Rs.89.91 |
|
Euro |
1 |
Rs.77.43 |
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 |
|
---- |
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.