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Report Date : |
05.06.2013 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Industrial Area No. 2, Al Jazeerah Al Hamra |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
10.09.2006 |
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Com. Reg. No.: |
24426 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of steel structures and buildings. |
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No. of Employees : |
250 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 |
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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 :
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 10th September 2006
Commercial Registration Number : 24426
Trade Licence Number : RAKIA 281Z208060073
Chamber Membership Number : 84606
Issued Capital : UAE Dh 25,000,000
Paid up Capital : UAE Dh 25,000,000
Total Workforce : 250
Activities : Manufacture of steel structures and buildings
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Pankak Kedia, Finance Manager
KIRBY BUILDING SYSTEMS (UAE) LLC
Location : Industrial
Area No. 2, Al Jazeerah Al Hamra
PO Box : 6624
Town : Ras Al Khaimah
Country : United Arab
Emirates
Telephone : (971-7) 2043333
/ 2043300
Facsimile : (971-7)
2447830 / 2447461
Email : kirbyrak@alghanim.com
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Ras Al Khaimah.
Name Position
· Taher Banker General
Manager
· Jeno Zakaria Financial
Controller
· Sadiq Pasha Plant
Manager
· Thomas Perjis Human
Resources Manager
· Pankak Kedia Finance
Manager
· Sayed Shahid Purchasing
Manager
· Khalid Al Jabry Estimation
Manager
· Varghese Samuel Production
Manager
Date of
Establishment : 10th
September 2006
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 24426
Trade Licence No. : RAKIA
281Z208060073
Chamber Member No. : 84606
Issued Capital : UAE Dh 25,000,000
Paid up Capital : UAE Dh 25,000,000
· Kirby Kuwait 99%
Mina
Abdullah Industrial Area, Block 2
PO
Box: 23933
Safat 13100
Kuwait
Tel:
(965) 23262800
Fax:
(965) 23261793
· Kuwait Insulation
Materials Manufacturing Co 1%
PO Box: 10042
Shuaiba 65451
Kuwait
Tel: (965)
23262020
Fax: (965)
23262027
· Kirby Building
Systems - India Ltd
Plot
Nos.8-15, IDA, Phase III, Pashamylaram, Medak District
Andhara Pradesh
India
Tel:
(91-8455) 224401
Fax:
(91-8455) 224419
Activities: Engaged in the manufacture of steel structures and buildings.
Import Countries: India and Europe.
Operating Trend: Steady
Subject has a workforce of approximately 250 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 157,200,000 UAE Dh
160,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
HSBC Bank Middle East
Corniche Road
PO Box: 9
Ras Al Khaimah
Tel: (971-7)
2333544
Fax: (971-7)
2330200
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.56.64 |
|
|
1 |
Rs.86.68 |
|
Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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-- |
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.