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Report Date : |
07.06.2013 |
IDENTIFICATION DETAILS
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Name : |
INDICAA GROUP LTD |
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|
|
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Formerly Known as: |
Indicaa Global
Limited |
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|
|
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Registered Office : |
Sheikh Zayed
Road, Round About 6/7, Jebel
Ali Free Zone, P O Box 16983, Dubai |
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Country : |
United Arab Emirates |
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|
|
|
Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
28.06.1994 |
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Com. Reg. No.: |
823, Dubai |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and distribution of building materials, steel products, scrap metals and textiles |
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No. of Employees : |
15 |
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 |
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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 |
|
Moderate |
B1 |
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High |
B2 |
|
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 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 : INDICAA GROUP LTD
Country of Origin : Isle of Man, United Kingdom
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 28th June 1994
Commercial Registration Number : 823, Dubai
Trade Licence Number : 901
Chamber Membership Number : 31132
Issued Capital : UAE Dh 7,500,000
Paid up Capital : UAE Dh 7,500,000
Total Workforce : 15
Activities : Import and distribution of building materials, steel products, scrap
metals and textiles.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Krishnan Ramadouri, Finance Manager
INDICAA GROUP LTD
Registered &
Physical Address
Street : Sheikh Zayed Road, Round
About 6/7
Area : Jebel Ali Free Zone
PO Box : 16983
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8817817
Facsimile : (971-4) 8817827
Mobile : (971-50) 45529984 / 6452359
Email : indicaa@indicaa.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone.
Branch Office (s)
Location Description
·
Al
Tawhidi Building, 5th Floor, Office No. 502 Office premises
Al Mankool Road
Bur Dubai
PO Box: 6740
Dubai
Tel: (971-4) 3511222
Fax: (971-4) 3511200
Name Nationality Position
·
Sanjeev
Garg Indian Managing
Director
·
R S Vaidhyanathan - Commercial
Manager
·
Krishnan Ramadouri - Finance
Manager
·
Gerald Fernandes - Marketing
Manager
Date of Establishment : 28th
June 1994
History : Subject was originally established in 1994
under the name of “Indicaa Global Limited”.
However it re-registered under the current style of “Indicaa Group Ltd”
in 2009.
Legal Form :
Subject is the United Arab
Emirates registered branch of Indicaa Global Ltd, a Limited
Liability Company incorporated in the Isle
of Man, United Kingdom.
Indicaa Global Ltd in the United
Arab Emirates, operates as a Branch of a Foreign
Registered Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own
right. Responsibility for
payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we
strongly advise that any international trade
credit should only be written
under the name of the main company where the
subject holds its registered
office, in this case the Isle of Man, United Kingdom
Commercial Reg. No. : 823, Dubai
Trade Licence No. : 901
(Expires 28/02/2014)
Chamber Member No. : 31132
Issued Capital : UAE Dh 7,500,000
Paid up Capital : UAE Dh 7,500,000
Activities: Engaged in the import and distribution of
building materials, steel products, ferrous and non-ferrous scrap metals scrap
plastic and paper and textiles.
Import
Countries: Europe and GCC
countries.
Operating Trend: Steady
Subject has a
workforce of 15 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
1,500,000,000 UAE Dh
1,400,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Krishnan
Ramadouri, Finance
Manager
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel:
(971-4) 2535000
·
The
Standard Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box: 999
Dubai
Tel: (971-4) 2520455
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
·
Abu Dhabi Commercial Bank
Al
Rigga Road
PO Box: 5550
Dubai
Tel: (971-4) 2958888 / 3228141
Fax: (971-4) 2959310 / 3279632
No complaints
regarding subject’s payments have been reported.
Established in
1994, subject is involved in the import and distribution of building materials,
steel products, scrap metals and textiles.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.87 |
|
UK Pound |
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.74.51 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.