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Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
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Name : |
HENKEL INTERNATIONAL LUBRICANT INDUSTRY LLC |
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Registered Office : |
New Sanaya Area, Plot No. 70/3 PO Box 5082 Ajman |
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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 : |
03.04.2005 |
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Com. Reg. No.: |
3809, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of lubricants and greases |
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No. of Employees : |
48 |
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 : |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 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 : HENKEL INTERNATIONAL LUBRICANT INDUSTRY LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd April 2005
Commercial Registration Number : 3809, Ajman
Trade Licence Number : 550291
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 48
Activities : Manufacture of lubricants and greases
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jasvinder Singh, Financial Manager
HENKEL INTERNATIONAL LUBRICANT INDUSTRY LLC
Location : New Sanaya
Area, Plot No. 70/3
PO Box : 5082
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7433894
Facsimile : (971-6)
7433895
Mobile : (971-50)
4226995 / 8562720
Email : henkel@emirates.net.ae
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Ajman.
Branch Office (s)
Location Description
· Abdullah Al Moosa
Building Office
premises
Al Musalla Street
Naser Square
Deira
Dubai
Tel: (971-4)
2272426 / 2272425
Fax: (971-4)
2226220
Name Nationality Position
· Pramjeet Singh
Kohli Indian Managing
Director
· Abdulrahman Al
Marzouqi Emirati Director
· Alaa Al Haj Siddiq - Commercial
Manager
· Jasvinder Singh - Financial
Manager
· Munir Basha - Production
Manager
Date of
Establishment : 3rd
April 2005
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 3809, Ajman
Trade Licence No. : 550291
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Abdulrahman Al
Marzouqi 51%
· Pramjeet Singh
Kohli 49%
· Stanley Trading
LLC
PO Box: 21516
Dubai
Tel: (971-4)
2272425
Fax: (971-4)
2226220
Activities: Engaged in the manufacture of lubricants and greases.
Import Countries: Europe and GCC countries.
Brand Names: STANLEY, JAMBO and HARIS PLUS
Operating Trend: Steady
Subject has a workforce of 48 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 93,250,000 UAE Dh
109,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures were provided by Mr Jasvinder Singh,
Financial Manager
·
Dubai Islamic Bank
PO Box: 915
Ajman
Tel:
(971-6) 7466555
Fax:
(971-6) 7466626
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.54.71 |
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|
1 |
Rs.82.79 |
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Euro |
1 |
Rs.71.43 |
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 |
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<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.