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Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
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Name : |
INNOVATIVE BUILDING SOLUTIONS LLC (IBS) |
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Registered Office : |
Building No. 5, 2nd Floor, Green Community Dubai Investment
Park PO Box 73869 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 : |
10.12.2007 |
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Com. Reg. No.: |
1020830, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacturers of construction materials and chemicals |
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No. of Employees : |
150 |
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 : |
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 – 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 |
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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 : INNOVATIVE BUILDING SOLUTIONS LLC (IBS)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 10th December 2007
Commercial Registration Number : 1020830, Dubai
Trade Licence Number : 604007
Chamber Membership Number : 169129
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 150
Activities : Manufacturers of construction materials and chemicals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
INNOVATIVE BUILDING SOLUTIONS LLC
(IBS)
Building : Building No.
5, 2nd Floor, Green Community
Area : Dubai
Investment Park
PO Box : 73869
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3233167
/ 8156666
Facsimile : (971-4)
8878897 / 3233725 / 8156655
Email : info@ibs-mapei.ae
Subject operates from a medium sized suite of offices that are rented
and located in the Dubai Investment Park Area of Dubai.
Branch Office (s)
Location Description
· Plot No. 597-191 Factory
premises
Dubai Investment
Park, Phase 2
Dubai
Tel: (971-4)
8858428
Fax: (971-4)
8858438
Name Position
· Stefano Iannacone General
Manager
Date of
Establishment : 10th
December 2007
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 1020830, Dubai
Trade Licence No. : 604007
Chamber Member No. : 169129
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Maritime and Mercantile
International Co LLC 51%
United Arab
Emirates
· Mapei SpA 49%
Via Cafiero 22
Milan 20158
Italy
Tel: (39-02)
376731
Activities: Engaged in the manufacture of construction materials and chemicals, including
concrete, adhesives, floor and wall coverings.
Subject is ISO 13007-1 accredited.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 150 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 61,300,000 UAE Dh
62,200,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on
estimations by our local sources.
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel: (971-4)
2222241
No complaints regarding subject’s payments have been reported.
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.62.45 |
|
|
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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 |
|
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 |
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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 |
|
-- |
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.