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Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIAL PRODUCTS FZC |
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Registered Office : |
Warehouse No. Q4-147 Saif Zone PO Box 8243 Sharjah |
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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 : |
12.01.2010 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Import and distribution of low voltage power components, industrial,
automation and engineering equipment
and products. |
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No. of Employees : |
08 |
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) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : INDUSTRIAL PRODUCTS FZC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 12th January 2010
Trade Licence Number : 7731, Saif Zone
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 8
Activities : Distributors of low voltage power components, industrial, automation and engineering equipment and products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hamid Javid, Sales Co-ordinator
INDUSTRIAL PRODUCTS FZC
Location : Warehouse No.
Q4-147
Area : Saif Zone
PO Box : 8243
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5579430
/ 5578465
Facsimile : (971-6)
5579431 / 5578766
Mobile : (971-50)
1149299 / (971-55) 8137814
Email : info@industrial-pro.com / muhammad@industrial-pro.com / khashif@industrial-pro.com
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Saif Zone Area of Sharjah.
Name Nationality Position
· Muhammad Sadiq
Azhar Pakistani Managing
Director
· Kashif Zafar Pakistani Director
· Mukhtar Ahmed Bhatti Pakistani Director
· Hamid Javid - Sales
Co-ordinator
Date of
Establishment : 12th January
2010
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 7731, Saif Zone
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Muhammad Sadiq
Azhar
· Kashif Zafar
· Mukhtar Ahmed Bhatti
Activities: Engaged in the import and distribution of low voltage power components,
industrial, automation and
engineering equipment and products.
Import Countries: Germany, Italy, Turkey, Singapore and Malaysia.
International
Suppliers:
· Merz Germany
· Nitech Singapore
· Datakom Turkey
· Kael Turkey
· MIKRO Malaysia
· FANDIS Italy
Brand Names: GE, DATAKOM, ONKA, MIKRO, MERZ, NITECH, DUCATI, KAEL, TANGENT and FANDIS
Operating Trend: Steady
Subject has a workforce of 8 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 6,200,000 UAE Dh
6,850,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4)
2229131 / 2221134
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.61.93 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
|
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.