|
Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL GOLDEN GROUP PJSC (IGG) |
|
|
|
|
Registered Office : |
Baniyas Tower, Penthouse Floor, Corniche Road 43999, Abu Dhabi |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
08.06.2002 |
|
|
|
|
Com. Reg. No.: |
50333,
Abu Dhabi |
|
|
|
|
Legal Form : |
Private Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged in the supply
of security and defense
solutions to the UAE Government, UAE Armed Forces, UAE Ministry of Interior
and other security agencies. |
|
|
|
|
No. of Employees |
120 |
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 |
|
Payment Behaviour : |
Regular |
|
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.
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 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 : INTERNATIONAL GOLDEN GROUP PJSC
(IGG)
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Private Joint Stock Company
Registration Date : 8th
June 2002
Commercial Registration
Number : 50333,
Abu Dhabi
Trade Licence
Number : 1004199
Chamber Membership
Number : 93198
Issued Capital : UAE Dh
10,000,000
Paid up Capital : UAE Dh
10,000,000
Total Workforce : 120
Activities :
Supplying
security
and defense solutions.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ramzi Mohamed, Finance Manager
INTERNATIONAL GOLDEN GROUP PJSC (IGG)
Building : Baniyas Tower, Penthouse Floor
Street : Corniche Road
PO Box : 43999
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6266661
Facsimile : (971-2) 6267070
Email : igg@iggroup.ae
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
Branch Office
(s)
Location Description
·
Umm Al Naar Street Sales
Office
Abu Dhabi
Tel: (971-2) 5588857 / 5585579 / 5588449
Fax :
(971-2) 5585529
Name Position
·
Mohamed
Hilal Sorour Al Kaabi Chairman
·
Fadel
Saif Al Kaabi Chief
Executive Officer
·
Khalifa
Murad Al Baloushi Deputy
Chief Executive Officer
·
Emad
Arikat Assistant
Chief Executive Officer
·
Ramzi
Mohamed Finance
Manager
·
Fouzi
Amour Project
Manager
·
Sayed
Al Shehi Administration
Manager
·
Issam
Al Aitani Legal
Adviser
Date of Establishment : 8th
June 2002
Legal Form :
Private Joint Stock Company
Commercial Reg. No. : 50333,
Abu Dhabi
Trade Licence No. : 1004199
(Expires 08/01/2015)
Chamber Member No. : 93198
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
·
Seven Emirates Investment &
International Trading Company LLC 34.00%
Sheikh Zayed I Street
PO Box: 6481
Abu Dhabi
Tel: (971-2) 6665400
Fax: (971-2) 6663400
·
Tawazon
Holding 26.00%
Dubai
·
Al Qudra Holding 7.40%
Dubai
·
Islamic Insurance Co 5.04%
·
Ali Mohamed Abbas Khoury 3.70%
·
Sheikh Mohamed Bin Butti Al Hamid 3.70%
·
Fadel Al Kaabi 2.98%
·
Abdul Khaliq Abdullah Khoury 2.50%
·
Pal Technologies LLC 2.20%
·
Infinity Co LLC 1.85%
·
Al Mazrouie Trading Co 1.30%
·
Aflak for Real Estate & Investment 1.19%
·
Bond Investment 1.14%
·
Al Measeh Financial Investments 0.88%
Sheikh Zayed I Street
PO Box: 36603
Abu Dhabi
Tel: (971-2) 6270909
Fax: (971-2) 6270909
·
Local
businessmen and private investors 6.12%
Activities: Engaged in the supply of security and
defense solutions to the UAE Government, UAE Armed Forces,
UAE Ministry of Interior and other security agencies.
SEER Technology Inc announced in August 2009 the signing of a contract with IGG, for the delivery of its
breakthrough AccuSense and NAViSEER products over the next five years. The contract is initially valued
at US$150M.
Import
Countries: France, Italy,
United Kingdom, Japan and the United States of America
Operating Trend: Steady
Subject has a
workforce of approximately 120 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: Year Ending 31/12/13:
Total Revenue UAE Dh 2,298,000,000 UAE Dh 1,400,000,000 UAE Dh 2,017,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ramzi
Mohamed, Finance Manager
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
No complaints
regarding subject’s payments have been reported.
Local sources report
that payment obligations are met in a generally timely manner and the operating
history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.57 |
|
|
1 |
Rs.98.87 |
|
Euro |
1 |
Rs.80.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.