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Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
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Name : |
ENOC LUBRICANTS & GREASES MANUFACTURING LLC |
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Registered Office : |
Port of Fujairah, Plot No. TF4, 4037, Fujairah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
05.05.2009 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the manufacture and blending of lubricants and greases, including automotive engine oils, gear oils, transmission fluids, marine speciality oils, industrial oils, as well as automotive and industrial greases. |
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No of Employees : |
120 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
United Arab Emirates |
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 |
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.
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Source
: CIA |
Company Name :
ENOC LUBRICANTS & GREASES MANUFACTURING LLC
Country of Origin :
Fujairah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
5th May 2009
Trade Licence Number :
100261
Industrial Licence Number :
5295
Issued Capital :
UAE Dh 3,000,000
Paid up Capital :
UAE Dh 3,000,000
Total Workforce :
120
Activities :
Manufacture and blending of lubricants and greases.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
ENOC LUBRICANTS & GREASES MANUFACTURING LLC
Location : Port of
Fujairah, Plot No. TF4
PO Box :
4037
Town : Fujairah
Country : United Arab
Emirates
Telephone : (971-9) 2281128
Facsimile : (971-9)
2281633
Mobile : (971-50)
3863688
Email : khalidmk@enoc.com
/ joby@enoc.com
Subject operates from a suite of offices and a factory covering 63,500m2
that are rented and located in the Port Area of Fujairah.
Branch Office (s)
Location Description
· Dubai Office
premises
Tel: (971-4)
3134668
Name Nationality Position
· Saeed Mir Abdullah
Ahmed Al Khoory Emirati Managing
Director
· Mohamed Younas - Plant
Manager
· Reem Al Rumaithy - Financial
Manager
· Khalid Mohamed - Financial
Controller
· Joby Jospeh - Commercial Manager
Date of
Establishment : 5th
May 2009
Legal Form : Limited Liability
Company - LLC
Trade Licence No. : 100261
Industrial Licence
No. : 5295
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
· Emirates National
Oil LLC
United Arab
Emirates
· Enoc Marketing LLC
United Arab
Emirates
Activities: Engaged in the manufacture
and blending of lubricants and greases, including automotive engine oils, gear
oils, transmission fluids, marine speciality oils, industrial oils, as well as
automotive and industrial greases.
Production
Capacity: 105,000 metric tonnes
Import Countries: Europe
and the Far East
Subject has a workforce of 120 employees.
Companies registered in Fujairah, United Arab Emirates are not legally
required to make their accounts public and no financial information was released
by the company or submitted by outside sources.
·
National Bank of Fujairah
PO Box: 887
Fujairah
Tel: (971-9) 2224518 / 2224513
Fax: (971-9) 2224516 / 2229470
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.61.61 |
|
|
1 |
Rs.100.28 |
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Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SMN |
RATING EXPLANATIONS
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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.