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Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
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Name : |
ZENITH RUBBER INDUSTRIES MIDDLE EAST LLC |
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Registered Office : |
Al Jazeera Al Hamra, RAKIA Free Zone, PO Box 35542, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
28.10.2009 |
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Com. Reg. No.: |
34501 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the manufacture of rubber flooring sheets. |
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No of Employees : |
80 |
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 |
|
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 |
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 :
ZENITH RUBBER INDUSTRIES MIDDLE EAST LLC
Country of Origin :
Ras Al Khaimah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
28th October 2009
Commercial Registration Number :
34501, Ras Al Khaimah
Trade Licence Number :
RAKIA 25RZ406091901
Chamber Membership Number :
35730
Issued Capital :
UAE Dh 5,000,000
Paid up Capital :
UAE Dh 5,000,000
Total Workforce :
80
Activities :
Manufacturers of rubber flooring sheets.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Sujith Kumar, Sales Manager
ZENITH RUBBER INDUSTRIES MIDDLE EAST LLC
Registered &
Physical Address
Location : Al Jazeera Al
Hamra, RAKIA Free Zone
PO Box : 35542
Town : Ras Al
Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2435299
/ 2435399
Facsimile : (971-7)
2435266
Mobile : (971-50)
3650552
Email : hr@zenithrubberllc.com
/ info@zenithrubber.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Ras Al Khaimah.
Name Nationality Position
Ahmed Mohamed Obaid Al Shamsi Emirati Managing Director
Mohamed Jawed Sajid - General
Manager
Abdul Waheed - Financial
Manager
Sujith Kumar - Sales
Manager
Date of Establishment : 28th
October 2009
Legal Form :
Limited
Liability Company - LLC
Commercial Reg. No. : 34501, Ras Al
Khaimah
Trade Licence No. : RAKIA
25RZ406091901
Chamber Member No. : 35730
Issued Capital : UAE Dh 5,000,000
Paid up Capital :
UAE
Dh 5,000,000
Name of
Shareholder (s) Percentage
Ahmed Mohamed Obaid Al Shamsi 51%
Zenith Industrial Rubber Products Pvt Ltd 49%
India
Falcon Pack LLC
Ras Al Khaimah
Activities: Engaged in the manufacture of rubber flooring sheets.
Import Countries: India and Saudi
Arabia
International
Suppliers:
Gujrat Reclaim India
Shah Petroleum India
IPOL India
SABIC Saudi
Arabia
Operating Trend: Steady
Subject has a workforce of 80 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales UAE
Dh 25,000,000 UAE Dh
26,735,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Sujith Kumar, Sales Manager
Emirates National Bank of Dubai
Emirates NBD Building, 1st Floor
Al Muraqqabat, Deira
PO Box: 46046
Dubai
Tel: (971-4) 2222241
No complaints regarding subject’s payments have been reported.
Local sources report that subject meets its payments in a timely manner
and is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
<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.