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Report No. : |
316821 |
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Report Date : |
14.04.2015 |
IDENTIFICATION DETAILS
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Name : |
AQUAPLEX FZE |
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Registered Office : |
Al Dhaid Road, Saif Zone, Unit No. Q4-145, PO Box 123039, Sharjah |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
21.08.2013 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Engaged in the import and distribution of plumbing materials and
sanitary ware. |
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No. of Employees : |
89 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 :
AQUAPLEX FZE
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
21st August 2013
Trade Licence Number : 12425
Issued Capital :
UAE Dh 150,000
Paid up Capital :
UAE Dh 150,000
Total Workforce :
89
Activities :
Distributors of plumbing materials and sanitary ware.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Person Interviewed :
Lakan Lal, Financial Controller
AQUAPLEX FZE
Registered &
Physical Address
Street : Al Dhaid
Road
Area : Saif Zone,
Unit No. Q4-145
PO Box : 123039
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5489121
Mobile : (971-55)
6458348
Email : sales@aquaplex.me
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Sharjah.
Branch Office (s)
Location Description
Plot E4-08 Sharjah Airport International Free Zone Office
premises
Sharjah
Tel: (971-6) 5575533
Fax: (971-6) 5575533
Sharjah Industrial Area No. 2 Office
premises
Sharjah
Tel: (971-6) 5721250
Name Nationality Position
Ravi Hinduja Indian Managing
Director
Lakan Lal - Financial
Controller
Pratan Potlekar - Sales
Executive
Hafiza Samrin - Human
Resources Manager
Date of Establishment : 21st
August 2013
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 12425
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
Tris Treasure SA 100%
British Virgin Islands
Alcot International FZC
Sharjah
Activities: Engaged in the import and distribution of plumbing materials and
sanitary ware.
Import Countries: GCC countries, United States of America, Europe
and Asia.
Brand Names: ALPACO, ARROW,
ASAHI, BONOMINI, BPF, COPRAX, EQUINOX, ERAL, FANSKI, FIORE,
HYDROPLEX, MAXIMUS, OASI, OLIVE, RHINO, SCARAMUZZI, SPRAY STREAM,
TANGIT,
UPLAST, WEFATHERM, KROMIC and FLUSHMASTER
Subject has a workforce of 89 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/14:
Total Sales UAE
Dh 14,000,000
Total revenue for the year ending 31st December 2015 is expected
to be UAE Dh 60,000,000.
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Lakan Lal, Financial Controller
National Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
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.62.39 |
|
|
1 |
Rs.91.05 |
|
Euro |
1 |
Rs.66.16 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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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 |
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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 |
-- |
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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.