MIRA INFORM REPORT

 

 

Report No. :

335037

Report Date :

05.08.2015

 

IDENTIFICATION DETAILS

 

Name :

PROGEN GENERAL TRADING LLC

 

 

Registered Office :

Concord Tower, 11th Floor, Suite 1108, Media City, PO Box : 500434, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

20.12.2012

 

 

Com. Reg. No.:

1106880, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Subject is engaged in the import, distribution and installation of heating, ventilation and air conditioning equipment, lighting, generators and mechanical, electrical and automation systems and equipment.

 

 

No. of Employee :

15

 

 

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 :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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. 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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

 

SUMMARY

 

Company Name                                    : PROGEN GENERAL TRADING LLC

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 20th December 2012

Commercial Registration Number           : 1106880, Dubai

Trade Licence Number                           : 680736

Chamber Membership Number               : 212829

Issued Capital                                       : UAE Dh 300,000

Paid up Capital                                     : UAE Dh 300,000

Total Workforce                                                : 15

Activities                                               : Distribution and installation of heating, ventilation and air conditioning

                                                              equipment, lighting, generators and mechanical, electrical and automation

                                                            systems and equipment.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

PROGEN GENERAL TRADING LLC

 

 

ADDRESS

 

 

Registered & Physical Address

 

Building                        : Concord Tower, 11th Floor, Suite 1108

Area                 : Media City

PO Box                        : 500434

Town                : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 5521090 / 4549823

Facsimile          : (971-4) 5521091 / 4542310

Mobile              : (971-50) 6256752

Email                : sales@progentrd.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                                Position

 

·       Singh Man Mohan Ajith Singh                                    Indian                                       Managing Director

 

·       Shamsah Mohamed Haidar Abdulla Al Balooshi         Emirati                                      Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th December 2012

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 1106880, Dubai

 

Trade Licence No.        : 680736 (Expires 19/12/2015)

 

Chamber Member No.  : 212829

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                           Percentage

 

·       Shamsah Mohamed Haidar Abdulla Al Balooshi                     51%

 

·       Singh Man Mohan Ajith Singh                                                49%

 

 

OPERATIONS

 

Activities: Engaged in the import, distribution and installation of heating, ventilation and air conditioning equipment, lighting, generators and mechanical, electrical and automation systems and equipment.

 

Import Countries: Europe and the Far East

 

Brand Names: SINRO, TITAN, MARMITEK, AERMEC, HC BARCOL-AIR, WESTING HOUSE, CONTROLLI,

                          BIOXIGEN, ZENNIO, CYLON, GREYSTONE, DG LOGIK, BRAND REX, BROADCROWN,

                         INVERTEK DRIVES, FUTUREC, BPT, BRUMBERG, COMPARLUX, OMS, PUK, WIBRE, FLUOREL

                         LIGHTING and VIR

 

Operating Trend: Steady

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                                UAE Dh 9,185,000                     UAE Dh 9,270,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Emirates National Bank of Dubai

Baniyas Street

     PO Box: 777

     Dubai

       Tel: (971-4) 2222241

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.91

UK Pound

1

Rs.99.82

Euro

1

Rs.70.05

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.