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Report No. : |
353639 |
|
Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
INTERGULF LTD |
|
|
|
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Registered Office : |
Sheikh Khalid Port (Saeed Port), 6131 & 4115, Sharjah |
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|
|
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Country : |
United Arab Emirates |
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|
|
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
24.09.1980 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject’s operations are performed through the following divisions: · Plastic Division · Transport
Division |
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No. of Employee : |
550 |
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 |
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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 – 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 |
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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 of 2008, 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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name :
INTERGULF LTD
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 24th September 1980
Commercial Registration Number : 4744, Sharjah
Trade Licence Number : 10746
Chamber Membership Number : 4138
Issued Capital : UAE Dh 3,600,000
Paid up Capital : UAE Dh 3,600,000
Total Workforce : 550
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sobhankar Gosh, Finance Manager (Transport Division)
INTERGULF LTD
Location : Sheikh Khalid Port (Saeed Port)
PO Box : 6131 & 4115
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5029000 / 5285720 / 5281391 / 5344287 / 5029381 / 5334969
/ 5029389
Facsimile : (971-6) 5285720 / 5344289 / 5029190 / 5281417
Mobile : (971-50)
4811532
Email : agencydesk@iffco.com
Subject operates from a medium sized suite of offices and a factory that
are owned and located in the Port Area of Sharjah.
Name Position
· Srikant
Rao Managing
Director
· Iqbal Mohamed
Osman Mohamed Saif Director
· Keshour Kumar Commercial
Manager
· Raul Avasthi Export
Manager
· Maha Daven Shanker Production
Manager
· Gerome Verma General
Manager (Transport Division)
· Sobhankar Gosh Finance
Manager (Transport Division)
· Venu Philip Finance
Manager (Plastic Division)
· Ahmed Al Fathi Government
Relations Manager
· Guru Parran Legal
Manager
Date of
Establishment : 24th
September 1980
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 4744, Sharjah
Trade Licence No. : 10746
Chamber Member No. : 4138
Issued Capital : UAE Dh 3,600,000
Paid up Capital : UAE Dh 3,600,000
· Emirates
Industrial Trading Co Ltd 66.7%
PO Box:
4115 / 6906
Sharjah
United
Arab Emirates
Tel:
(971-6) 5334696
Fax:
(971-6) 5333180
· Sharjah Port
Authority 33.3%
Sharjah
Subject is a member of the IFFCO Group of
Companies, which consists of the following concerns:
· International
Packaging Co LLC
New
Industrial Area
PO Box:
2990
Ajman
United Arab
Emirates
Tel:
(971-6) 7436814
Fax:
(971-6) 7435503
Email: ipc@iffco.com
· Emirates Refining
Co Ltd (ERCO)
PO Box: 4115
Sharjah
United Arab
Emirates
Tel: (971-6)
5357966
· Intergulf Services
Ltd
PO Box:
6131
Sharjah
United
Arab Emirates
Tel:
(971-6) 281391
· Allana
International Ltd
Jebel Ali Free
Zone
PO Box: 16787
Dubai
United Arab
Emirates
Tel: (971-4)
816120
· Delmon Products
Ltd
Jebel Ali Free
Zone
PO Box: 16787
Dubai
United Arab
Emirates
Tel: (971-4)
816504
· Seville Products
Ltd (LLC)
Al Ramool
Industrial Area
PO Box: 10596
Dubai
United Arab
Emirates
Tel: (971-4)
850066
Fax: (971-4)
850066 / 855724
· Al Ain National
Juice & Refreshment Co
PO Box: 15937
Al Ain
United Arab
Emirates
Tel: (971-3)
7216555
Fax: (971-3)
7215208
· Gateway Chemicals
LLC
PO Box: 10596
Dubai
United Arab
Emirates
Tel: (971-4)
3386116
Fax: (971-4)
3384416
· IFFCO Egypt SAE
Street 262, Villa
10B
New Maadi
Cairo
Egypt
Tel: (20-2)
7545841 / 7545842 / 7545843 / 7545847
Fax: (20-2)
5164554
· Civil Product Ltd
Dubai
United Arab Emirates
Tel:
(971-4) 2850066
· Unipex Dairy
Products Co Ltd
Sharjah Industrial
Area No. 2
PO Box: 5646 & 77
Sharjah
Tel: (971-6) 5337864 / 5326339 / 5321146 /
5337434
Fax: (971-6) 5336312
Email: unipex@emirates.net.ae
· Dubai Meat Packers
Ltd
Activities: Subject’s operations are performed through the following divisions:
· Plastic Division
degagnE ,snoitacilppa gnigakcap dna lairtsudni rof sdnuopmoc CVP fo noitcudorp eht ni frep TEP gnidulcnismro dna .selttob
· Transport Division
Engaged
as owners and operators of transportation trucks from ports to other areas.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of approximately 550 employees.
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 180,000,000 UAE Dh
187,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
ABN Amro Bank
Al Zayani Building
PO Box: 1971
Sharjah
Tel: (971-6) 5355021
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.66.79 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.73.46 |
|
DH |
1 |
Rs.18.22 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.