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Report No. : |
353485 |
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Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SPECTRUM
INDUSTRIES LLC |
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|
|
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Registered Office : |
Sheikh Zayed Road Plot No: 597-619, Dubai Investment Park No. 2 118837 & 52161 Dubai |
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|
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
11.09.2004 |
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|
|
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Com. Reg. No.: |
69547, Dubai |
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|
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Subject is
engaged in the manufacture of metal coatings for the coil and can industries.
It also produces final applications such as corrugated roof and wall sheets,
high-end external building facades, false ceilings, architectural fittings,
and food and industrial cans. |
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|
|
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No. of Employee : |
42 |
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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|
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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 |
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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 |
|
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 : SPECTRUM
INDUSTRIES LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 11th
September 2004
Commercial
Registration Number : 69547,
Dubai
Trade Licence
Number : 560724
Chamber Membership
Number : 90778
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 42
Activities :
Manufacturers of paint and varnishes.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Joytish
Krishnan, Accounting Manager
SPECTRUM INDUSTRIES
LLC
Street : Sheikh Zayed Road
Area : Plot No: 597-619, Dubai
Investment Park No. 2
PO Box : 118837 & 52161
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8852402 / 8841197
Facsimile : (971-4) 8852403 / 8847751
Mobile : (971-50) 6532745 / 5091201 /
(971-55) 4587938
Email : info@spectrumindustries.ae
Subject operates
from a medium sized suite of offices and a factory that are leased and located in
the Suburban Business Area of Dubai.
Branch Office
(s)
Location Description
·
Al
Khaleej Building, Office No. 201, 2nd Floor Rented
office premises
Karama Area
PO Box: 52161
Dubai
Tel: (971-4) 3368230 / 3479348
Fax: (971-4) 3367357 / 3479349
Name Nationality Position
·
Oussama
Mohamed Farooq Ghandour Lebanese Managing Director
·
Sumeet
Kachchawa - Chief
Executive Officer
·
Ramesh
Krishna - Finance
Manager
·
Giri
Parasad - Chief
Financial Officer
·
Mohamed
Venkatesh - Production
Manager
·
Joytish
Krishnan - Accounting
Manager
·
Mohamed
Farooq - Accountant
Date of Establishment : 11th
September 2004
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 69547, Dubai
Trade Licence No. : 560724
(Expires 22/08/2016)
Chamber Member No. : 90778
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Ghubash
Trading & Investment Co Ltd LLC 51%
PO Box: 2929
Dubai
Tel: (971-4) 3345111
Fax: (971-4) 3360335
·
Oussama
Mohamed Farooq Ghandour 49%
·
Arabian
Ethicals Co (ETIX)
Real Estate Department Building
354-310 Sheikh Zayed Road
Al Quoz Industrial Area
PO Box: 9081
Dubai
Tel: (971-4) 3392141
Fax: (971-4) 3386755
·
Computer
Network Systems Est
Abu Dhabi Fund Building, 1st
Floor
Tourist Club Area
PO Box: 46144
Abu Dhabi
Tel: (971-2) 6442888
Fax: (971-2) 6440151
Email: postmaster@cns-me.com
·
Tawazon
Chemical Company LLC
Saeed Ahmed Ghobash Building
Zabeel Street
Umm Hureir
PO Box: 52161
Dubai
Tel: (971-4) 3368230
Fax: (971-4) 3367357
Email: info@tawazon.co.ae
·
On Time
Distribution
Saeed Ahmed Ghobash Building
Airport Road
Al Garhoud
PO Box: 1017
Dubai
Tel: (971-4) 2820800
Fax: (971-4) 2828108
·
ABAN
Investments
·
Emitac
Group
·
Al
Itharah Amusement Centre
·
Sahara
Centre
·
Ataya
Enterprises
·
Prime
Hospitality
·
SSP
Emirates
·
Makeen
Properties
·
GCG
Digital Imaging and Office Services
·
IDS
Energy
·
GCG
Engineering Services
·
GCG
Interiors
Activities: Engaged in the manufacture of metal coatings
for the coil and can industries. It also produces final
applications such
as corrugated roof and wall sheets, high-end external building facades, false
ceilings, architectural fittings, and
food and industrial cans.
Subject is ISO 9001
certified.
Production Capacity: 10,000
tons per year
Import
Countries: Europe and GCC
countries
Operating Trend: Steady
Subject has a
workforce of 42 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 57,680,000 UAE Dh 65,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Joytish Krishnan, Accounting Manager
·
National
Bank of Abu Dhabi
Deira Souk Branch
PO Box: 4436
Dubai
Tel: (971-4) 2226141
Fax: (971-4) 2226145
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.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
UAE Dh |
1 |
Rs.18.28 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.