MIRA INFORM REPORT
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Report No. : |
332414 |
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Report Date : |
22.07.2015 |
IDENTIFICATION DETAILS
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Name : |
RMD KWIKFORM
MIDDLE EAST LLC |
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Registered Office : |
Khan Saheb Building, Office No. 102, Al Khan Road, P O Box: 5801, 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 : |
18.06.1978 |
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Com. Reg. No.: |
43152, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Sale and Rental
of Scaffolding Products. |
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No. of Employees : |
120 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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. 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.
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Source
: CIA |
SUMMARY
Company Name : RMD
KWIKFORM MIDDLE EAST LLC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 18th
June 1978
Commercial Registration
Number : 43152, Sharjah
Trade Licence
Number : 12000
Chamber Membership
Number : 2012
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 120
Activities :
Sale and rental of scaffolding products
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rajiv Kapoor, Finance Manager
COMPANY
NAME
RMD KWIKFORM MIDDLE
EAST LLC
ADDRESS
Registered & Physical
Address
Building : Khan Saheb Building, Office No.
102
Street : Al Khan Road
PO Box : 5801
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5534173
Facsimile : (971-6) 5534327
Email : rmd.me@rmdkwikform.com / rmd.uae@rmdkwikform.com / babu.jayaranan@rmdkwikform.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the
Suburban Business Area of Sharjah.
Branch Offices
Location Description
·
Dubai Investment Park Office
premises
Dubai
Tel: (971-4) 8850707
KEY
PRINCIPALS
Name Position
·
Paul
Jeffery William Managing
Director
·
Chris
Trident General
Manager
·
Gary
Rayson Operations
Manager
·
Catherine
Hughes Marketing
Manager
·
Mariana
Santome Sales
Manager
·
Rajiv Kapoor Finance
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 18th
June 1978
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 43152,
Sharjah
Trade Licence No. : 12000
(Expires 08/12/2015)
Chamber Member No. : 2012
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
·
Khan
Saheb Investment 51%
Dubai
·
RMD
Kwikform 49%
United Kingdom
OPERATIONS
Activities: Engaged in the sale and rental of
scaffolding products.
Import
Countries: United Kingdom
Operating Trend: Steady
Subject has a
workforce of 120 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 60,550,000 UAE Dh 62,900,000
Local sources
consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
National
Bank of Sharjah
PO Box: 4
Sharjah
Tel: (971-6) 5547747
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
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 |
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US Dollar |
1 |
Rs.63.65 |
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|
1 |
Rs.99.14 |
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Euro |
1 |
Rs.68.91 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
NIT |
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.