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Report No. : |
334078 |
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Report Date : |
30.07.2015 |
IDENTIFICATION DETAILS
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Name : |
LAROSA HARDWARE AND EQUIPMENT CO LLC |
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Registered Office : |
Industrial Area No. 2, |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
27.03.1996 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import, distribution and maintenance of industrial
equipment and machinery, including air compressors, ducting, roll forming,
cutting, welding and engineering machinery. |
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No. of Employees : |
35 |
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 – 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 |
Company Name : LAROSA HARDWARE AND EQUIPMENT CO
LLC
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
27th March 1996
Trade Licence Number :
120320
Chamber Membership Number :
375543
Issued Capital :
UAE Dh 800,000
Paid up Capital :
UAE Dh 800,000
Total Workforce :
35
Activities :
Distribution and maintenance of industrial equipment and machinery.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
LAROSA HARDWARE AND EQUIPMENT CO LLC
Registered &
Physical Address
Location : Industrial
Area No. 2
PO Box : 41007
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5430053
Facsimile : (971-6)
5430052
Mobile : (971-50)
4621577 / 5993850 / 2611656
Email : sales@larosagroup.com
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Sharjah.
Name Nationality Position
Abdul Karim Zuhair Fahd Jordanian Managing
Director
Rashid Obaid Khalfan Majid Emirati Director
Asaad Al Otaibi - Sales
Manager
Ahmed Sami - Maintenance
Manager
Date of Establishment : 27th
March 1996
Legal Form : Limited Liability
Company - LLC
Trade Licence No. : 120320
Chamber Member No. : 375543
Issued Capital : UAE Dh 800,000
Paid up Capital : UAE Dh 800,000
Name of
Shareholder (s) Percentage
Rashid Obaid Khalfan Majid 51%
Abdul Karim Zuhair Fahd 49%
Activities: Engaged in the import, distribution and maintenance of industrial equipment
and machinery, including air compressors, ducting, roll forming, cutting,
welding and engineering machinery.
Import Countries: Europe and the Far East.
Brand Names: FALKONMAC, HUGONG, ISC, THOMAS, SCM, GIS, KENT,
YANGLI, COMIFO and SUPERIOR
Operating Trend: Steady
Subject has a workforce of 35 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 16,280,000 UAE Dh
16,650,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Standard Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel: (971-6) 5357788
Fax: (971-6) 5543604
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.63.89 |
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|
1 |
Rs.99.71 |
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Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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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.