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Report No. : |
324899 |
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Report Date : |
04.06.2015 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL GOLDEN GROUP PJSC (IGG) |
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Registered Office : |
Nation Tower, 28th Floor, Corniche Road, P O Box: 43999, Abu Dhabi |
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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 : |
08.06.2002 |
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Com. Reg. No.: |
50333, Abu Dhabi |
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Legal Form : |
Private Joint Stock Company |
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Line of Business : |
Subject is
engaged in the supply of security and defense solutions to the UAE Government, UAE
Armed Forces, UAE Ministry of Interior and other security agencies. |
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No. of Employees : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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.
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 |
Company Name : INTERNATIONAL
GOLDEN GROUP PJSC (IGG)
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Private Joint Stock Company
Registration Date : 8th
June 2002
Commercial
Registration Number : 50333,
Abu Dhabi
Trade Licence
Number : 1004199
Chamber Membership
Number : 93198
Issued Capital : UAE Dh
10,000,000
Paid up Capital : UAE Dh
10,000,000
Total Workforce : 120
Activities :
Supplying
security
and defense solutions.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ramzi Mohamed, Finance Manager
INTERNATIONAL GOLDEN GROUP PJSC (IGG)
Building : Nation Tower, 28th
Floor
Street : Corniche Road
PO Box : 43999
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6266661
Facsimile : (971-2) 6267070
Email : igg@iggroup.ae
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
Branch Office
(s)
Location Description
·
Umm Al Naar Street Sales
Office
Abu Dhabi
Tel: (971-2) 5588857 / 5585579 / 5588449
Fax:
(971-2) 5585529
·
Baniyas Tower, Penthouse Floor Sales
Office
Corniche
Road
Abu
Dhabi.
Name Position
·
Mohamed
Hilal Sorour Al Kaabi Chairman
·
Fadel
Saif Al Kaabi Chief
Executive Officer
·
Khalifa
Murad Al Baloushi Deputy
Chief Executive Officer
·
Emad
Arikat Assistant
Chief Executive Officer
·
Ramzi
Mohamed Finance
Manager
·
Fouzi
Amour Project
Manager
·
Sayed
Al Shehi Administration
Manager
·
Issam
Al Aitani Legal
Adviser
Date of Establishment : 8th
June 2002
Legal Form :
Private Joint Stock Company
Commercial Reg. No. : 50333,
Abu Dhabi
Trade Licence No. : 1004199
(Expires 08/01/2016)
Chamber Member No. : 93198
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
·
Seven Emirates Investment &
International Trading Company LLC 34.00%
Sheikh Zayed I Street
PO Box: 6481
Abu Dhabi
Tel: (971-2) 6665400
Fax: (971-2) 6663400
·
Tawazon
Holding 26.00%
Dubai
·
Al Qudra Holding 7.40%
Dubai
·
Islamic Insurance Co 5.04%
·
Ali Mohamed Abbas Khoury 3.70%
·
Sheikh Mohamed Bin Butti Al Hamid 3.70%
·
Fadel Al Kaabi 2.98%
·
Abdul Khaliq Abdullah Khoury 2.50%
·
Pal Technologies LLC 2.20%
·
Infinity Co LLC 1.85%
·
Al Mazrouie Trading Co 1.30%
·
Aflak for Real Estate & Investment 1.19%
·
Bond Investment 1.14%
·
Al Measeh Financial Investments 0.88%
Sheikh Zayed I Street
PO Box: 36603
Abu Dhabi
Tel: (971-2) 6270909
Fax: (971-2) 6270909
·
Local
businessmen and private investors 6.12%
Activities: Engaged in the supply of security and
defense solutions to the UAE Government, UAE Armed Forces,
UAE
Ministry of Interior and other security agencies.
SEER Technology Inc announced in August 2009 the signing of a contract
with IGG, for the delivery of its breakthrough AccuSense and NAViSEER products
over the next five years. The contract is initially valued at US$150M.
Import
Countries: France, Italy, United
Kingdom, Japan and the United States of America
Operating Trend: Steady
Subject has a
workforce of approximately 120 employees.
Financial
highlights provided by local sources are given below:
Currency: United Arab
Emirates Dirham (UAE Dh)
Year Ending
31/12/12: Year Ending
31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 1,400,000,000 UAE Dh 2,017,000,000 UAE Dh 3,100,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ramzi
Mohamed, Finance Manager
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
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.63.85 |
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|
1 |
Rs.98.12 |
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Euro |
1 |
Rs.71.28 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.