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Report No. : |
328075 |
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Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
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Name : |
BECKER INDUSTRIAL COATINGS LLC |
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Registered Office : |
Al Kour Port, Warehouse No. 229, PO Box 12795, Ras Al Khaimah |
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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 : |
27.05.2008 |
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Com. Reg. No.: |
3132 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the manufacture of industrial coatings, paints and related
products. |
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No. of Employees : |
22 |
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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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.
|
Source
: CIA |
Company Name :
BECKER INDUSTRIAL COATINGS LLC
Country of Origin :
Ras Al Khaimah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
27th May 2008
Commercial Registration Number :
3132, Ras Al Khaimah
Trade Licence Number :
RAKIA 10IZ212070869
Issued Capital :
UAE Dh 2,000,000
Paid up Capital :
UAE Dh 2,000,000
Total Workforce :
22
Activities :
Manufacture of industrial coatings, paints and related products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Thomas Varghese, Financial Controller
BECKER INDUSTRIAL COATINGS LLC
Registered &
Physical Address
Location : Al Kour Port,
Warehouse No. 229
PO Box : 12795
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Telephone : (971-7) 2278853
Facsimile : (971-7)
2278863
Mobile : (971-50)
5524865 / 4329756
Email : santosh.jose@becker-bic.com
/ info-uae@beckers-bic.com
/ santosh.jose@becker-group.com
Thomas.varghese@becker-group.com
/ sirinvas.karanakaram@becker-group.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Ras Al Khaimah.
Name Position
Santosh Jose Managing
Director
Thomas Varghese Financial
Controller
Sirinvas Karanakaram Operations
Manager
Date of Establishment : 27th
May 2008
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 3132, Ras Al
Khaimah
Trade Licence No. : RAKIA
10IZ212070869
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Name of
Shareholder (s) Percentage
RAK Investment Authority (RAKIA) 51%
Ras Al Khaimah
Becker Industries 49%
Sweden
Activities: Engaged in the manufacture of industrial coatings, paints and related
products.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of 22 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 40,775,000 UAE Dh
42,130,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
National Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7) 2221127
Fax: (971-7) 2224202
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.63.64 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.