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Report No. : |
309882 |
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Report Date : |
03.03.2015 |
IDENTIFICATION DETAILS
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Name : |
LUBREX FZC |
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Registered Office : |
Hamriyah Free Zone,
Plot No. Le-02C, P O Box: 42438, 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 : |
13.03.2005 |
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Legal Form : |
Free Zone Company
- FZC |
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Line of Business : |
Manufacturers of
Motor Oil, Antifreeze, Water Coolant and Brake Fluid. |
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No. of Employees : |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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. In April 2004, the UAE signed a Trade and Investment
Framework Agreement with Washington and in November 2004 agreed to undertake
negotiations toward a Free Trade Agreement with the US; however, those talks
have not moved forward. 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. The UAE Central Bank and Abu Dhabi-based banks
bought the largest shares. In December 2009 Dubai received an additional $10
billion loan from the emirate of Abu Dhabi. 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 : LUBREX FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 13th
March 2005
Trade Licence
Number : 1063
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce :
40
Activities :
Manufacturers of motor oil, antifreeze, water coolant and brake fluid.
Financial Condition : Fair
Payments : Nothing
detrimental uncovered
Operating Trend : Steady
Person Interviewed : Moiz Mansour, Finance Manager
LUBREX FZC
Location : Hamriyah Free Zone, Plot No. Le-02C
PO Box : 42438
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5261200 / 5261922 / 5261910 /
5261944
Facsimile : (971-6) 5261201 / 5261933
Mobile : (971-50) 4793240
Email : info@lubrex.net / finance@lubrex.net
Please note that
subject’s PO Box number is 42438 and not 42383.
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Hamriyah Free Zone Area of Sharjah.
Name Nationality Position
·
Vahid
Reza Naaimi Iranian Chief
Executive Officer
·
Abbas
Muniri - Managing
Director
·
Moiz Mansour - Finance
Manager
·
Mohamed Muniri - Factory
Manager
·
Fareed Mohamed - Accountant
Date of Establishment : 13th
March 2005
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 1063
(Expires 13/03/2015)
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Domino Ltd 60%
British Virgin Islands
·
Elite Enterprises Ltd 27%
British Virgin Islands
·
Rexol Corporation Ltd 13%
British Virgin Islands
Activities: Engaged in the manufacture of motor oil,
antifreeze, water coolant and brake fluid.
Subject is ISO 9001:2008 accredited.
Import
Countries: Europe and GCC
countries.
Agencies Held:
·
Armoil
CJSC Armenia
·
Centurian Columbia
Operating Trend: Steady
Subject has a
workforce of 40 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
110,000,000 UAE Dh
112,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Emirates
Bank International Ltd
Immigration Road
PO Box: 25090
Sharjah
Tel: (971-6) 5733300
Fax: (971-6) 5730077
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.61.82 |
|
|
1 |
Rs.95.27 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
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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 |
|
|
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 |
-- |
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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.