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Report No. : |
311671 |
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Report Date : |
13.03.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Jebel Ali Industrial Area No. 3, 8807, Dubai |
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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 : |
29.07.1989 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the provision of engineered sand castings, heat treatment and electroplating services, welding and fabrication, overhauling and fitting, precision grinding, metal stitching and dynamic balancing. |
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No of Employees : |
160 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UAE 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.
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Source
: CIA |
Company Name : BLUE LIGHT INDUSTRY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 29th July 1989
Trade Licence Number : 300681
Chamber Membership Number : 32455
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 160
Activities : Providers of engineered sand castings, heat treatment and
electroplating services, welding and fabrication, overhauling and fitting, precision grinding, metal stitching and dynamic balancing.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sandeep Jain, Accounts Manager
BLUE LIGHT INDUSTRY
LLC
Location : Jebel Ali Industrial Area No. 3
PO Box : 8807
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8804900 / 6451759
Facsimile : (971-4) 8804901 / 3333069
Email : blibr92@emirates.net.ae / blif@trinityholdings.com
Subject operates
from a small suite of offices that are rented and located in the Industrial
Area of Dubai.
Branch Office
(s)
Location Description
·
Al Quoz
Industrial Area Factory
premises
Dubai
Tel: (971-4) 3330458
Name Nationality Position
·
Arif
Sinnai Indian Managing
Director
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Jagdish
Shah Indian Director
·
Hamd
Saif Al Tonidi Emirati Director
·
Vinod
Haskote - General
Manager
·
Sandeep
Jain - Accounts
Manager
·
Kaliya
Mukhes - Production
Manager
Date of Establishment : 29th
July 1989
Legal Form :
Limited Liability Company -
LLC
Trade Licence No. : 300681
(Expires 28/07/2016)
Chamber Member No. : 32455
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Hamd
Saif Al Tonidi 51%
·
Arif
Sinnai ]
] 49%
·
Jagdish
Shah ]
·
Trinity
Holding
Dubai
Tel: (971-4) 3466644
·
Trinity
Mechanical Services LLC
Dubai
Activities: Engaged
in the provision of engineered sand castings, heat treatment and electroplating
services, welding and fabrication, overhauling and fitting, precision grinding,
metal stitching and dynamic balancing.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 160 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
39,330,000 UAE Dh
42,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures were provided by Mr Sandeep Jain, Accounts Manager
·
Citibank
Khalid Bin Waleed Street
Bur Dubai
PO Box: 749
Dubai
Tel: (971-4) 2522100
Fax: (971-4) 2524942
No complaints regarding
subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.56 |
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1 |
Rs. 93.56 |
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Euro |
1 |
Rs. 65.94 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
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 |
-- |
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.