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Report No. : |
322443 |
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Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
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Name : |
INDICAA GROUP LTD |
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Registered Office : |
Sheikh Zayed Road, Round About 6/7, Jebel Ali Free
Zone, PO Box 16983, Dubai |
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|
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Country : |
United
Arab Emirates |
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|
|
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Financials (as on) : |
31.12.2014 |
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|
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Date of Incorporation : |
28.06.1994 |
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Com. Reg. No.: |
823 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the import, export and distribution of building materials,
steel products, ferrous and non-ferrous scrap metals scrap and recycled
plastic and paper and textiles. |
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|
|
No. of Employees : |
16 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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.
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 :
INDICAA GROUP LTD
Country of Origin :
Isle of Man, United Kingdom
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
28th June 1994
Commercial Registration Number :
823, Dubai
Trade Licence Number :
901
Chamber Membership Number :
31132
Issued Capital :
UAE Dh 7,500,000
Paid up Capital :
UAE Dh 7,500,000
Total Workforce : 16
Activities :
Distribution of building materials, steel products, scrap and recycled
metals and textiles.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Krishnan Ramadouri, Finance Manager
INDICAA GROUP LTD
Registered &
Physical Address
Street : Sheikh Zayed
Road, Round About 6/7
Area : Jebel Ali
Free Zone
PO Box : 16983
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8817817
Facsimile : (971-4)
8817827
Mobile : (971-50)
45529984 / 6452359
Email : indicaa@indicaa.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Jebel Ali Free Zone.
Branch Office (s)
Location Description
Al Tawhidi Building, 5th Floor, Office No. 502 Office
premises
Al Mankool Road
Bur Dubai
PO Box: 6740
Dubai
Tel: (971-4) 3511222
Fax: (971-4) 3511200
Name Nationality Position
Sanjeev Garg Indian Managing
Director
R S
Vaidhyanathan - Commercial
Manager
Krishnan
Ramadouri - Finance
Manager
Gerald
Fernandes - Marketing
Manager
Date of Establishment : 28th
June 1994
History : Subject was originally established in 1994
under the name of “Indicaa Global Limited”.
However it re-registered under the current style
of “Indicaa Group Ltd” in 2009.
Legal Form : Subject is the
United Arab Emirates registered branch of Indicaa Global Ltd, a Limited
Liability Company
incorporated in the Isle of Man, United Kingdom.
Indicaa Global Ltd in the United
Arab Emirates, operates as a Branch of a Foreign
Registered Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own
right. Responsibility for
payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we
strongly advise that any international trade
credit should only be written
under the name of the main company where the
subject holds its registered
office, in this case the Isle of Man, United Kingdom
Commercial Reg. No. : 823, Dubai
Trade Licence No. : 901
Chamber Member No. : 31132
Issued Capital : UAE Dh 7,500,000
Paid up Capital : UAE Dh 7,500,000
Activities: Engaged in the import, export and distribution of building materials, steel
products, ferrous and non-ferrous scrap metals scrap and recycled plastic and
paper and textiles. Indicaa handles close to 40,000 TEUs (Twenty feet Equivalent Units).
Import Countries: United Kingdom, Brazil and South Africa.
Clients:
Master Steel Indonesia
International Suppliers:
JSJ Recycling United
Kingdom
Charles Muddle United
Kingdom
RFR Brazil
SA Metals South
Africa
Operating Trend: Steady
Subject has a workforce of 16 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 1,460,000,000 UAE Dh
1,508,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Krishnan
Ramadouri, Finance Manager
HSBC Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
Standard Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box: 999
Dubai
Tel: (971-4) 2520455
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
Abu Dhabi Commercial Bank
Al Rigga Road
PO Box: 5550
Dubai
Tel: (971-4) 2958888 / 3228141
Fax: (971-4) 2959310 / 3279632
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
|
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 |
|
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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 |
-- |
|
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.