MIRA INFORM REPORT

 

 

Report No. :

351642

Report Date :

28.11.2015

 

IDENTIFICATION DETAILS

 

Name :

ASCEND ACCESS SYSTEM SCAFFOLDING LLC

 

 

Registered Office :

Dubai Investment Park 2, Warehouse No. 8 & 9 Dubai 182519

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

09.10.2008

 

 

Com. Reg. No.:

1078861, Dubai

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Subject is engaged in the manufacture and hire of aluminium scaffolding and ladders.

Products include mobile stair scaffolds, ladder frame mobile towers, cantilever scaffolds, foldable towers and podium steps.

 

 

No. of Employee :

75

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No complaints

 

 

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

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

ASCEND ACCESS SYSTEM SCAFFOLDING LLC

 

2) Registered Address:

Address

:

Dubai Investment Park 2, Warehouse No. 8 & 9

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

182519

Phone (s)

:

(971-4) 8855001

Facsimile

:

(971-4) 8855230

Mobile

:

(971-50) 3485847

Email

:

info@ascenduae.com

 

 

sales@ascenduae.com

 

3) Operational Address & Contact Details:

Address

:

Dubai Investment Park 2, Warehouse No. 8 & 9

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

182519

Phone (s)

:

(971-4) 8855001

Facsimile

:

(971-4) 8855230

Mobile

:

(971-50) 3485847

Email

:

info@ascenduae.com

 

 

sales@ascenduae.com

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

Legal Form - Category

:

Limited Liability Company – LLC

Date of Registration

:

9th October 2008

Trade License Number

:

615336

Expiry Date

:

18/08/2016

Commercial Registration Number

:

1078861, Dubai

Certificates

:

OHSAS 18001:2007

 

 

ISO 9001:2008

 

OTHER REGISTRATION/ MEMBERSHIPS

Chamber Membership Number

:

150422

 

KEY FACTS

Operational Status

:

Normal

Financial Condition

:

Undetermined

Primary Business Activity

:

Manufacture and hire of aluminium scaffolding and ladders (1)

Number of Employees

:

75

Capital

:

UAE Dh 700,000

Note: (1)

     Engaged in the manufacture and hire of aluminium scaffolding and ladders. Subject’s products include
     mobile stair scaffolds, ladder frame mobile towers, cantilever scaffolds, foldable towers and podium steps

 

 

CAPITAL DETAILS

Issued Capital:

NO OF SHARES

VALUE OF SHARE

AMOUNT

N/A

N/A

UAE Dh 700,000

 

Paid Up Capital:

NO OF SHARES

 

AMOUNT

N/A

N/A

UAE Dh 700,000

 

 

FINANCIAL DATA

Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

1

Name

HSBC Bank Middle East

 

Address

Deira Souk Branch

 

PO Box

66 Dubai

 

Tel

(971-4) 2535000

 

 

SHAREHOLDERS

Sr.No

Name

Nationality

Percentage

1

Salem Ali Saif

Emirati

51%

2

Shadab Hussain Ahsad

Indian

13%

3

Mabroor Ahsan Mansoor

Indian

12%

4

Shamina Majab Shadaf

Indian

12%

5

Qadisia Bano

Indian

12%

Total Shares

100%

 

SENIOR MANAGEMENT

Sr.No

Name

Nationality

Dsignation

1

Shadab Hussain Ahsad

Indian

Managing Director

2

Mabroor Ahsan Mansoor

Indian

Director

3

Shamina Majab Shadaf

Indian

Director

4

Qadisia Bano

Indian

Director

5

Salem Ali Saif

Emirati

Director

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.No

Country

Activity

1

Qatar

Export

2

Oman

Export

3

Saudi Arabia

Export

4

Kuwait

Export

5

Bahrain

Export

 

PREMISES

Subject operates from a medium sized suite of offices, a warehouse and a factory that are rented and located in the Industrial Area of Dubai

 

PAYMENT

No complaints regarding subject’s payments have been reported.

ADVERSE DATA

 

Performance Defaults

:

No record found

Payment Defaults

:

No record found

Adverse Press Coverage

:

No record found

Litigations

:

No record found

Former Business Relationships

:

No record found

 

INVESTIGATOR'S COMMENTS

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.66.75

UK Pound

1

Rs.100.68

Euro

1

Rs.70.88

UAE Dh

1

Rs.18.19

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.