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Report No. : |
341711 |
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Report Date : |
29.09.2015 |
IDENTIFICATION DETAILS
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Name : |
UNIVERSAL LUBRICANTS FACTORY LLC (ZINOL) |
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Registered Office : |
Al Qasmiah Road, Industrial Area No. 4, PO Box No.: 6527, 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 : |
07.04.1996 |
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Com. Reg. No.: |
28070, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is
engaged in the manufacture and blending of automotive, industrial and marine lubricants. |
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No. of Employees : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – 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 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 |
Company Name : UNIVERSAL
LUBRICANTS FACTORY LLC (ZINOL)
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 7th
April 1996
Commercial
Registration Number : 28070,
Sharjah
Trade Licence
Number : 3766
Chamber Membership
Number : 37830
Issued Capital : UAE Dh
250,000
Paid up Capital : UAE Dh
250,000
Total Workforce :
200
Activities :
Manufacture and blending of automotive, industrial and marine
lubricants
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Raj Shaker,
Chief Financial Officer
UNIVERSAL LUBRICANTS FACTORY LLC (ZINOL)
Street : Al Qasmiah Road
Area : Industrial Area No. 4
PO Box : 6527
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5320131
Facsimile : (971-6) 5336161
Email : unilube@emirates.net.ae / shamshad@unilube.ae / fc@unilube.ae
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Sharjah.
Name Nationality Position
·
Ibrahim
Ahmed Ali Indian Director
·
Nazir Ahmed - General
Manager
·
Mohamed Shagahan - Finance
Manager
·
Shamshad
Ahmed - Sales
Manager
·
Raj Shaker - Chief
Financial Officer
Date of Establishment : 7th
April 1996
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 28070,
Sharjah
Trade Licence No. : 3766
Chamber Member No. : 37830
Issued Capital : UAE Dh 250,000
Paid up Capital : UAE Dh 250,000
·
Heirs
of Mohamed Bin Jersh Bin Ali 51%
·
Ibrahim
Ahmed Ali 49%
·
Universal Advance Lubricants
Jeddah
Saudi Arabia
·
Sharjah Oil Refinery
Yanbu
Saudi Arabia
Activities: Engaged in the manufacture and blending of
automotive, industrial and marine lubricants.
Subject’s product
range includes:
· Gasoline Engine
Oil
· Diesel Engine Oil
· CNG
· Hydraulic Oil
· Industrial
Lubricants
· Industrial Gear
Oil
· Automatic
Transmission oil
· Manual
Transmission
· Marine Lubricants
· Grease
· Speciality
Products
Production Capacity: 200,000 metric tonnes per year.
Import
Countries: Europe and the
Far East
Export
Countries: Subject exports
approximately 80% of its production with the main markets being the United
States of America and Europe
Brand Names: ZINOL
Operating Trend: Steady
Subject has a
workforce of approximately 200 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
1,700,000,000 UAE Dh
2,077,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Raj Shaker, Chief
Financial Officer
·
Emirates
National Bank of Dubai
PO Box: 21850
Sharjah
Tel: (971-6) 5738888
No complaints
regarding subject’s payments have been reported.
Established in
1996, subject is involved in the manufacture of automotive, industrial and
marine lubricants.
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.66.08 |
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UK Pound |
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.73.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
|
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Report Prepared
by : |
VNT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.