|
|
|
MIRA INFORM REPORT
|
Report No. : |
502996 |
|
Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
INDICAA GROUP LIMITED |
|
|
|
|
Registered Office : |
Sheikh Zayed Road, Round
About 6/7 Jebel Ali Free
Zone PO Box 16983 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
28.06.1994 |
|
|
|
|
Com. Reg. No.: |
823 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
Subject is 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. In 2014 Indicaa handled
over 40,000 TEUs (Twenty feet Equivalent Units). |
|
|
|
|
No. of Employees : |
16 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Branch of a Foreign Registered Corporation |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
SUMMARY
Company Name : INDICAA GROUP LIMITED
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 : Distributors of building materials, steel products, scrap and recycled
metals and textiles
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
INDICAA GROUP LIMITED
ADDRESS
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 Area of Dubai.
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
KEY
PRINCIPALS
Name Nationality Position
· Sanjeev
Garg Indian Managing
Director
· R S Vaidhyanathan - Commercial
Manager
· Krishnan Ramadouri - Finance
Manager
· Gerald Fernandes - Marketing
Manager
· Balaji
Srinivathan - Financial
Controller
LEGAL
FORM & OWNERS
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.
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
OPERATIONS
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. In 2014 Indicaa
handled over 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
·
Fine Scrap South Africa
Operating Trend: Steady
Subject has a workforce of 16 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/15: Year Ending
31/12/16: Year Ending
31/12/17:
Total Sales UAE
Dh 1,014,397,867 UAE Dh
1,072,946,913 UAE Dh 1,300,000,000
Local sources consider subject’s financial condition to be
Good.
The above financial figures are based on estimations by our
local sources.
BANKERS
·
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
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
Please note that the correct name of the subject is “Indicaa
Group Limited” and not “Indica Group”.
The subject and its shareholders/owners have been searched
in the following databases; Office of Foreign Assets Control (OFAC), United
Nations Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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 |
INR 65.13 |
|
|
1 |
INR 92.51 |
|
Euro |
1 |
INR 80.59 |
|
UAE DH |
1 |
INR 17.79 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.