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MIRA INFORM REPORT
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Report No. : |
486483 |
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Report Date : |
19.01.2018 |
IDENTIFICATION DETAILS
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Name : |
IMLINK LIMITED |
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Branch & Physical
Address :
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Plot No. Q1-09-045/C Sai Plus, Saif Zone, P O Box: 7762, Sharjah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
24.02.1976 |
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Legal Form : |
Branch of a
Foreign Registered Corporation |
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Line of Business : |
Import and
distribution of chemicals and chemical raw materials. |
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No. of Employees : |
5 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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United Arab Emirates |
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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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. 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.
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Source
: CIA |
SUMMARY
Company Name : IMLINK
LIMITED
Country of Origin : Bahamas
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 24th
February 1976
Trade Licence
Number : 64
Chamber Membership
Number : 700220
Total Workforce :
5
Activities :
Distributors of chemicals and chemical raw materials
Financial Condition : Undetermined
Payments :
No Complaints
Person Interviewed : Sayed Mohamed
Nasir Eddine, Sales Manager
COMPANY
NAME
IMLINK LIMITED
ADDRESS
Branch & Physical Address
Location : Plot No.
Q1-09-045/C SAI Plus, Saif Zone
PO Box : 7762
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-4) 5571926
Mobile : (971-50) 5870634
Email : nasirimlink@gmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Saif Zone Area
of Sharjah.
KEY
PRINCIPALS
Name Position
·
Ameed
Riaz General
Manager
·
Sayed Mohamed
Nasir Eddine Sales
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 24th
February 1976
Legal Form :
Subject is the United Arab
Emirates registered branch of Imlink Limited a Limited Liability Company
incorporated in the Bahamas.
Imlink Limited 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 th subject holds its registered
office, in this case the Bahamas.
Trade Licence No. : 64
Chamber Member No. : 700220
AFFILIATED
COMPANIES
·
Imrooz
Co Ltd
Karachi
Pakistan
Tel: (92-21) 35222743
35222745
OPERATIONS
Activities: Engaged in the import and distribution of
chemicals and chemical raw materials.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 5 employees.
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
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Citibank
Al Wahda Street
PO Box: 346
Sharjah
Tel: (971-6) 5722533
Fax: (971-6) 5373378
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
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.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.84 |
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1 |
INR 88.28 |
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Euro |
1 |
INR 77.88 |
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UAE DH |
1 |
INR 17.34 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.