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MIRA INFORM REPORT
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Report No. : |
487794 |
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Report Date : |
27.01.2018 |
IDENTIFICATION DETAILS
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Name : |
AMZONE
INTERNATIONAL LTD |
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Registered Office : |
Saif Zone, Block
No. M5, Warehouse 1 and 3, P O Box: 8068, Sharjah |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
Subject's
operations date back to 1989, however it was registered on 10th
September 2000. |
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Legal Form : |
Branch of a Foreign
Registered Corporation |
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Line of Business : |
Import and
distribution of reeling and coiling products, including steel wire ropes,
ropes, wire ropes, heavy lift slings, webbing slings and chain slings as well
as lifting equipment, materials handling equipment, webbing and sockets. |
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No. of Employees : |
70 |
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 : |
Good |
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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 : AMZONE
INTERNATIONAL LTD
Country of Origin : British
Virgin Islands
Legal Form :
Branch of a Foreign Registered Corporation
Date Established : 1989
Registration Date : 10th
September 2000
Trade Licence
Number : 00781
Total Workforce :
70
Activities :
Distributors of reeling and coiling products
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
AMZONE
INTERNATIONAL LTD
ADDRESS
Registered & Physical
Address
Location : Saif Zone, Block No. M5, Warehouse
1 and 3
PO Box : 8068
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5578626
Facsimile : (971-6) 5578616
Mobile : (971-50) 6457813 / 8450577
Email : amzone@eim.ae
/ customercare@amzoneinternational.com
/ info@amzoneinternational.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Saif Zone Area of Sharjah.
KEY
PRINCIPALS
Name Position
·
Mushtaq
Katawala Saif Eddine Managing
Director
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Ali
Mushtaq Katawala Saif Eddine Director
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R K
Nair Sales
Manager
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Hussain
Khan Accounts
Manager
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Taher Murshid Financial
Controller
LEGAL
FORM & OWNERS
Date of Establishment : Subject's
operations date back to 1989, however it was registered on 10th
September 2000
Legal Form :
Subject is the United Arab
Emirates registered branch of Amzone International Ltd, a
Limited Liability Company incorporated in
the British Virgin Islands.
Amzone International 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 British Virgin Islands.
Trade Licence No. : 00781
AFFILIATED
COMPANIES
·
Amzone
International Private Ltd
A-64, Bommasandra Industrial Area (KSSIDC)
Hour Road, Bommasandra
Bangalore 560099
India
Tel: (91-80) 27835080 / 91-22 2500 4888 / 87
Fax: (91-80) 27835080
OPERATIONS
Activities: Engaged in the import and distribution of
reeling and coiling products, including steel wire ropes,
ropes, wire ropes, heavy lift slings, webbing slings and chain slings as
well as lifting equipment, materials
handling equipment, webbing and sockets.
Subject operates a 12,000
square metres coiling and reeling facility as well as expanded testing /
inspection department
including new greater capacity equipment.
Amzone International operates
by a very strong quality assurance policy and has the following certifications
and memberships in the industry:
LEEA – Lifting Equipments
Engineers Association. LEEA is the most reputed representative body for lifting
equipments in the world, with over 65 years of knowledge and experience.
Amzone International has a full membership
status with LEEA, and regularly sponsors its employees to get trained under the
LEEA banner, specializing in international standards for rigging and lifting
norms.
AWRF – American Wire Rope
Fabricators. This prestigious group of only 400 members worldwide has been
established since 1975 and focuses on Amzone's industry of sling fabricators.
ISO 9001:2008 – The most trusted
quality management system, ISO 9001 has confirmed Amzone's meticulous quality
standards in terms of work flow processes and efficiency.
OHSAS 18001:2007 – Each year Amzone
takes a close look at the Health and Safety policies adopted in the company. We
have been awarded the ISO 18001:2007 Occupational Health and Safety (OHSAS) and
are proud of taking safety seriously for our people and our customers.
IMPA - Formed in 1978, the
International Marine Purchasing Association is a non-profit organization that
promotes close co-operation and understanding between buyer and supplier in
shipping industry. It represents over 600 members from across the world.
ISSA – Amzone has acquired
full member status to the International Ship Suppliers & Services
Association. This is an international association representing nearly 2000 ship
suppliers globally since 1955. Amzone uses ISSA to keep up to date with the
latest news and publications in the maritime industry.
Import
Countries: Europe and South Korea
International Suppliers:
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KIS Wire Rope Industry South Korea
·
Dong Young P P Roe South
Korea
Clients:
·
Seven Seas Ship Chandlers Dubai
·
DP World Dubai
Brand Names: CROSBY, KISWIRE, WEBBLON, GUNNEBO, TIGER,
SKYLOTECH, DONGYANG and RUD
Operating Trend: Steady
Subject has a
workforce of 70 employees.
FINANCIAL
DATA
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/16: Year Ending
31/12/17:
Total Sales UAE Dh 85,775,000 UAE Dh 88,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Sharjah
Islamic Bank
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
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 63.50 |
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1 |
INR 90.92 |
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Euro |
1 |
INR 79.07 |
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UAE DH |
1 |
INR 17.31 |
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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VIV |
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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
·
Promoters
/ Management background
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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.