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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

515909

Report Date :

22.06.2018

 

IDENTIFICATION DETAILS

 

Name :

ATLANTIC GREASE & LUBRICANTS FZC 

 

 

Registered Office :

Plot Nos 2G-11&12, Hamriyah Free Zone, Phase 1, PO Box: 41583, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.03.2019 (Projected)

 

 

Date of Incorporation :

22.01.2006

 

 

Com. Reg. No.:

1574

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :
  • Manufacture of refined petroleum products; NACE 2059 - Manufacture of other chemical products n.e.c.
  • Manufacturers of grease and lubricants.

 

 

No. of Employees :

105 

 

 

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+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

(31.12.2017)

Current Rating

(01.04.2018)

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

 

BRIEF SUMMARY 

 

COMPANY NAME

ATLANTIC GREASE & LUBRICANTS FZC 

 

ADDRESS

Building

Area

City

PO Box

Plot Nos 2G-11&12

Hamriyah Free Zone, Phase 1

Sharjah

41583

Sharjah

TEL/FAX 

Verified Phones: (+971 6) 526 4688 / Fax: (+971 6) 526 4699

EMAIL/WEBSITE

Email: sindhu@atlanticlubes.com / info@atlanticlubes.com Website: www.atlanticlubes.com

ACTIVITY

NACE 1920 - Manufacture of refined petroleum products; NACE 2059 - Manufacture of other chemical products n.e.c.

PRINCIPAL 

Jawad Haroon

Workforce 

Managing Director 

105  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

22/01/2006

1574

Free Zone Company

Active

CAPITAL

CURRENCY

AMOUNT

AED 

150,000  

 

         

IDENTIFICATION

 

CO. NAME

ATLANTIC GREASE & LUBRICANTS FZC

TRADEMARK

ATLANTIC Lubricants

ALSO KNOWN NAME (S)

Atlantic Grease and Lubricants FZC / ATLANTIC GREASE AND LUBRICANTS

BUILDING

Plot Nos 2G-11&12

AREA

Hamriyah Free Zone, Phase 1,

POSTAL ADDRESS

41583 Sharjah

CITY

Sharjah

COUNTRY

United Arab Emirates

TELEPHONE

(+971 6) 526 4688 / Mobile (+971 55) 305 6879 (Ms. Sindhu Shajimon) 

FAX

(+971 6) 526 4699

VERIFIED EMAIL

sindhu@atlanticlubes.com / info@atlanticlubes.com

WEBSITE

www.atlanticlubes.com

BUSINESS HOURS

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

09:00-18:00

13:00-14:00

REGISTERED ADDRESS

Plot Nos 2G-11&12

Hamriyah Free Zone, Phase 1

PO Box: 41583

Sharjah

United Arab Emirates  

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Sheikh Naseem Ahmed

Chairman 

Jawad Haroon

 

Sindhu Shajimon

 

Ms. Anupama

Managing Director

 

Chief Accountant

 

Accountant

WORKFORCE

NO. OF EMPLOYEES

PERIOD

105 

06.2018

 

 

FINANCIAL SUMMARY

 

TURNOVER  

31/03/2018

31/03/2019 (Projected)

AED 127,000,000

AED 150,000,000

NET PROFIT / (LOSS)    

Not given but stated to be profitable

FISCAL YEAR-END

31 March. 

 

 

LEGAL STATUS 

 

INCORPORATION

22/01/2006

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

License No.: 1574 (expiry date: 21/01/2019)

Hamriyah Free Zone Authority  

AUTHORISED CAPITAL     

AMOUNT

CURRENCY

150,000

AED

PAID-UP CAPITAL  

AMOUNT

CURRENCY 

150,000

AED

BUSINESS HISTORY

The Company was incorporated in Hamriyah Free Zone on 22 January 2006, however its origins of business activities can be traced back to 11 January 2003.   

LEGAL FORM     

Free Zone Company

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

1. Jawad Haroon

   Nationality: Pakistani

 

2. Mohammed Ateef Naseem

   Nationality: Pakistani

 

3. Daniel Shamim

   Nationality: Pakistani

 

4. Ali Ahmed Nisar

   Nationality: Pakistani

 

* According to Hamriyah Free Zone Authority, which was established by an Emiry decree in November 12, 1995, Free Zone Establishment (FZE) incorporated in Hamriyah Free Zone is a single shareholder limited liability company. A Free Zone Company (FZC) can have multiple shareholders (maximum 5 shareholders) who can be either foreign individuals or a corporate body. The minimum capital requirement for incorporating a Free Zone Establishment (FZE) or Free zone Company (FZC) is Dhs.150,000 (Approximately US$ 40,000).  

25.00%

 

 

25.00%   

 

 

25.00%

 

 

25.00%

 

 

OPERATION 

 

BANKERS   

1. National Bank of Fujairah

   PO Box 2979

   Dubai

   Telephone: (+971 4) 397 1700

   Fax      : (+971 4) 397 3922

 

2. Sharjah Islamic Bank

   Al Khan Corniche Street

   Al Khan Area

   PO Box 4

   Sharjah

   United Arab Emirates

   Telephone: (+971 6) 599 8283

   Fax      : (+971 6) 530 9998

 

3. Abu Dhabi Commercial Bank (ADCB)

   Business Bay Branch

   Intersection of Al Saada street and Khaleej   

   Al Tejari 1st street, Located in The Bay Gate 

   Tower, Business Bay Area

   PO Box: 33040

   Dubai           

   Telephone: (+971 4) 518 0900

   Fax      : (+971 2) 610 9718 

ACTIVITY CODE (NACE)    

1920 - Manufacture of refined petroleum products; 2059 - Manufacture of other chemical products n.e.c.

LINE OF BUSINESS    

Manufacturers of grease and lubricants.

 

Subject’s product range includes:

 

- Engine Oil;

- Transmission Fluids;

- Brake & Steering & Leveling Fluids;

- Radiator Coolant Fluid;

- Greases;

- Aviation Lubricants;

- Marine Lubricants;

- Glycol Ether Based Brake Fluid;

- Oil Treatment;

- Flushing Oil.

IMPORT FROM 

China, India, Singapore and the GCC countries.

EXPORT TO 

Afghanistan, Pakistan, India, African, CIS and GCC countries.  

FACILITIES

Leased premises comprising administrative offices and a manufacturing unit with storage facilities located at the heading address.

RELATED COMPANIES

Associate

 

Atlantic Grease And Lubricants Manufacturing LLC

Ajman Industrial Area 2

P.O.BOX 9057

Ajman

United Arab Emirates

Tel: (+971 6) 748 1704

Fax: (+971 6) 748 1805

Trade License No.: 34622

Capital: 500,000

Shareholders:

- Sheikh Naseem Ahmed }

- Nisar Ahmed         }   49%

- Shamim Mansour      }

- Sultan Mohammed Muftah Obaid Al Shamsi – 51%

  Nationality: UAE

 

 

SPECIAL REMARKS 

 

INTERVIEWED   

Sindhu Shajimon (Chief Accountant).

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.20

UK Pound

1

INR 89.58

Euro

1

INR 78.79

AED

1

INR 18.44

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

SDA

                                                


 

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)

 

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.