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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

515984

Report Date :

25.06.2018

 

IDENTIFICATION DETAILS

 

Name :

AL IHTHIYATI AUTO SPARE PARTS LLC

 

 

Registered Office :

Ateek Ahmed Dilmuk Building, Ras Al Khor, PO Box 296007 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

31.12.2017

 

 

Com. Reg. No.:

60738

 

 

Legal Form :

Limited Liability Company 

 

 

Line of Business :

Trading as importers, wholesalers and retailers of heavy truck auto spare parts.

 

 

No. of Employees :
  • 45  
  • 150 (subject and its affiliates) 

 

 

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 :

Satisfactory

 

 

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

(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

AL IHTHIYATI AUTO SPARE PARTS LLC

 

ADDRESS

Building

Street

Area

PO Box

Atiq Ahmed Dalmok Building, Ground Floor, Shop No. 1-9

Ras Al Khor Road

Ras Al Khor Industrial Area, Near Dubai Islamic Bank

296007

Dubai

TEL/FAX 

Verified Phones: (+971 4) 333 4452 / Fax: (+971 4) 333 4453

EMAIL/WEBSITE

Email: ihthiyat@emirates.net.ae / Website: www.ihthiyati.com

ACTIVITY

NACE 4532 - Retail trade of motor vehicle parts and accessories;

PRINCIPAL 

Manish Poulose

Workforce 

Managing Director 

45  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

19/10/2002

19/10/2002

19/10/2002

Active

CAPITAL

CURRENCY

AMOUNT

AED 

300,000 

 

 

IDENTIFICATION

 

CO. NAME

AL IHTHIYATI AUTO SPARE PARTS LLC

ALSO KNOWN NAME (S)

Al Ihthiyati Auto Spare Parts Co (L.L.C)

BUILDING

Atiq Ahmed Dalmok Building, Ground Floor, Shop No. 1-9

STREET

Ras Al Khor Road

AREA

Ras Al Khor Industrial Area, Near Dubai Islamic Bank

POSTAL ADDRESS

296007 Dubai

CITY

Dubai

COUNTRY

United Arab Emirates

TELEPHONE

(+971 4) 333 4452 / Mobiles (+971 50) 796 9207 (Manoj Poulose) / (+971 50) 549 2909 (Manish Poulose)

FAX

(+971 4) 333 4453

VERIFIED EMAIL

ihthiyat@emirates.net.ae

WEBSITE

www.ihthiyati.com

BUSINESS HOURS

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

08:00-20:30

13:30-15:00

REGISTERED ADDRESS

Ateek Ahmed Dilmuk Building

Ras Al Khor

PO Box 296007

Dubai

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Manish Poulose

Managing Director 

Mahesh Poulose Pulikkottil

 

Manoj Poulose Pulikkottil Kochappu

 

Andrew K.

 

Dickson Paul

 

Ajit Arjun

Director

 

 

Director

 

 

Accounts Manager

 

Accountant 

 

Junior Accountant

WORKFORCE

NO. OF EMPLOYEES

PERIOD

45

06.2018

150 (subject and its affiliates) 

06.2018

 

 

 

 

FINANCIAL SUMMARY

 

TURNOVER  

31/12/2017

31/12/2018 (Projected)

AED 39,500,000

AED 30,000,000

NET PROFIT / (LOSS)   

31/12/2017  

31/12/2016

AED  2,000,000

AED  1,500,000

NOTES     

Historical Profit & Loss Account

Sales Turnover: Dh 20,000,000 - 2011

                        : Dh 30,000,000 - 2012

                         : Dh 30,000,000 – 2013

                         : Dh 10,000,000 – 2014 *

                         : Dh 12,000,000 – 2015

                         : Dh 25,000,000 – 2016

Net Profit          : Dh    500,000 - 2011                            

                          : Dh  1,000,000 - 2012 

                           : not given     - 2013 / 2015

FISCAL YEAR-END 

31 December. 

 

 

LEGAL STATUS 

 

INCORPORATION

19/10/2002

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

Trade License No.: 538692 (expiry date: 18/10/2018)

Dubai Department of Economic Development

OTHER REGISTRATION NO.     

DCCI Membership No.: 72686 (issue date: 22/10/2002) / Registration No.: 60738 / Federal Reservation No.: 10811071  

AUTHORISED CAPITAL     

AMOUNT

CURRENCY

300,000

AED

PAID-UP CAPITAL  

AMOUNT

CURRENCY 

300,000

AED

BUSINESS HISTORY

The Company was incorporated in Dubai on 19 October 2002 as a Limited Liability Company with the following shareholding structure :

- Pulikkottil Kochappu Poulose  (17%)

 (Indian national)

- Manish Poulose                (12%)

 (Indian national)

- Manoj Pulikkottil Kochappu    (12%)

 (Indian national)

- Sayed Obaid Ali Hassan Ghazal (51%)

 (UAE national)

 

In 2010, subject’s shareholding structure changed to the present.

LEGAL FORM     

Limited Liability Company 

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

1. Manish Poulose

   Nationality: Indian

 

2. Mahesh Poulose Pulikkottil

   Nationality: Indian

 

3. Manoj Poulose Pulikkottil

   Kochappu

   Nationality: Indian

 

4. Sayed Obaid Ali Hassan Ghazal *

   Nationality: Emirati

   Date of Birth: 01/01/1965

   Passport No.: 320141/P

 

* The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.    

16.00%

 

 

16.00%    

 

 

17.00%

 

 

 

51.00%

 

 

OPERATION 

 

BANKERS   

1. Emirates NBD Bank (Fmly Emirates Bank

   International)

   Baniyas Square

   PO Box: 2923

   Dubai

   Telephone: (+971 4) 228 3101

   Fax      : (+971 4) 222 6773

 

2. Abu Dhabi Commercial Bank

   Al Rigga Road

   PO Box 5550

   Dubai

   Telephone: (+971 4) 295 8888

   Fax      : (+971 4) 295 6632

 

3. National Bank of Fujairah

   Khalid Bin Waleed Street

   PO Box 2979

   Dubai

   Telephone : (+971 4) 397 1700 

   Fax       : (+971 4) 397 9100 

 

4. RAK Bank (National Bank Of Ras Al Khaimah)

   King Faisal Road

   PO Box 41010

   Dubai

   Telephone: (+971 4) 574 6888

   Fax      : (+971 4) 574 6363

ACTIVITY CODE (NACE)    

4532 - Retail trade of motor vehicle parts and accessories;

LINE OF BUSINESS    

Trading as importers, wholesalers and retailers of heavy truck auto spare parts.

 

Subject’s main products include the following :

 

- Engine Components :

  - Cylinder Head;

  - Rocker Arm & Valve Cover;

  - Cylinder Block;

  - Flywheel Housing & Timing Case;

  - Oil Sump Crankshaft;

  - Piston & Liner;

  - Camshaft;

  - Oil Pump;

  - Oil Cooler;

  - Oil Cleaner & Filter;

  - Oil Filler & Oil Pressure And Sensor;

  - Manifolds;

  - Turbocharger;

  - Inlet Manifold;

  - Air Inlet & Air Filter;

  - Engine Suspension Kits.

 

- Cooling System :

  - Radiator;

  - Intercooler; 

  - Fan;

  - Belt Tensioner And V-Belts;

- Thermostat;

- Filter;

- Water Pump;

- Hoses & Pipes Dsc/Dc 9;

- Hoses & Pipes Dsc 11;

- Hoses & Pipes Dc 11;

- Hoses & Pipes Dc12;

- Hoses & Pipes Dsc 14;

- Hoses & Pipes Dc 16;

- Fuel System :

  - Injection Pump; Nozzle Holder & Nozzle;

  - Filter;

  - Tank;

 

- Exhaust System:

  - Front;

  - Rear; 

  - Vertical.

 

- Clutch Components :

  - Control;

  - Housing;

  - Dutch Cover;

  - Disc & Bearing.

 

- Front Axle :

  - King Pin & Track Rod.

 

- Rear Axle Components :

  - Housing;

  - Axle Gear 560,660,730;

  - Axlegear 780;

  - Axle Gear Rp/Rbp 832;

  - Differential Lock & Control.

 

- Rear Axle :

  - Balance Arm;

  - Trunnion As 60/90;

 

- Hubs & Wheels :

  - Front Axle;

  - Rear Axle;

  - Lift Axle.

 

- Brake System :

  - Wheel Brake;

  - Front;

  - Wheel Brake;

  - Rear;

  - Brake Cylinder;

  - Air Tank;

  - Compressor;

  - Valves;

  - Air Dryer;

  - Exhaust Brake;

  - Brake Pedal;

 

- Retarder;

  - Pipes & Connectors.

 

- Frame Parts :

  - Bumper

 

- Suspension :

  - Leaf Spring;

  - Leaf Spring Bracelets & Bolts;

  - Air Spring;

  – Front Axle;

  - Air Spring;

  – Rear Axle;

  - Shock Absorbers;

  - Stabilizer;

  - Valves;

  - Bogie Axle;

  - Axle Lift.

 

- Steering :

  - Steering Wheel & Steering Column;

  - Drag Link;

  - Steering Box & Steering Pump;

  - Oil Container;

 

- Engine Control :

  - Accelator Pedal.

 

- Electrical System :

  - Central Unit;

  - Generator & Starter;

  - Lighting;

  - Front;

  - Lighting;

  - Rear;

  - Battery Box;

  - Electrical System-Components.

 

- Instruments :

  - Switches.

 

- Cabin :

  - Cabin Structure;

  - Ront Grill;

  - Door.

 

Subject is an authorised distributor for the following brands :

 

- Sachs;

- Elring;

- Wabco;

- Peters Germany;

- Mahle Original;

- Hengst;

- Trilex;

- Temac;

- Glyco;

- Kongsberg;

- GMBH Germany;

- Beral;

- FTE Automotive;

- JOST;

- Febi Bilstein;

- VDO;

- SK;

- DPH;

- Knorr Bremse;

- Schwitzer;

- Behr Hella Service;

- Laso;

- Lemforder;

- Euroricambi;

- Bosch;

- Osram;

- Victor Reinz;

- Trucktec;

- Diesel Technic Germany;

- Fibretech Germany;

- Monroe Original.

 

Subject’s main suppliers include the following :

 

- RENAULT;

- VOLVO;

- MAN;

- Mercedes-Benz;

- SCANIA;

- IVECO;

- BPW;

- YORK;

- ROR.

IMPORT FROM   

Germany, Italy, Taiwan, Sweden, Turkey, China,

India and UK.

EXPORT TO

GCC countries and African countries.

FACILITIES

Rented premises comprising administrative offices and a retail outlet with storage facilities located at the heading address as well as branch office located throughout UAE (see ‘Branch Office’ Section’).

BRANCH OFFICES

1. Al Ihthiyati Auto Spare Parts Co (L.L.C)

  (Branch)

   Al Quoz

   Dubai

   Telephone: (+971 4) 380 7544

   Fax      : (+971 4) 380 7566

   Trade License No.: 661243

 

2. Al Ihthiyati Auto Spare Parts Co (L.L.C) 

  (Branch)

   Deira

   Dubai

   Telephone: (+971 4) 224 0604

   Fax      : (+971 4) 229 4522

   Trade License No.: 646641

 

3. Al Ihthiyati Auto Spare Parts Co (L.L.C)

  (Branch)

   Musaffah

   Abu Dhabi

   Telephone: (+971 2) 555 3350

   Fax      : (+971 2) 555 3367

 

4. Al Ihthiyati Auto Spare Parts Co (L.L.C)

  (Branch)

   Ras Al Khaimah

   Telephone: (+971 7) 244 2671

   Fax      : (+971 7) 244 2681

 

5. Al Ihthiyati Auto Spare Parts Co (L.L.C)  

  (Branch)

   Ajman

   Telephone: (+971 6) 748 4667

   Fax      : (+971 6) 748 4669

 

6. Al Ihthiyati Auto Spare Parts Co (L.L.C)

  (Branch)

   Fujairah

   Telephone: (+971 9) 224 4830

   Fax      : (+971 9) 224 4831

 

7. Al Ihthiyati Auto Spare Parts Co (L.L.C)

  (Branch)

   Sharjah

   Telephone: (+971 6) 543 9395

   Fax      : (+971 6) 543 9397

RELATED COMPANIES

Associate

 

Al Ihthiyati Spare Parts Est. 

Green Belt Road

Opposite Old BMW Showroom, Industrial Area No. 1

P.O. Box 22049 

Sharjah

Telephone: (+971 6) 533 2084   

Fax      : (+971 6) 533 1832

Est.:  24/09/1988

Trade License No.: 111489

 

Former Associates

 

1. Three Star Auto Spare Part Trading (L.L.C.)

   Dubai

   Telephone: (+971 4) 320 1150

   Fax      : (+971 4) 320 1160

   Est.: 22/12/2003 

   Trade License No. : 551826 

 

2. Matana Auto Spare Parts

   P.O. Box 4377

   Sharjah                            

 

 

 

PAYMENT RECORDS 

 

CREDIT OPINION   

We consider it is acceptable to deal with subject

 

 

SPECIAL REMARKS 

 

INTERVIEWED   

Dickson Paul (Accountant).

COMMENTS    

The postal address given by you: PO BOX 22049 applies to subject’s affiliate Postal Address in Sharjah. Please note that subject’s correct PO Box number is as per heading.    

 

 

 

 FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.77

UK Pound

1

INR 89.96

Euro

1

INR 78.86

UAE Dh

1

INR 18.55

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

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.