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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

516440

Report Date :

28.06.2018

 

IDENTIFICATION DETAILS

 

Name :

INDICAA GROUP LIMITED 

 

 

Registered Office :

Al Tawhidi Building II, 5th Floor, Office 502 Al Mankhool Road Bur Dubai, Next to Spinneys, Opposite Ramada Hotel, 16983Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2017 (Summarized)

 

 

Date of Incorporation :

28.06.1994

 

 

Com. Reg. No.:

823 

 

 

Legal Form :

Branch Office of a Foreign Company

 

 

Line of Business :

Subject is engaged in Importers, re-exporters and wholesalers of ferrous and non-ferrous scrap metals.

 

 

No. of Employees :

40 Plus 

 

 

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 :

Good

 

 

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

Indicaa Group Limited 

 

ADDRESS

Building

Street

Area

PO Box

Al Tawhidi Building II, 5th Floor, Office 502

Al Mankhool Road

Bur Dubai, Next to Spinneys, Opposite Ramada Hotel

16983

Dubai

TEL/FAX  

Verified Phones: (+971 4) 351 1222 / (+971 4) 351 1200

EMAIL/WEBSITE

Email: indicaa@indicaa.com / Website: www.indicaa.com

ACTIVITY

NACE 4677 - Wholesale of waste and scrap; NACE 4672 - Wholesale of metals and metal ores; 

PRINCIPAL 

Sanjeev Garg

Workforce 

Managing Director 

40 plus 

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

28/06/1994

823 

Branch Office of a Foreign Company

Active

CAPITAL

CURRENCY

AMOUNT

AED 

10,000,000

             

 

IDENTIFICATION

 

CO. NAME

Indicaa Group Limited  

ENQUIRED NAME

Indicaa Group Ltd

FORMER NAME

Indicaa Global Limited

BUILDING

Al Tawhidi Building II, 5th Floor, Office 502

STREET

Al Mankhool Road

AREA

Bur Dubai, Next to Spinneys, Opposite Ramada Hotel

POSTAL ADDRESS

16983 Dubai

CITY

Dubai

COUNTRY

United Arab Emirates

TELEPHONE

(+971 4) 351 1222 / (+971 4) 881 7817 / Mobiles (+971 50) 625 6136 (Sanjeev Garg) / (+971 50) 452 9356 / (+971 50) 455 2984    

FAX

(+971 4) 351 1200 / (+971 4) 881 7827

VERIFIED EMAIL

indicaa@indicaa.com  

WEBSITE

www.indicaa.com

BUSINESS HOURS

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

09:00-18:00

14:00-15:00

REGISTERED ADDRESS

MOD 0138 Jebel Ali Free Zone

PO Box: 16983

Dubai

United Arab Emirates

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Sanjeev Garg

Managing Director 

Ramadurai Krishnan

 

 

R.S. Vaidhyanathan

 

Gerald Fernandes

 

Shanthi Dlima

Finance & Admin Director

 

Commercial Director

 

Marketing Director

 

Assistant Manager / Administration

WORKFORCE

NO. OF EMPLOYEES

PERIOD

40 plus 

06.2018

 

 

FINANCIAL SUMMARY

 

SALES   

31/12/2017

31/12/2016

USD 450,000,000

USD 300,000,000

NET PROFIT / (LOSS)

Not given but stated to be profitable

NOTES

Historical Profit & Loss Account

 

Sales Turnover: USD 410,000,000 – 2011

                USD 400,000,000 – 2012

                USD 320,000,000 – 2013

                USD 390,000,000 – 2014

                USD 280,000,000 – 2015  

FISCAL YEAR-END 

31 December. 

 

 

LEGAL STATUS 

 

INCORPORATION

28/06/1994

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY 

Trade License No.: 823 (expiry date: 27/06/2019)  

Jebel Ali Free Zone Authority (JAFZA)

OTHER REGISTRATION NO.     

DCCI Membership No.: 31132 / DUNS No.: 23-254-8235

AUTHORISED CAPITAL     

AMOUNT

CURRENCY

10,000,000

AED

PAID-UP CAPITAL  

AMOUNT

CURRENCY 

10,000,000

AED

BUSINESS HISTORY

The Company was incorporated in Jebel Ali Free Zone on 28 June 1994 under the name “Indicaa Global Limited”. In 2009, subject changed its name to the present style. Subject’s origins of business activities can be traced back to 1993.   

STATUS

Active

PARENT   

NAME  

LEGAL FORM    

Subject is a branch of the following company:

 

Indicaa Group Limited

Isle of Man   

Branch Office of a Foreign Company  

 

 

OPERATION

 

BANKERS   

1. National Bank of Fujairah (NBF)

   Khalid Bin Waleed Street

   PO Box 2979

   Dubai

   Telephone: (+971 4) 651 1700

   Fax      : (+971 4) 652 6001

 

2. Habib Bank AG Zurich

   Al Nasser Square

   PO Box 3306

   Dubai

   Telephone: (+971 4) 260 7999

   Fax      : (+971 4) 228 4211

 

3. Standard Chartered Bank

   Al Mankhool Street

   PO Box 999

   Dubai

   Telephone: (+971 4) 352 0455

   Fax      : (+971 4) 352 6679

 

4. 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 

 

5. First Abu Dhabi Bank PJSC

   P.O. Box 52053

   Dubai

   United Arab Emirates

   Telephone: (+971 2) 681 2161

ACTIVITY CODE (NACE)    

4677 - Wholesale of waste and scrap; 4672 - Wholesale of metals and metal ores; 

LINE OF BUSINESS    

Trading as importers, re-exporters and wholesalers of ferrous and non-ferrous scrap metals.

 

Subject’s products includes:

 

- Regular Melting Scrap;

- High Yield Melting Scrap;

- Baled & Low Yield Scrap;

- Special Melting Scrap;

- Re-Rollable Scrap;

- Rail-Road Scrap;

- Non Ferrous Scrap Metals;

- Recovered Paper;

- Plastic Scrap;

- Re-Saleable Semi Finished Goods;

- Minerals and Ferro Alloys.

 

Subject’s cargo partners includes: Yang Ming Group, MOL, Bay Line Shipping PTE LTD, Balaji Shipping Lines FZCO, Maersk Line, Trans Asia and MSC.

 

Trading volume: 1.40 million MTs.

IMPORT FROM 

Worldwide, mainly from Middle East, Africa, Europe, North America and South America.

EXPORT TO 

Worldwide, mainly to India, Pakistan, Sri Lanka, Bangladesh, Kenya, Tanzania, Uganda, Vietnam, Indonesia, Thailand, Philippines, Taiwan, Singapore, Malaysia, China and South Korea.   

FACILITIES

Premises comprising administrative offices located at the heading address.

RELATED COMPANIES

Associates

 

1. Indicaa Management Group Limited

   British Virgin Islands

 

2. Indicaa (USA) Inc.

   USA

 

 

PAYMENT RECORDS – No Complaints

 

We consider it is acceptable to deal with subject.

 

 

SPECIAL REMARKS

 

INTERVIEWED   

Shanthi Dlima (Assistant Manager / Administration)

COMMENTS    

You enquired on: Indicaa Group Ltd. Please note that subject is also known by this name. Subject's correct registered name is as per heading.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.52

UK Pound

1

INR 90.60

Euro

1

INR 79.86

UAE Dh

1

INR 18.79

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

DNS

                                                


 

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.