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MIRA INFORM REPORT
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Report No. : |
494834 |
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Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
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Name : |
AUTOMOTIVE ANCILLARIES LIMITED |
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Registered Office : |
Plot No. 522 Sheikh Zayed Road Jebel Ali Free Zone PO Box 16755 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
26.06.1990 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the manufacture of automotive spare parts
and accessories. |
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No. of Employees : |
22 |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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, 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.
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Source
: CIA |
SUMMARY
Company Name : AUTOMOTIVE ANCILLARIES LIMITED
Country of Origin : Jersey, United Kingdom
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 26th June 1990
Trade Licence Number : 477
Chamber Membership Number : 19544
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 22
Activities : Manufacturers of automotive spare parts and accessories
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Arul Raja, Finance Manager
COMPANY
NAME
AUTOMOTIVE
ANCILLARIES LIMITED
ADDRESS
Registered &
Physical Address
Location :
Plot No. 522
Street :
Sheikh Zayed Road
Area :
Jebel Ali Free Zone
PO Box :
16755
Town :
Dubai
Country : United Arab
Emirates
Telephone :
(971-4) 8816645
Facsimile :
(971-4) 8816110
Email : aaldubai@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a
workshop that are rented and located in the Jebel Ali Free Zone Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
· Khushwant
Singh Mahindru Kenyan Managing Director
· Bhatia Prakash - Commercial
Manager
· Benoy Lal - Factory
Manager
· Arul Raja - Finance
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 26th
June 1990
Legal
Form : Subject
is the United Arab Emirates registered branch of Automotive Ancillaries
Limited,
a Limited Liability Company incorporated in
Jersey, United Kingdom.
Automotive Ancillaries 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
the
subject holds its registered office, in this case Jersey, United
Kingdom.
Trade
Licence No. : 477
(Expires 31/01/2019)
Chamber
Member No. : 19544
Issued Capital : UAE
Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
OPERATIONS
Activities: Engaged in the manufacture of
automotive spare parts and accessories.
Import Countries: Europe and the Far East
Local Suppliers:
·
GDC Dubai
Subject has a workforce of 22 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
·
Emirates Bank International Ltd
Baniyas
Road
Deira
PO
Box: 2923
Dubai
Tel:
(971-4) 3160316
Fax:
(971-4) 2264302
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 65.23 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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UAE DH |
1 |
INR 17.75 |
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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PRA |
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Report Prepared
by : |
TRU |
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
·
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.