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MIRA INFORM REPORT
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Report No. : |
495013 |
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Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ONYX INDUSTRIES
FZC |
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Registered Office : |
Saif Zone, Plot J
402, P O Box: 8416, 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 : |
21.03.2004 |
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Legal Form : |
Free Zone Company
- FZC |
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Line of Business : |
Subject is engaged
in the provision of structural engineering services including project
management, consultancy, steel fabrication and design. Subject also provides
a variety of consulting services related to the construction industry.
Structural design using state of the art design and visualization tools,
project management, project consulting, feasibility proposals, steel
fabrication consulting and contract administration. Subject offers innovative
and economical design services, maintaining state-of-the-art design
technology and integrating the design aspects with their steel. |
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No. of Employees : |
350 |
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 : ONYX
INDUSTRIES FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 21st
March 2004
Trade Licence
Number : 02191
Issued Capital : UAE Dh
100,000
Paid up Capital : UAE Dh
100,000
Total Workforce :
350
Activities :
Providers of structural engineering services
Financial Condition : Fair
Payments : No
Complaints
Operating Trend : Steady
Person Interviewed : Gayan Vijany
Tongaya, Financial Controller
COMPANY
NAME
ONYX INDUSTRIES FZC
ADDRESS
Registered & Physical
Address
Location : Saif Zone, Plot J 402
PO Box : 8416
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5573406
Facsimile : (971-6) 5573407
Email : onyxind@eim.ae
/ onyx@onyx.ae / gayan@onyx.ae
Premises
Subject operates
from a large suite of offices that are rented and located in the Saif Zone Area
of Sharjah.
KEY
PRINCIPALS
Name Nationality Position
·
Nandana
Jayadave Lokuwithana Indian Managing
Director
·
Mrs
Mallika Yaddehige Indian Director
·
Prabhat
Sanjeva Lokuwithana Indian General
Manager
·
Gayan Vijany Tongaya
- Financial
Controller
·
Naijan Thomas - Senior
Accountant
·
Denish
Kumar - Administration
Officer
LEGAL
FORM & OWNERS
Date of Establishment : 21st
March 2004
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 02191
Chamber Mem No. : 700523
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of Shareholder (s)
·
Nandana
Jayadave Lokuwithana
·
Mrs
Mallika Yaddehige
AFFILIATED
COMPANIES
·
Building System FZE
Sharjah
OPERATIONS
Activities: Engaged in the provision of structural
engineering services including project management, consultancy, steel fabrication
and design. Subject also provides a variety of consulting services related to
the construction industry. Structural design using state of the art design and
visualization tools, project management, project consulting, feasibility
proposals, steel fabrication consulting and contract administration. Subject
offers innovative and economical design services, maintaining state-of-the-art
design technology and integrating the design aspects with their steel.
Subject is ISO
9001:2000 accredited
Import
Countries: Europe and the
Far East
Local Suppliers:
·
United Material
Coating Dubai
·
Balbaaki Chemical Holding Dubai
·
Attieh Steel Dubai
·
Danoub Building Material Dubai
Operating Trend: Steady
Subject has a
workforce of approximately 350 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 66,566,408 UAE Dh 65,124,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Gayan Vijany Tongaya, Financial
Controller
BANKERS
·
HSBC
Bank Middle East
PO Box: 25
Sharjah
Tel: (971-6) 5537222
Fax: (971-6) 5537880
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 64.99 |
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1 |
INR 89.91 |
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Euro |
1 |
INR 80.21 |
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UAE Dh |
1 |
INR 17.67 |
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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DIV |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.