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MIRA INFORM REPORT
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Report No. : |
498601 |
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Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
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Name : |
INDICAA GROUP LIMITED |
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Registered Office : |
Sheikh Zayed Road, Round
About 6/7, Jebel Ali Free Zone, PO Box 16983, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
28.06.1994 |
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Com. Reg. No.: |
823, Dubai |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
·
Distributors
of building materials, steel products, scrap and recycled metals and
textiles. ·
Subject
is engaged in the import, export and distribution of building materials,
steel products, ferrous and non-ferrous scrap metals scrap and recycled
plastic and paper and textiles. |
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No. of Employees : |
16 |
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 : |
Branch of a foreign registered corporation |
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Payment Behaviour : |
Regular |
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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. 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 :
INDICAA GROUP LIMITED
Country
of Origin :
Isle of Man, United Kingdom
Legal
Form :
Branch of a Foreign Registered Corporation
Registration
Date : 28th
June 1994
Commercial
Registration Number : 823, Dubai
Trade
Licence Number :
901
Chamber
Membership Number : 31132
Issued
Capital :
UAE Dh 7,500,000
Paid
up Capital :
UAE Dh 7,500,000
Total
Workforce :
16
Activities :
Distributors of building materials, steel products, scrap and recycled metals and textiles
Financial
Condition :
Good
Payments :
Regular
Operating
Trend :
Steady
Person
Interviewed :
Balaji Srinivathan, Financial Controller
COMPANY
NAME
INDICAA
GROUP LIMITED
ADDRESS
Registered
& Physical Address
Street : Sheikh Zayed Road, Round
About 6/7
Area :
Jebel Ali Free Zone
PO Box :
16983
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8817817
Facsimile : (971-4) 8817827
Mobile : (971-50) 45529984 / 6452359
Email : indicaa@indicaa.com
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone Area of Dubai.
Branch
Office (s)
Location Description
Al
Tawhidi Building, 5th Floor, Office No. 502 Office premises
Al Mankool Road
Bur Dubai
PO Box: 6740
Dubai
Tel:
(971-4) 3511222
Fax:
(971-4) 3511200
KEY
PRINCIPALS
Name Nationality Position
Sanjeev
Garg Indian Managing Director
R S Vaidhyanathan - Commercial
Manager
Krishnan Ramadouri
- Finance
Manager
Gerald Fernandes - Marketing
Manager
Balaji
Srinivathan - Financial
Controller
LEGAL
FORM & OWNERS
Date
of Establishment : 28th June 1994
History :
Subject was originally established in 1994 under the name of “Indicaa Global
Limited”.
However
it re-registered under the current style of “Indicaa Group Ltd” in 2009.
Legal
Form : Subject is the United Arab Emirates
registered branch of Indicaa Global Ltd, a Limited
Liability Company incorporated in the Isle of Man, United
Kingdom.
Indicaa Global Ltd in the United Arab
Emirates, operates as a Branch of a Foreign
Registered Corporation.
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 the Isle of Man, United Kingdom
Commercial
Reg. No. : 823, Dubai
Trade
Licence No. : 901
Chamber
Member No. : 31132
Issued
Capital : UAE Dh 7,500,000
Paid
up Capital : UAE Dh 7,500,000
OPERATIONS
Activities: Engaged in the import,
export and distribution of building materials, steel products, ferrous and non-ferrous
scrap metals scrap and recycled plastic and paper and textiles. In 2014 Indicaa
handled over 40,000 TEUs (Twenty feet Equivalent Units).
Import
Countries:
United Kingdom, Brazil and South Africa
Clients:
Master Steel Indonesia
International
Suppliers:
JSJ Recycling
United Kingdom
Charles Muddle United
Kingdom
RFR Brazil
SA Metals South
Africa
Fine
Scrap South
Africa
Operating
Trend:
Steady
Subject
has a workforce of 16 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency:
United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/15: Year Ending 31/12/16:
Total Sales UAE
Dh 1,014,397,867 UAE Dh 1,072,946,913
Total
revenue for the year ending 31/12/17 is expected to be UAE Dh 1,300,000,000.
Local
sources consider subject’s financial condition to be Good.
The
above figures were provided by Balaji Srinivathan, Financial Controller
BANKERS
HSBC
Bank Middle East
Deira
Souk Branch
PO
Box: 66
Dubai
Tel:
(971-4) 2535000
Standard
Chartered Bank
Khalid
Bin Waleed Street
Mankhool
Branch
PO
Box: 999
Dubai
Tel:
(971-4) 2520455
Mashreq
Bank Plc
Deira
Branch
PO
Box: 1250
Dubai
Tel:
(971-4) 2229131 / 2221134
Fax:
(971-4) 2233784
Abu
Dhabi Commercial Bank
Al
Rigga Road
PO
Box: 5550
Dubai
Tel:
(971-4) 2958888 / 3228141
Fax:
(971-4) 2959310 / 3279632
PAYMENT
HISTORY
Regular
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.
According to local sources, subject
enjoys a good reputation for the quality of its products with nothing
detrimental uncovered regarding the manner in which operations are conducted.
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 64.87 |
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1 |
INR 90.49 |
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Euro |
1 |
INR 79.91 |
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UAE Dh |
1 |
INR 17.72 |
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
·
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.