MIRA INFORM
REPORT
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Report Date : |
27.01.2011 |
IDENTIFICATION DETAILS
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Name : |
WESLEY INTERNATIONAL LIMITED |
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Registered Office : |
Building No. S 10806, Sheikh Zayed Road, Jebel Ali Free Zone, South Zone, P O Box17113, Dubai |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.07.1993 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Distributors of razors, shaving foam, combs and manicure
kits |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 600,000 |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : WESLEY INTERNATIONAL LIMITED
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 1st July 1993
Trade Licence Number : 827
Chamber Membership Number : 27666
Total Workforce : 50
Activities : Distributors of razors, shaving foam, combs and manicure kits
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 600,000
Person Interviewed : Dulat Dugar, Finance Manager
COMPANY NAME
WESLEY INTERNATIONAL LIMITED
company address
Registered & Physical Address
Building : Building No. S 10806
Street :
Area : Jebel Ali Free Zone, South
Zone
PO Box : 17113
Town :
Country :
Telephone : (971-4) 8862121 / 8143333
Facsimile : (971-4) 8863967
Email : wesleycu@emirates.net.ae / merlyn.goveas@supermaxworld.com
Premises
Subject operates
from a small suite of offices and a warehouse covering an area of 50,000 square
feet that are rented and located in the Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Name Position
·
Ajay
Kumar Bindoo Managing
Director
·
Richard
Rietjans Export
Manager
·
Murli
Mohan Commercial
Manager
·
Dulat Dugar Finance
Manager
·
Merlyn
Goveas Administration
Executive
LEGAL FORM & OWNERS
Date of Establishment : 1st
July 1993
Legal Form :
Subject is the United Arab
Emirates registered branch of Wesley International
Limited, a Limited Liability Company incorporated
in
Wesley International Limited in
the
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
Trade Licence No. : 827
Chamber Member No. : 27666
OPERATIONS
Activities: Engaged in the import and distribution of
razors, shaving foam, combs and manicure kits.
Subject is ISO 9001 accredited.
Import
Countries: Europe and the
Brand Names: SUPER-MAX
Operating Trend: Steady
Subject has a
workforce of 50 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/03/09: Year
Ending 31/03/10:
Total Sales US$ 59,000,000 US$ 66,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Dulat Dugar,
Finance Manager
BANKERS
·
HSBC
Bank
Deira Souk Branch
PO Box: 66
Tel: (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1993,
subject is involved in the import and distribution of razors, shaving foam,
combs and manicure kits.
Any credit amount
that is to be offered to this company should be written under the name of
“Wesley International Limited” and directed to the companies head office
address in the
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.53 |
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1 |
Rs.72.78 |
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Euro |
1 |
Rs.62.14 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.