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Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
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Name : |
BELTEXCO LIMITED |
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Registered Office : |
Jebel Ali Free Zone, South Zone No. 1 PO Box 16969
Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.03.1996 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Distributors of safety equipment and clothing. |
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No. of Employees : |
60 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 750,000 |
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Status : |
Good |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Company Name : BELTEXCO LIMITED
Country of Origin : Hong Kong
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 16th March 1996
Trade Licence Number : 1453
Issued Capital : UAE Dh 1,464,000
Paid up Capital : UAE Dh 1,464,000
Total Workforce : 60
Activities : Distributors of of safety equipment and clothing.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 750,000
Person Interviewed : John Vedakallam, Finance Manager
BELTEXCO LIMITED
Location : Jebel Ali Free Zone, South Zone No. 1
PO Box : 16969
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8860027
Facsimile : (971-4) 8860028
Email : beltexco@emirates.net.ae
/ sunny@beltexcogloves.com
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
· Mustafa Moosa Qassim Somji Tanzanian Managing
Director
· John Vedakallam - Finance
Manager
· V B Benny - Sales
Manager
Date of
Establishment : 16th
March 1996
Legal Form : Subject is the
United Arab Emirates registered branch of Beltexco Limited, a Limited Liability
Company incorporated in Hong Kong.
Beltexco 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 Hong Kong.
Trade Licence No. : 1453 (Expires 14/03/2012)
Issued Capital : UAE Dh 1,464,000
Paid up Capital : UAE Dh 1,464,000
· Midas Safety Products Trading LLC
Dubai
Tel: (971-4) 3474518
Fax: (971-4) 3476131
Activities: Engaged in the import and distribution of safety equipment and
clothing, including gloves, masks, overalls, safety boots and helmets.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 60 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE
Dh 68,541,613 UAE Dh
71,046,578
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr John Vedakallam,
Finance Manager
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
No complaints regarding subject’s payments have been reported.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.