MIRA INFORM REPORT
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Report Date : |
01.03.2012 |
IDENTIFICATION DETAILS
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Name : |
ELECTROLA ICE KITCHEN APPLIANCE MFG LTD |
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Registered Office : |
New Industrial
Area, P O Box 14597, Ajman |
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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 : |
08.02.2005 |
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Com. Reg. No.: |
41029, Ajman |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of kitchen appliances, refrigerators, tables, sinks and cabinets |
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No. of Employees
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26 |
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$ 800,000 |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
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 : ELECTROLA ICE KITCHEN APPLIANCE MFG LTD
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 8th February 2005
Commercial Registration Number : 41029, Ajman
Trade Licence Number : 31891
Issued Capital : UAE Dh 245,000
Paid up Capital : UAE Dh 245,000
Total Workforce : 26
Activities : Manufacture of kitchen appliances, refrigerators, tables, sinks and
cabinets.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 800,000
Person Interviewed : P V Ajit, Financial Manager
ELECTROLA ICE KITCHEN APPLIANCE MFG LTD
Registered &
Physical Address
Location : New Industrial Area
PO Box : 14597
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7433062
Facsimile : (971-6) 7433063
Email : elaice@eim.ae
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Ajman.
Name Nationality Position
·
Manoj
Chali Indian Managing
Director
·
Ajith
Rama Varma Indian Director
·
Adel
Saif Abdullah Saif Al Shehhi Emirati Director
·
P V
Ajit - Financial
Manager
Date of Establishment : 8th
February 2005
Legal Form :
Limited Liability Company
Commercial Reg. No. : 41029, Ajman
Trade Licence No. : 31891
(Expires 07/12/2012)
Issued Capital : UAE Dh 245,000
Paid up Capital : UAE Dh 245,000
Name of Shareholder
(s) Percentage
·
Adel
Saif Abdullah Saif Al Shehhi 51%
·
Manoj
Chali ]
] 49%
·
Ajith
Rama Varma ]
Activities: Engaged in the manufacture of kitchen
appliances, refrigerators, tables, sinks and cabinets.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 26 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
44,800,000 UAE Dh
47,000,000
Local sources consider
subject’s financial condition to be Good.
The above figures
were provided by Mr P V Ajit, Financial Manager
·
National
Bank of Abu Dhabi
Main Street
PO Box: 988
Ajman
Tel: (971-6) 5422996
Fax: (971-6) 5425750
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.94 |
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UK Pound |
1 |
Rs.77.95 |
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Euro |
1 |
Rs.65.94 |
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 |
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NB |
New Business |
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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.