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Report Date : |
03.10.2012 |
IDENTIFICATION DETAILS
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Name : |
MASHREQ INTERNATIONAL LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1986 |
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Com. Reg. No.: |
41279, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Wholesale and retail of jewellery, watches and electrical products. |
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No. of Employees : |
150 |
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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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 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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UAE |
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 |
UAE - 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 based on oil and
gas output to 25%. Since the discovery of oil in the UAE more than 30 years
ago, the UAE 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. In April 2004, the UAE signed a Trade and Investment Framework
Agreement with
Source : CIA
Company Name : MASHREQ INTERNATIONAL LLC
Country of Origin :
Legal Form : Limited Liability Company – LLC
Start Date : 1986
Registration Date : 21st November 1993
Commercial Registration Number : 41279,
Trade Licence Number : 232594
Chamber Membership Number : 28814
Issued Capital : UAE Dh 6,000,000
Paid up Capital : UAE Dh 6,000,000
Total Workforce : 150
Activities : Wholesale and retail of jewellery, watches and electrical products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Krishnan Rajan, Finance Manager
MASHREQ INTERNATIONAL LLC
Building : Sheikh Hamdan Building, Suite No. 111
Street :
Area : Al Khabeesi
PO Box :
25018
Town :
Country : United Arab Emirates
Telephone : (971-4) 2626399
Facsimile : (971-4)
2629978
Email : zenart@emirates.net.ae
/ contact@mashreqworld.com
/ rajan@mashreqworld.com
Subject operates from a large suite of offices that are rented and
located in the Suburban Business Area of Dubai.
Branch Offices
Location Description
· Al
Tel: (971-4)
2661900
Fax: (971-4)
2997789
Name Nationality Position
· Habib Sayed
Mohamed Mukrim Indian Managing
Director
· Majid Saif Ahmed
Al Ghurair Emirati Director
· Qader Ali Najem
Eddine - Commercial
Manager
· Krishnan Rajan - Finance
Manager
· Natrajan Sunder - Sales
Manager
· Sayed Maskeen
Sultan - Public
Relations Manager
Date of
Establishment : Subject’s
operations date back to 1986, however it was registered on 21st
November 1993
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 41279,
Trade Licence No. : 232594 (Expires 19/11/2012)
Chamber Member No. : 28814
Issued Capital : UAE Dh 6,000,000
Paid up Capital : UAE Dh 6,000,000
· Majid Saif Ahmed
Al Ghurair 51%
· Habib Sayed
Mohamed Mukrim 49%
Subject is a member of the Al Ghurair Group, which
has a turnover over in excess of UAE Dh 3 billion (US$ 850 million). The group
has a diversified range of interests spanning real estate, finance and
industry, with specialist operations in banking, trading and shipping.
Some of the very successful industries that it
operates today in the
The Al Ghurair Group is active in
In real estate the Al Ghurair Centre has become a
prominent landmark in
The Al Ghurair Group comprises the following
concerns:
· Al Ghurair
Holdings (Private) Ltd
· Gulf Extrusions
Ltd
· Arabian Aluminium
Company
· Al Ghurair
Publishing & Printing House
· Union Mosaic &
Marble Company
· Al Ghurair Centre
· Arabian Mix
· National Cement
Company Ltd
· Arabian Packing
Company
· Gulf Utensils
· Gulf Import &
Export Co
· House of Perfume
· Computer
Intelligence and Communications Ltd
· Gulf Confectionery
& Biscuit Company
· Oman Insurance Co Limited
· Mashreq Bank
· Al Ghurair
Enterprises
· Al Ghurair
Exchange
· National Flour
Mills Company Ltd
· Emirates Trading
Agency LLC
· National Concrete
Company Ltd
· Masafi Mineral
Water Co LLC
· Associated
Construction & Investment Co LLC (ASCON)
· Al Ghurair Fieness
Perry & Partners
· Pak Arab Traders
· Al Ghurair Real
Estate
· Al Khaleej Sugar
Co WLL
· Central Electric
Equipment Co LLC (CEEC)
· National Oman
Marble Company
· Rawda Quarries Ltd
· Ghurair Tarmac
· Oman Finance
Company
· Ghurair Crown
(Engineering) Ltd
· Al Ghurair
Industries (Pvt) Ltd
Activities: Engaged in the wholesale and retail of jewellery, watches and
electrical products.
Import Countries:
Brand Names: ZENART, DGO, SWISCRADIN,
Operating Trend: Steady
Subject has a workforce of approximately 150 employees.
Financial highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales UAE
Dh 90,000,000 UAE Dh
94,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Krishnan Rajan, Finance Manager
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Tel: (971-4)
2229131 / 2221134
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.
DIAMOND INDUSTRY –
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From time immemorial,
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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The diamond jewellery industry in
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND
SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.78 |
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1 |
Rs.85.16 |
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Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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.