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Report Date : |
05.10.2012 |
IDENTIFICATION DETAILS
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Name : |
IVORY TRADING FZE |
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Registered Office : |
Jebel Ali Free Zone, 6th Roundabout, LOB 7, Ground Floor,
Office No. 21 PO Box 17420 Dubai |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.04.1998 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and distribution of wheat, short gum and seeds. |
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No. of Employees : |
6 |
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 : IVORY TRADING FZE
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 2nd April 1998
Trade Licence Number : 1919
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 6
Activities : Import and distribution of wheat, short gum and seeds.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Asaad Mohamed Ahmed, Administration Manager
IVORY TRADING FZE
Location : Jebel Ali Free
Zone, 6th Roundabout, LOB 7, Ground Floor, Office No. 21
PO Box : 17420
Town :
Country :
Telephone : (971-4) 8872857
/ 8814024
Facsimile : (971-4)
8815475
Email : ivory@eim.ae
/ ivoryfze@emirates.net.ae
/ info@ivorytrading.ae
Subject operates from a small suite of offices that are rented and
located in the Jebel Ali Free Zone,
Name Position
· Abdul Moniem
Bakheet Ahmed Degiel Managing
Director
· Asaad Mohamed
Ahmed Administration
Manager
· Mohamed Rafiq Financial
Controller
Date of
Establishment : 2nd
April 1998
Legal Form : Free Zone
Establishment – FZE
Trade Licence No. : 1919 (Expires 01/04/2013)
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
· Abdul Moniem
Bakheet Ahmed Degiel 100%
Activities: Engaged in the import and distribution of wheat, short gum and seeds.
Import Countries:
Operating Trend: Steady
Subject has a workforce of 6 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 12,150,000 UAE Dh
12,600,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local sources.
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Tel: (971-4)
2229131 / 2221134
Fax: (971-4)
2233784
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.51.97 |
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1 |
Rs.83.67 |
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Euro |
1 |
Rs.67.19 |
INFORMATION DETAILS
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Report
Prepared by : |
PRL |
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.