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Report Date : |
08.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ELEGANCE CERAMIC CO LLC |
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Registered Office : |
Ras Al Khaimah
Dubai Highway, Al Jazeera Al Hamra Area, P O Box 4569, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
30.06.2012 |
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Com. Reg. No.: |
23943, Ras Al Khaimah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of ceramic products |
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No. of Employees : |
150 employees |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New business |
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Payment Behaviour : |
Unknown |
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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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
United Arab Emirates - 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 Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
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Source : CIA |
Company Name : ELEGANCE CERAMIC CO LLC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 30th June 2012
Commercial Registration Number : 23943, Ras Al Khaimah
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Total Workforce : 150
Activities : Manufacturers of ceramic products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
ELEGANCE CERAMIC CO
LLC
Registered &
Physical Address
Street : Ras Al Khaimah Dubai Highway
Area : Al Jazeera Al Hamra Area
PO Box : 4569
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2447501
Facsimile : (971-7) 2447202
Email : prem@eleganceceramic.com / info@eleganceceramics.com
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Ras Al Khaimah.
Name Position
·
Hamad
Abdullah Al Mutawa Managing
Director
·
Abdullah
Mufeed General
Manager
·
Prem
Raj Sales
Manager
Date of Establishment : 30th
June 2012
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 23943, Ras
Al Khaimah
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Name of Shareholder
(s) Percentage
·
Ras Al
Khaimah Ceramics Co PSC 100%
Ras Al Khaimah Dubai Highway, Km 20
PO Box: 4714
Ras Al Khaimah
Tel: (971-7) 2445046
Fax: (971-7) 2445270
Activities: Engaged in the manufacture of ceramic
products.
Import
Countries: Europe and the
Far East.
Brand Names: ELEGANCE
Subject has a
workforce of approximately 150 employees.
Subject is a newly
formed business and as a result financial information is not currently
available.
·
Mashreq
Bank Plc
Al Nakheel Branch
Ras Al Khaimah
Tel: (971-7) 2221695
Fax: (971-7) 2221880
·
National
Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7) 2221127
Fax: (971-7) 2224202
No complaints
regarding subject’s payments have been reported.
In view of subject’s
infancy, extensive payment and financial are not available, therefore dealings
are recommended to be on secured terms, and a close monitoring of subject’s
business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.62 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.67.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
<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.