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Report Date : |
06.09.2012 |
IDENTIFICATION DETAILS
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Name : |
GRAINWELL FZE |
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Registered Office : |
Rak Free Zone PO Box 10559 Ras
Al Khaimah |
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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 : |
27.04.2009 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and distribution of general foodstuff, grains and pulses |
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No. of Employees : |
6 |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 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.
Source
: CIA
Company Name : GRAINWELL FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 27th April 2009
Trade Licence Number : 5003735, Rak Free Zone
Issued Capital : UAE Dh 50,000
Paid up Capital : UAE Dh 50,000
Total Workforce : 6
Activities : Import and distribution of general foodstuff, grains and pulses
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jasvinder Singh, Financial Controller
GRAINWELL FZE
Location : Rak Free Zone
PO Box : 10559
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Building : Al Ras
Building, Shop No. 2
Street : Al Ras
Street
Area : Al Ras,
Deira
PO Box : 64989
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2350358
Facsimile : (971-4) 2350359
Mobile : (971-50)
1756402 / 4537548
Email : grainwellfze@gmail.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
· Dubai Investment
Park (DIP) Rented
warehouse premises
Dubai
Tel:
(971-4) 8856929
Fax:
(971-4) 8856939
Name Nationality Position
· Nihar Satnarayan Mittal Indian Managing
Director
· Jasvinder Singh - Financial
Controller
· Karan Masand - Sales
Manager
Date of
Establishment : 27th
April 2009
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 5003735, Rak Free Zone
Issued Capital : UAE Dh 50,000
Paid up Capital : UAE Dh 50,000
· Nihar Satnarayan Mittal 100%
· Haryana Trading Co LLC
Al Ras Building, Shop No. 2
Al Ras Street
Al Ras, Deira
PO Box: 64989
Dubai
Tel: (971-4) 2350358 / 2351563
Fax: (971-4) 2350359 / 2351593
· Malabar Repacking LLC
Al Ras Building, Shop No. 2
Al Ras Street
Deira
PO Box: 64989
Dubai
Tel: (971-4) 2350358
Fax: (971-4) 2350359
Activities: Engaged in the import and distribution of general foodstuff, grains and
pulses.
Import Countries: India
Operating Trend: Steady
Subject has a workforce of 6 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 4,250,000 UAE Dh
5,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Jasvinder Singh, Financial
Controller
·
Habib Bank Ltd
Trade Service
Centre
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4)
2221281
Fax: (971-4)
2284631
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 |
|
US Dollar |
1 |
Rs.55.89 |
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|
1 |
Rs.88.63 |
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Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
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 |
-- |
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.