MIRA INFORM REPORT
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Report Date : |
13.09.2012 |
IDENTIFICATION DETAILS
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Name : |
TRADEWELL FZC |
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Registered Office : |
Block C1, 12th
Floor, Office No. 1209, Sheikh Rashid Bin Saeed Al Maktoum Street, Ajman Free
Zone, P O Box 21102, Ajman |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
05.02.2002 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Distributors of chemicals, engineering products and general foodstuffs |
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No. of Employees
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10 |
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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
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 $10 billion loan from the emirate of Abu
Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a
large expatriate workforce, and growing inflation pressures are significant
long-term challenges. The UAE''s strategic plan for the next few years focuses
on diversification and creating more opportunities for nationals through
improved education and increased private sector employment.
Source : CIA
Company Name : TRADEWELL FZC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 5th February 2002
Trade Licence Number : 859
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
Total Workforce : 10
Activities : Distributors of chemicals, engineering products and general foodstuffs.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 350,000
Person Interviewed : Ravi Kurup, Finance Manager
TRADEWELL FZC
Registered &
Physical Address
Building : Block C1, 12th Floor, Office No.
1209
Street : Sheikh Rashid Bin Saeed Al
Maktoum Street
Area : Ajman Free Zone
PO Box : 21102
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7479501
Facsimile : (971-6) 7478501
Mobile : (971-50) 4625716 / 4810688 /
1184274
Email : trduae@emirates.net.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Ajman Free
Zone.
Name Nationality Position
·
Murali
Vayali Krishna Moorthy Indian Managing
Director
·
Civa
Kama Sundari Murali Indian Director
·
Ravi
Kurup - Finance
Manager
Date of Establishment : 5th
February 2002
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 859
(Expires 04/02/2013)
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
Name of
Shareholder (s)
·
Murali
Vayali Krishna Moorthy
·
Civa
Kama Sundari Murali
·
Petrodam
DMCC
Jumeirah Lakes Towers
PO Box: 487517
Dubai
Tel: (971-4) 4572068
Fax: (971-4) 4572081
Lic. No. 31486
Activities: Engaged in the import and distribution of
chemicals, engineering products and general foodstuffs.
Import
Countries: India, China,
Vietnam, Iran, Saudi Arabia, Egypt and the United States of America.
Operating Trend: Steady
Subject has a
workforce of 10 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
28,445,000 UAE Dh
32,670,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Ravi Kurup, Finance Manager
·
Mashreq
Bank Plc
PO Box: 11
Ajman
Tel: (971-6) 7422440
Fax: (971-6) 7426690
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.55.52 |
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|
1 |
Rs.88.84 |
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Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.