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Report Date : |
13.09.2012 |
IDENTIFICATION DETAILS
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Name : |
WORLD WIDE TRADING FZC |
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Registered Office : |
Saif Zone, Plot No. A2-17 PO Box 8586 Sharjah |
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Country : |
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Date of Incorporation : |
08.12.2004 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Distributors of scrap metals, stainless steel, foodstuff, garments, household products and toys. |
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No. of Employees : |
8 |
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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
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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 : WORLD WIDE TRADING FZC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 8th December 2004
Trade Licence Number : 02184
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 8
Activities : Distributors of scrap metals, stainless steel, foodstuff, garments, household products and toys.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Syed Akef, Commercial Manager
WORLD WIDE TRADING FZC
Registered Address
Location :
Saif Zone, Plot No. A2-17
PO Box :
8586
Town :
Sharjah
Country :
United Arab Emirates
Telephone :
(971-6) 5573686 / 5573687 / 5586737
Facsimile :
(971-6) 5586738
Building : 502 UBL Bank
Building
Street : Bank Street
Area : Bur Dubai
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3860220
Facsimile : (971-4) 3860221
Mobile : (971-50)
5589276
Email : ww_trade@eim.ae
/ info@wwtfzc.com
Please note that subject moved to the above address on 1st August
2011. It’s previous address was Medic Building, 6th Floor, Suite No.
602, Bank Street, Bur Dubai.
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
· Vibhor Gupta Indian Managing Director
· Surojit Kumar Roy Indian Director
· Syed Akef - Commercial
Manager
· Venod Kumar - Finance
Manager
Date of
Establishment : 8th
December 2004
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 02184 (Expires 26/12/2012)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Vibhor Gupta 52%
· Surojit Kumar Roy 48%
· Euroball Gifts
Trading LLC
Activities: Engaged in the import and distribution of scrap metals, stainless
steel, foodstuff, garments, household
products and toys.
Import Countries: India,
China, Hong Kong, Singapore, Malaysia, Indonesia, Canada and the United States
of
America.
Export Countries: Middle East, Africa and
Indian subcontinent like UAE, Kingdom of Saudi Arabia, Bahrain,
Oman, Kuwait, Tanzania, Kenya, Uganda, South Africa, Djibouti, Eritrea, Ethiopia,
India and Afghanistan
Subject has a workforce of 8 employees.
Companies registered in Sharjah, United Arab Emirates are not legally
required to make their accounts public and no financial information was released
by the company or submitted by outside sources.
·
Standard Chartered Building
Al Abbas Building,
3rd Floor
PO Box: 999
Dubai
Tel: (971-4)
2520455
·
National Bank of Fujairah
PO Box: 2979
Dubai
Tel: (971-4)
3971700 / 5078300
Fax: (971-4) 3979100
/ 3973922
·
Bank of Baroda
PO Box: 3162
Dubai
Tel: (971-4)
5531955
Fax: (971-4)
5536962
·
Citibank
Khalid Bin Waleed Street
Bur Dubai
PO Box: 749
Dubai
Tel: (971-4) 2522100
Fax: (971-4) 2524942
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.55.26 |
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1 |
Rs.88.85 |
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Euro |
1 |
Rs.71.13 |
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.