MIRA INFORM REPORT
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Report Date : |
27.09.2012 |
IDENTIFICATION DETAILS
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Name : |
AL FARAZ HEAVY MACHINES LIMITED |
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Registered Office : |
Desert Group II
Building, Apt No. 603, Al Barsha 1, |
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Country : |
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Date of Incorporation : |
01.07.2012 |
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Legal Form : |
Offshore Limited Liability Company |
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Line of Business : |
Distributors of gold mining equipment and machinery |
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No. of Employees : |
01 employee |
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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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
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Source : CIA |
Company Name : AL FARAZ HEAVY MACHINES LIMITED
Country of Origin :
Legal Form : Offshore Limited Liability Company
Registration Date : 1st July 2012
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 1
Activities : Distributors of gold mining equipment and machinery
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Vinod Nanda, Managing Director
AL FARAZ HEAVY
MACHINES LIMITED
Registered &
Physical Address
Building : Desert Group II Building, Apt No.
603
Area : Al Barsha 1
Town :
Country :
Telephone : (971-4) 4434825
Facsimile : (971-4) 4434825
Email : vinodnanda@gmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Vinod
Nanda Indian Managing
Director
Date of Establishment : 1st
July 2012
Legal Form :
Offshore
Limited Liability Company
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s)
·
Vinod
Nanda
·
Rihala
Prime FZ LLC
Microsoft Building, Office No. 8
Tel: (971-4) 3751322
·
Accumulator
Power System FZE
Hamriyah Free Zone
Sharjah
Mob: (971-50) 5590285 / 5590286
Activities: Engaged in the import and distribution of
gold mining equipment and machinery.
Subject has a
workforce of 1 employee.
Subject is a newly
formed business and as a result financial information is not currently
available.
·
Union
National Bank
PO Box: 6811
Tel: (971-4) 2211188
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.58 |
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1 |
Rs.86.60 |
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Euro |
1 |
Rs.68.94 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.