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Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MILORDS MIDDLE
EAST FZC |
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|
|
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Registered Office : |
Block E 2-10,
E2-8, Saif Zone, P O Box 8351 Sharjah |
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|
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Country : |
United Arab Emirates |
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|
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Financials (as on) : |
31.12.2012 |
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|
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Date of Incorporation : |
17.07.2001 |
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|
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Legal Form : |
Free Zone Company
- FZC |
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|
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Line of Business : |
Subject is
engaged in the production of socks, including sports socks, sneaker socks,
flight socks, walking socks, medical socks, budget socks, rib socks and
slipper socks. |
|
|
|
|
No. of Employees : |
110 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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 |
|
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 country 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. 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 : MILORDS MIDDLE EAST
FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form : Free
Zone Company - FZC
Registration Date : 17th
July 2001
Trade Licence
Number :
03-0401031
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 110
Activities :
Production of socks.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Saeed Khan,
Administration Manager
MILORDS MIDDLE EAST
FZC
Location : Block E 2-10, E2-8
Area : Saif Zone
PO Box : 8351
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5571918 / 5571917
Facsimile : (971-6) 5571929
Mobile : (971-50) 7760197 / (966-55)
3364176
Email : milords@milordsuae.com / saeedkhan@milordsuae.com
Subject operates
from a large suite of offices and a factory that are owned and located in the
Saif Zone of Sharjah.
Name Position
·
Mohamed
Moosa Ismail Managing
Director
·
Zubair Mohamed Moosa Ismail Director
·
Mohamed
Iqibal Ahmed General
Manager
·
Saeed
Khan Administration
Manager
·
Ishfaq
Ahmed Finance
Manager
Date of Establishment : 17th July 2001
Legal Form : Free Zone Company - FZC
Trade Licence No. : 03-0401031 (Expires 17/07/2013)
Issued Capital : UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
·
Mohamed
Moosa Ismail
·
Zubair Mohamed Moosa Ismail
Activities : Engaged in the production of socks,
including sports socks, sneaker socks, flight socks, walking socks, medical
socks, budget socks, rib socks and slipper socks.
Import Countries : Europe and the United States of America
International
Clients :
·
Wal-Mart United States of America
·
K-Mart United States of America
·
Target
Store United States of
America
Operating Trend : Steady
Subject has a
workforce of 110 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales UAE Dh
44,270,000 UAE Dh
45,100,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
·
HSBC
Bank Middle East
Al Arooba Street
PO Box: 25
Sharjah
Tel: (971-6) 5537222
Fax: (971-6) 5537880
No complaints
regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Established in
2001, subject is involved in the production of socks, including sports socks,
sneaker socks, flight socks, walking socks, medical socks, budget socks, rib
socks and slipper socks.
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.17 |
|
|
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
|
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 |
|
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.