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Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN DIRHAM TRADING EST |
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Registered Office : |
Mustafa Bin Abdullatif Building, Shop No. 16 Faheidi Street Al Souq Al
Kabir, Bur Dubai PO Box 44520 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.06.1993 |
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Com. Reg. No.: |
28400, Dubai |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
DISTRIBUTORS OF READYMADE GARMENTS AND TEXTILES |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not recommended |
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Status : |
Trade Licence Expired |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 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 : GOLDEN DIRHAM TRADING EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 27th June 1993
Commercial Registration Number : 28400, Dubai
Trade Licence Number : 231266
Chamber Membership Number : 27457
Invested Capital : UAE Dh 200,000
Total Workforce : 3
Activities : Distributors of readymade garments and textiles
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Sharad Surech Agrawal, Commercial Manager
GOLDEN DIRHAM TRADING EST
Building : Mustafa Bin
Abdullatif Building, Shop No. 16
Street : Faheidi
Street
Area : Al Souq Al
Kabir, Bur Dubai
PO Box : 44520
Town : Dubai
Country
: United Arab Emirates
Telephone : (971-4) 3532232
/ 3532264
Facsimile : (971-4)
3532264
Mobile : (971-50)
7486014 / 4515441
Email : golden16@emirates.net.ae
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dubai.
Name Position
· Mohamed Abdullah
Ismail Abdullah Alyasi Proprietor
& General Manager
· Sharad Surech Agrawal Commercial
Manager
· Subash Prabakar
Naik Accountant
Date of
Establishment : 27th
June 1993
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 28400, Dubai
Trade Licence No. : 231266 (Expired 24/06/2013)
Chamber Member No. : 27457
Invested Capital : UAE Dh 200,000
Mr Mohamed Abdullah Ismail Abdullah Alyasi is the sole proprietor of the
business.
Activities: Engaged in the import and distribution of readymade garments and textiles.
Import Countries: Europe and the Far East.
Subject has a workforce of 3 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 13,850,000 UAE Dh
14,300,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Emirates NBD
Baniyas Road
Deira
PO Box: 2923
Dubai
Tel: (971-4)
2256256 / 2256900
Fax: (971-4)
2268005 / 2267718
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
According to the local registry office details the subject’s trade
licence expired on 24/06/2013 and no application for renewal has been received
by the authorities. We have tried to make contact with the subject to verify
these details but there is no answer with either the landline or mobile numbers
listed.
In view of the above comments we suggest any trade finance should be on secured
terms and a measure of caution should be exercised when dealing with this
business.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
|
1 |
Rs.94.37 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
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.