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Report Date : |
13.08.2013 |
IDENTIFICATION DETAILS
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Name : |
SAFETEX |
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Registered Office : |
New Industrial Area |
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Country : |
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Year of Incorporation : |
1989 |
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Com. Reg. No.: |
21530, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Garment buying house, as well as a stockist and manufacturer’s representative specialising in bed linen, fabrics, apparel and polyester products. |
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No. of Employees : |
65 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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 : SAFETEX
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Start Date : 1989
Registration Date : 1st June 1994
Commercial Registration Number : 21530, Ajman
Trade Licence Number : 18283
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 65
Activities : Garment buying house, as well as a stockist and manufacturer’s
representative specialising in bed linen, fabrics, apparel and polyester
products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
SAFETEX
Location : New
Industrial Area
PO Box : 3172
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7432149
/ 7436389 / 7480638 / 7436222
Facsimile : (971-6)
7482817 / 7436022
Email : safetex@emirates.net.ae
/ saleem@safetex.net
/ farooq@safetex.net
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Ajman.
Name Nationality Position
· Mohamed Saleem
Ahmad Pakistani Managing Director
· Farooq Ibrahim Pakistani Director
· Yaqoob Yousef Abdullah Al Awad Emirati Director
· Dipu George - Sales
Manager
· Mohamed Shakeel Ahmed - Finance
Manager
Date of
Establishment : 1989, however
subject was registered on 1st June 1994
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 21530, Ajman
Trade Licence No. : 18283 (Expired
31/05/2014)
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
· Yaqoob Yousef Abdullah Al Awad 51%
· Mohamed Saleem
Ahmad ]
] 49%
· Farooq Ibrahim ]
· Maple Home Linen Industries LLC
Ajman
· Flora Trading LLC
Ajman
· Safee Trading LLC
Ajman
· Fibretex Industries FZC
Hamriyah Free Zone
Sharjah
· Emirates Fibre Industries FZ LLC
Ras Al Khaimah
Activities: Subject acts as a garment buying house, as well as a stockist and
manufacturer’s representative
specialising in bed linen, fabrics, apparel and polyester products.
Import Countries: Pakistan, China and India
Subject has a workforce of 65 employees.
Companies registered in Ajman, 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.
·
Abu Dhabi Commercial Bank
PO Box: 1843
Ajman
Tel:
(971-6) 7443444
Fax:
(971-6) 7443300
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.94.21 |
|
Euro |
1 |
Rs.81.03 |
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.