|
Report Date : |
14.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CAMARA EXIM LTD |
|
|
|
|
Registered Office : |
LOB No. 21, 1st Floor, Office 18 Jebel Ali Free Zone PO Box
262570 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
11.08.2004 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
Distributors of petrochemicals, foam chemicals, industrial machinery, motor cycles and dairy products. |
|
|
|
|
No. of Employees : |
13 |
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 : |
Branch of Foreign Registered Corporation |
|
Payment Behaviour : |
No Complaint |
|
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 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : CAMARA
EXIM LTD
Country of Origin : British
Virgin Islands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 11th
August 2004
Trade Licence Number : 5262
Chamber Membership
Number : 192227
Issued Capital : UAE Dh
500,000
Paid up Capital : UAE Dh
500,000
Total Workforce : 13
Activities :
Distributors of petrochemicals, foam chemicals, industrial machinery, motor
cycles and dairy products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sanil Jaleel,
Sales Manager
CAMARA EXIM LTD
Location : LOB No. 21, 1st
Floor, Office 18
Area : Jebel Ali
Free Zone
PO Box : 262570
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8819551
/ 8818616
Facsimile : (971-4)
8819552 / 8818757
Email : marciel@camaraexim.com
/ info@camaraexim.com
Subject operates from a small suite of offices that are rented and
located in the Jebel Ali Free Zone Area of Dubai.
Name Position
· Aditya Chella Ram President
· Kishore Bhambhani General
Manager
· Radha Krishnan Chief
Financial Officer
· Naresh Ghori Accountant
· Sanil Jaleel Sales
Manager
Date of
Establishment : 11th August
2004
Legal Form : Subject is the
United Arab Emirates registered branch of Camara Exim Ltd, a Limited
Liability Company
incorporated in the British Virgin Islands.
Camara Exim Ltd in the United Arab Emirates, operates as a Branch of
a Foreign
Registered
Corporation with its registered office located at the following address:
Camara Exim Ltd
Abbot Building
PO Box: 3186
Tortola
British Virgin Islands
A Branch
of a Foreign Registered Corporation is not a legal entity in its own
right. Responsibility for payments lays in the hands of the company
where it is
originally registered.
Under these circumstances, we strongly advise that any international
trade
credit should only be written under the name of the main company where
the
subject holds its registered office, in this case the British Virgin
Islands.
Trade Licence No. : 5262 (Expires 10/08/2014)
Chamber Member No. : 192227
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Activities: Engaged in the import and distribution of petrochemicals, foam
chemicals, industrial machinery, motor
cycles and dairy products.
Import Countries: Europe and Nigeria
International Clients:
· Chellarams Nigeria
Operating Trend: Steady
Subject has a workforce of 13 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales US$
103,000,000 US$
105,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Sanil Jaleel, Sales Manager
·
Arab Bank Plc
Ittihad Street
PO Box: 11364
Dubai
Tel: (971-4)
2228845
Fax: (971-4)
2285974 / 2940847
No complaints regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
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.61.43 |
|
|
1 |
Rs.95.07 |
|
Euro |
1 |
Rs.81.77 |
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 |
|
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.