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Report Date : |
02.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
NATVAR & COMPANY |
|
|
|
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Registered Office : |
Real Estate
Department Building, Office No. 14, Ground Floor, Al Ras Street, Al Ras, P O
Box 2748, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
|
Date of Incorporation : |
30.06.1976 |
|
|
|
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Com. Reg. No.: |
186, Dubai |
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|
|
Legal Form : |
General Partnership |
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|
|
|
Line of Business : |
importer and distributor of general foodstuff
products and beverages. |
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|
|
|
No. of Employees : |
43 |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 : NATVAR & COMPANY
Country of Origin : Dubai, United Arab Emirates
Legal Form : General Partnership
Registration Date : 30th June 1976
Commercial Registration Number : 186, Dubai
Trade Licence Number : 204825
Chamber Membership Number : 2297
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 43
Activities : Distributors of general foodstuff products and beverages
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sanjay Bayani, Accounts Manager
NATVAR &
COMPANY
Registered &
Physical Address
Building : Real Estate Department Building,
Office No. 14, Ground Floor
Street : Al Ras Street
Area : Al Ras
PO Box : 2748
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2269900
Facsimile : (971-4) 2267200
Mobile : (971-50) 6251214
Email : jilu1997@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are owned and located
in the Central Business Area of Dubai.
Name Nationality Position
·
Prakash
Kumar Pranlal Doshi Indian Managing Partner
·
Vasantrai
Maganlal Patel British Partner
·
Natvarlal
Magabhai Patel British Partner
·
Brabu
Daz - Sales Manager
·
Sanjay
Bayani - Accounts
Manager
Date of Establishment : 30th
June 1976
Legal Form :
General Partnership
Commercial Reg. No. : 186, Dubai
Trade Licence No. : 204825
(Expires 11/02/2014)
Chamber Member No. : 2297
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Partners Percentage
·
Prakash
Kumar Pranlal Doshi 50%
·
Vasantrai
Maganlal Patel 25%
·
Natvarlal
Magabhai Patel 25%
·
Natraj
Foodtsuff Factory LLC
Dubai
Tel: (971-4) 3333269
Activities: Engaged in the import and distribution of
general foodstuff products and beverages.
Import
Countries: United States of
America, India and Guatemala.
International Suppliers:
·
Crown
Products United States of America
·
Multi
Export Guatemala
·
Jay
Hashman Ltd India
·
VACO
Export Ltd India
Brand Names: ALWATAN, MOTI and LOTUS
Operating Trend: Steady
Subject has a
workforce of 43 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 Revenue UAE Dh 74,270,000 UAE Dh 80,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Sanjay Bayani, Accounts Manager
·
National
Bank of Fujairah
PO Box: 2979
Dubai
Tel: (971-4) 3971700 / 5078300
Fax: (971-4) 3979100 / 3973922
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations met
in a generally timely manner. The financial position is satisfactory and the
company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.