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Report Date : |
07.12.2013 |
IDENTIFICATION DETAILS
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Name : |
ZENATH PAPER TRADERS LLC |
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Registered Office : |
Ascon House Salahudeen Road Deira PO Box 7113 & 81841 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.07.1988 |
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Com. Reg. No.: |
69728, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and export of waste paper as well as supplying
paper and paper products. |
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No. of Employees : |
125 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 : ZENATH PAPER TRADERS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd July 1988
Commercial Registration Number : 69728, Dubai
Trade Licence Number : 217197
Chamber Membership Number : 14004
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 125
Activities : Import and export of waste paper as well as supplying paper and paper
products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
ZENATH PAPER
TRADERS LLC
Building : Ascon House
Street : Salahudeen
Road
Area : Deira
PO Box : 7113 &
81841
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2713006
/ 7076148
Facsimile : (971-4)
2713003
Email : zenath@etaascon.com
/ zenath@etazenath.com
Please note that subject’s previous address was, Gulf Air Building,
Salahudeen Road, Deira, Dubai.
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
· PO Box: 3532 Rented
sales office
Abu Dhabi
Tel: (971-2)
5541570
Fax: (971-2)
5541580
Name Nationality Position
· Ahmad Abdullah
Ahmad Al Ghurair Emirati Managing Director
· Khalid Abdullah
Ahmad Al Ghurair Emirati Director
· M P P Abdullah - General
Manager
· Raja Mohamed - Commercial
Manager
Date of
Establishment : 3rd
July 1988
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 69728, Dubai
Trade Licence No. : 217197 (Expires 29/06/2014)
Chamber Member No. : 14004
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Amana Investment
Limited 48%
Hong Kong
· Ahmad Abdullah Ahmad
Al Ghurair 45%
· Khalid Abdullah
Ahmad Al Ghurair 7%
· Zenath General Land Transport
Dubai
· Zenath Power System LLC
Dubai
· Zenath Metal Industries LLC
Dubai
Activities: Engaged in the import and export of waste paper as well as supplying
paper and paper products.
Import Countries: Yemen, Kuwait, Lebanon, Egypt and Iran.
Export Countries: India. Subject exports 118,000 metric tonnes of
waste paper per annum.
Subject has a workforce of approximately 125 employees.
Companies registered in Dubai, 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.
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4)
2229131 / 2221134
Fax: (971-4)
2233784
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.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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 |
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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.