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Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
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Name : |
KHAF GENERAL TRADING LTD |
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Registered Office : |
Rak Free Zone PO Box 32216 & 36216 Ras Al Khaimah |
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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 : |
16.06.2011 |
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Legal Form : |
Offshore Limited Company |
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Line of Business : |
Import and distribution of industrial machinery and equipment, mining
equipment, ferrous and non-ferrous metals, including base alloys, tin alloys, aluminium alloy ingots, aluminium wire rods,
MS wire rod, copper alloys and lead alloys. |
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No. of Employees : |
02 |
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 |
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Risk Category |
ECGC
Classification |
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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 : KHAF GENERAL TRADING LTD
Country of Origin : Dubai, United Arab Emirates
Legal Form : Offshore Limited Company
Registration Date : 16th June 2011
Trade Licence Number : AO47/06/11/3537, RAK Free Zone
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 2
Activities : Distributors of industrial machinery and equipment, mining equipment,
ferrous and non-ferrous metals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Narender Daz, Administration Manager
KHAF GENERAL TRADING LTD
Location : RAK Free Zone
PO Box : 32216 &
36216
Town : Ras Al
Khaimah
Country : United Arab Emirates
Building : 1108 Sharfeddine Building
Street :
Al Nahda Street
PO Box : 172695
Town : Dubai
Country : United Arab
Emirates
Mobile : (971-50)
5871903 / 971-55 3612723
Email : naren72@msn.com
/ khafgeneral@eim.ae
Please note that subject’s previous address was, China Building 7th
Floor, Office No. 701, Nasser Square, Dubai.
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
· Shanty George Indian Managing
Director
· Narender Daz - Administration
Manager
Date of
Establishment : 16th June
2011
Legal Form : Offshore Limited
Company
Trade Licence No. : AO47/06/11/3537, RAK Free Zone
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
· Shanty George
Activities: Engaged in the import and distribution of industrial machinery and
equipment, mining equipment, ferrous and non-ferrous metals, including base alloys, tin alloys, aluminium alloy ingots, aluminium wire rods, MS
wire rod, copper alloys and lead alloys.
Import Countries: Europe, India and Thailand.
International
Suppliers:
· Samsung India
· Super Miner Thailand
· JCB India
· TATA India
Subject has a workforce of 2 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12:
Total Sales UAE
Dh 60,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Narender Daz, Administration
Manager
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222555
Fax:
(971-4) 2221110
·
Bank of Baroda
PO Box: 3162
Dubai
Tel: (971-4)
5531955
Fax: (971-4)
5536962
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.61.99 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.