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Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.07.1995 |
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Com. Reg. No.: |
58575, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and retail of textiles for the clothing industry. |
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No. of Employees : |
04 |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 :
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 4th July 1995
Commercial Registration Number : 58575, Dubai
Trade Licence Number : 238226
Chamber Membership Number : 34478
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Wholesale and retail of textiles for the clothing industry.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Narayan Saini, Sales Manager
COMPANY NAME: AL SAIF TEXTILES TRADING LLC
Building : Haj Hassan
Balooz Building, Shop No. 16
Street : Al Suq
Street
Area : Al Souq Al
Kabir, Bur Dubai
PO Box : 51322
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3537565
/ 3531037
Facsimile : (971-4)
3531059
Mobile : (971-50)
4654553 / (971-56) 3599037
Email : alsaif@emirates.net.ae
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dubai.
Name Nationality Position
· Panchedar
Atmaparsad Taywari Indian Managing
Director
· Ali Hamad Ahmad
Sanad Emirati Director
· Vijay Panchander
Taywari - Commercial
Manager
· Narayan Saini - Sales
Manager
Date of
Establishment : 4th
July 1995
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 58575, Dubai
Trade Licence No. : 238226 (Expires 19/06/2014)
Chamber Member No. : 34478
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Ali Hamad Ahmad
Sanad 51%
· Panchedar
Atmaparsad Taywari 49%
Activities: Engaged in the wholesale and retail of textiles for the clothing industry.
Import Countries: Europe and India.
International Suppliers:
· Rolson
International India
· Laaj International India
· Raj Rajendra
Textile Export India
· Vijay
International India
Operating Trend: Steady
Subject has a workforce of 4 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 Sales UAE
Dh 8,500,000 UAE Dh
9,150,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Narayan Saini, Sales Manager
·
Habib Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4)
2221281
Fax: (971-4)
2284631
·
National Bank of Ras Al Khaimah
PO Box:
1531
Dubai
Tel:
(971-4) 2226291
Fax:
(971-4) 2281312
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.98 |
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1 |
Rs.101.49 |
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Euro |
1 |
Rs.84.79 |
INFORMATION DETAILS
|
Report
Prepared by : |
NNA |
RATING EXPLANATIONS
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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 |
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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.