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Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
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Name : |
EMIRATES STEEL WOOL MANUFACTURING EST |
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Registered Office : |
Sector M-14, Plot 25, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.02.1984 |
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Com. Reg. No.: |
11949, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the manufacture of steel wool, nylon cleaning
materials, scouring pads, sponges, disposable plastic containers, as well as mattresses
and pillows. |
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No. of Employees : |
75 |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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United Arab Emirates |
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 |
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.
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Source
: CIA |
Company Name :
EMIRATES STEEL WOOL MANUFACTURING EST
Country of Origin :
Abu Dhabi, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
25th February 1984
Commercial Registration Number :
11949, Abu Dhabi
Industrial Licence Number :
134
Chamber Membership Number :
8716
Invested Capital :
UAE Dh 3,700,000
Total Workforce :
75
Activities :
Manufacturers of steel wool, nylon cleaning materials, scouring pads,
sponges, disposable plastic containers, as
well as mattresses and pillows
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
EMIRATES STEEL WOOL MANUFACTURING EST
Registered &
Physical Address
Location : Sector M-14,
Plot 25
Street : Electra Road
Area : Mussafah
Industrial Area
PO Box : 277
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 5554544
/ 5545444 / 6724773
Facsimile : (971-2)
5553517 / 6789670
Email : eswool@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices, a workshop and a warehouse
that are owned and located in the Industrial Area of Abu Dhabi.
Name Position
Jaffar Al Askari Proprietor
& General Manager
Kunhi Mohamed Assistant
General Manager
Mathew Kurean Finance
Manager
Francis Lazar Production
Manager
Hari Attikat Sales
Manager
Date of Establishment : 25th February
1984
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 11949, Abu Dhabi
Industrial Licence No. : 134
Chamber Member No. : 8716
Invested Capital : UAE Dh 3,700,000
Mr Jaffar Al Askari is the sole proprietor of the business.
Al Askari Trading Est
Jebel Ali Building, 2nd Floor, Office No. 101
Sheikh Zayed Road
PO Box: 26917
Dubai
Tel: (971-4) 3392755 / 3392671
Fax: (971-4) 3392671
Email: alaskari@uts.com
Al Askari & Partners Auto Electrical Shop
PO Box: 8523
Abu Dhabi
Tel: (971-2) 5543861
Al Askari Painting & Plastering Est
Abu Dhabi
Tel: (971-2) 5366456
Al Askari Restaurant
PO Box: 2208
Abu Dhabi
Tel: (971-2) 5366206
United Service Master Emirates LLC
PO Box: 277
Abu Dhabi
Tel: (971-2) 6774400
Abu Dhabi Magcobar Ltd
Zayed 2nd Street
PO Box: 277
Abu Dhabi
Tel: (971-2) 6774400
United Technical Services Company
Zayed 2nd Street
PO Box: 277
Abu Dhabi
Tel: (971-2) 6774400
UTS Carrier LLC
Hamdan Street
PO Box: 3977
Abu Dhabi
Tel: (971-2) 6724243
Fax: (971-2) 6725461
Spear Trading Co
PO Box: 277
Abu Dhabi
Tel: (971-2) 5554544
Fax: (971-2) 5553517
Activities: Engaged in the manufacture
of steel wool, nylon cleaning materials, scouring pads, sponges, disposable
plastic containers, as well as mattresses and pillows.
Subject
is ISO 9001:2000 and ISO 14001:2004 certified.
Import Countries: Germany,
Italy and the United States of America.
Brand Names: SUPREX,
PREMIUM, VANITAS, SU and CELULEX
Operating Trend: Steady
Subject has a workforce of 75 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 24,800,000 UAE Dh
25,250,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
ANZ Grindlays Bank Plc
PO Box: 241
Abu Dhabi
Tel: (971-2) 6270870
Fax: (971-2) 6271766
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 business 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.62.00 |
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|
1 |
Rs.102.17 |
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Euro |
1 |
Rs.85.19 |
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.