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Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
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Name : |
ASHTON INTERNATIONAL TRADING FZC |
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Registered Office : |
Hamriyah Free Zone, E Lob Office E42G-36, Sharjah |
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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 : |
22.08.2010 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Distributors of building materials, steel and scrap metals |
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No. of Employees : |
4 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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 UAE 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. The economy is
expected to continue a slow rebound. 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 :
ASHTON INTERNATIONAL TRADING FZC
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
22nd August 2010
Trade Licence Number :
6839
Issued Capital :
UAE Dh 500,000
Paid up Capital :
UAE Dh 500,000
Total Workforce :
4
Activities :
Distributors of building materials, steel and scrap metals
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
ASHTON INTERNATIONAL TRADING FZC
Location : Hamriyah Free
Zone, E Lob Office E42G-36
Town : Sharjah
Country : United Arab
Emirates
Mobile : (971-50)
9887528 / 8979901
Email : ashtontrading@gmail.com
Subject operates from a small suite of offices that are rented and
located in the Hamriyah Free Zone Area of Sharjah.
Name Nationality Position
· Hamchad Chermal
House Indian Managing
Director
· Mohamed Kattipera Indian Director
Date of
Establishment : 22nd
August 2010
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 6839
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
· Hamchad Chermal
House
· Mohamed Kattipera
Activities: Engaged in the import and distribution of building materials, steel and
scrap metals.
Import Countries: Europe and the Far East.
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 8,700,000 UAE Dh
11,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Ras Al Khaimah
PO Box: 41010
Sharjah
Tel: (971-6)
5746888
Acc No.
0024448735001
No complaints regarding subject’s payments have been reported.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.08 |
|
UK Pound |
1 |
Rs.83.11 |
|
Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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.