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Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
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Name : |
SIMMONS MIDDLE EAST SLEEP PRODUCTS LLC |
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Registered Office : |
Al Garhoud Road Al Garhoud PO Box 10310 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.07.2002 |
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Com. Reg. No.: |
41065, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distributors of household, office and school furniture, blinds, curtains, carpets, mattresses and upholstery materials. |
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No. of Employees : |
25 |
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 (31.03.2011) |
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 |
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 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 : SIMMONS MIDDLE EAST SLEEP PRODUCTS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 3rd July 2002
Commercial Registration Number : 41065, Dubai
Trade Licence Number : 535550
Chamber Membership Number : 70579
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
Total Workforce : 25
Activities : Distributors of household, office and school furniture, blinds, curtains,
carpets, mattresses and upholstery materials.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
SIMMONS MIDDLE EAST SLEEP PRODUCTS LLC
Street : Al Garhoud
Road
Area : Al Garhoud
PO Box : 10310
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3474474
/ 2822280 / 2861506
Facsimile : (971-4)
3478844 / 2822280 / 2850089
Email : intercoil@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
· Abbas Ali Al
Hazeem Kuwaiti Managing
Director
· Hassan Abbas Ali
Al Hazeem Kuwaiti Director
· Salem Khamis Sabt
Al Suwaidi Emirati Director
Date of
Establishment : 3rd
July 2002
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 41065, Dubai
Trade Licence No. : 535550 (Expires 02/07/2013)
Chamber Member No. : 70579
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
· Salem Khamis Sabt
Al Suwaidi 51%
· Abbas Ali Al
Hazeem 49%
Activities: Engaged in the import and distribution of household, office and school furniture,
blinds, curtains, carpets, mattresses and upholstery materials.
Subject is the licensee of Simmons for the
whole of GCC, Egypt, Lebanon, Jordan and Iraq.
Import Countries: Europe and the Far east.
Subject has a workforce of 25 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.
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box: 999
Dubai
Tel: (971-4)
2520455
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.53.08 |
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|
1 |
Rs.83.12 |
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Euro |
1 |
Rs.72.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.