|
Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
NASEEJ FABRICS MANUFACTURING CO LLC |
|
|
|
|
Registered Office : |
Sheikh Zayed Road, 4th Interchange Al Quoz Industrial Area
No. 4 PO Box 52881 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
11.11.1995 |
|
|
|
|
Com. Reg. No.: |
1294, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Spinners and weavers of cotton and wool. |
|
|
|
|
No. of Employees : |
193 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : NASEEJ FABRICS MANUFACTURING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 11th November 1995
Commercial Registration Number : 1294, Dubai
Trade Licence Number : 300737
Chamber Membership Number : 36184
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
Total Workforce : 193
Activities : Spinners and weavers of cotton and wool.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Raed Ahmed Mohamed, Public Relations Manager
NASEEJ FABRICS MANUFACTURING CO LLC
Street : Sheikh Zayed
Road, 4th Interchange
Area : Al Quoz
Industrial Area No. 4
PO Box : 52881
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3470808
/ 3476491 / 3469841
Facsimile : (971-4)
3470201 / 3475784
Email : naseej@emirates.net.ae
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Dubai.
Name Nationality Position
· Abdullah Ali Obaid
Al Hamli Emirati Chairman
· Mohamed Zahid
Abdul Majeed - General
Manager
· Alaa Eddine Fahmy Mohamed - Production
Manager
· Raed Ahmed Mohamed - Public
Relations Manager
Date of
Establishment : 11th
November 1995
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 1294, Dubai
Trade Licence No. : 300737 (Expires 24/05/2013)
Chamber Member No. : 36184
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
· Dubai Islamic Bank 99%
PO Box: 1080
Dubai
Tel: (971-4)
2953000
Fax: (971-4)
2954111
· Abdullah Ali Obaid
Al Hamli 1%
Activities: Engaged in the spinning and weaving of cotton and wool.
Import Countries: Germany
International Suppliers:
· Meera Tex Germany
Operating Trend: Steady
Subject has a workforce of 193 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 53,292,389 UAE Dh
50,152,445
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Raed Ahmed Mohamed, Public Relations Manager
·
Dubai Islamic Bank
PO Box: 1080
Dubai
Tel: (971-4)
2953000
Fax: (971-4)
2954111
No complaints regarding subject’s payments have been reported.
Credit amount 25,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.54.42 |
|
|
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.