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Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
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Name : |
DEVNIK GENERAL TRADING LLC |
|
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|
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Registered Office : |
Ali Obaid
Building, Khalid Ibn Al
Waleed Street, Bur Dubai, PO Box 242276,
Dubai |
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Country : |
United Arab Emirates |
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|
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
15.11.2009 |
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Com. Reg. No.: |
1050995, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject engaged in the wholesale and retail of readymade garments,
textiles and electrical products. |
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No. of Employees : |
4 |
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 |
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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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 :
DEVNIK GENERAL TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date :
15th November 2009
Commercial Registration Number : 1050995, Dubai
Trade Licence Number :
631491
Chamber Membership Number :
178184
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
4
Activities :
Wholesalers and retailers of readymade garments, textiles and
electrical products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
DEVNIK GENERAL TRADING LLC
Building : Ali Obaid Building
Street : Khalid Ibn Al Waleed Street
Area : Bur Dubai
PO Box : 242276
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3542080
Facsimile : (971-4)
3542090
Mobile : (971-50)
5565448
Email : devnik@eim.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
· Kishor Ahuja Indian Managing
Director
· Ali Humaid Ali
Humaid Bel Arri Emirati Director
· Kamlesh Gurgandaz - Financial
Controller
· Sidat Mohamed - Sales
Manager
Date of
Establishment : 15th
November 2009
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1050995, Dubai
Trade Licence No. : 631491 (Expires 14/11/2013)
Chamber Member No. : 178184
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Ali Humaid Ali
Humaid Bel Arri 51%
· Kishor Ahuja 49%
Activities: Engaged in the wholesale and retail of readymade garments, textiles and
electrical products.
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 8,275,000 UAE Dh
8,900,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4)
2227121 / 2253222
Fax: (971-4)
2220943 / 2254565
No complaints regarding subject’s payments have been reported.
Please note that the address, Al Zarooni Building, Shop No. 1, Ground
Floor, Al Ras, Deira, PO Box 32034, Dubai is used by a company called “Global
Food General Trading LLC”.
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.53.77 |
|
UK Pound |
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.71.56 |
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 |
|
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.