MIRA INFORM REPORT
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Report Date : |
02.07.2013 |
IDENTIFICATION DETAILS
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Name : |
DIESEL POINT LLC |
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Registered Office : |
Plot G-226, Al Hayl Industrial Area, PO Box 2219, Fujairah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
18.04.2012 |
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Com. Reg. No.: |
10027342 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of diesel, gasoil and
lubricants |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New
Business |
---- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 – March 31st,
2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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 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 :
DIESEL POINT LLC
Country of Origin :
Fujairah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
18th April 2012
Commercial Registration Number :
10027342
Trade Licence Number :
1011803
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
10
Activities :
Distributors of diesel, gasoil and lubricants.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Ravi Prakash, Public Relations Manager
DIESEL POINT LLC
Location : Plot G-226, Al
Hayl Industrial Area
PO Box : 2219
Town : Fujairah
Country : United Arab
Emirates
Telephone : (971-9) 2239260
/ 2283840
Facsimile : (971-9)
2239260
Mobile : (971-56)
1802121
Email : dieselpointllc@gmail.com
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Fujairah.
Name Nationality Position
· Nagraj Kanapur
Mathada Indian Managing Director
· Ali Rashid Hamdani Emirati Director
· Ravi Prakash - Public
Relations Manager
· Raj Piju - Sales
Manager
Date of
Establishment : 18th
April 2012
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 10027342
Trade Licence No. : 1011803 (Expires 18/04/2014)
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Ali Rashid Hamdani 51%
· Nagraj Kanapur
Mathada 49%
· Universal Trade
Link FZE
Hamriyah Free Zone
PO Box: 49329
Sharjah
Activities: Engaged in the import and distribution of diesel, gasoil and
lubricants.
Import Countries: Europe and the Far East.
Subject has a workforce of 10 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
·
HSBC Bank Middle East
Fujairah
Tel: (971-9)
2222221
No complaints regarding subject’s payments have been reported.
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a
close monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian
Rupees |
|
US Dollar |
1 |
Rs.59.14 |
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UK Pound |
1 |
Rs.90.05 |
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Euro |
1 |
Rs.77.06 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
-- |
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.