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Report Date : |
09.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
WESLEY INTERNATIONAL LIMITED |
|
|
|
|
Registered Office : |
Building No. S 10806,
Sheikh Zayed Road, Roundabout No. 8, Jebel Ali Free Zone, South Zone, P O Box
17113, Dubai |
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|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
01.07.1993 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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|
|
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Line of Business : |
Distributors of razors, shaving foam, combs and manicure kits. |
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|
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No. of Employees : |
55 |
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 : |
Branch of a Foreign Registered Corporation |
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|
|
|
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
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.
|
Source : CIA |
Company Name : WESLEY INTERNATIONAL LIMITED
Country of Origin : Panama
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 1st July 1993
Trade Licence Number : 827
Chamber Membership Number : 27666
Total Workforce : 55
Activities : Distributors of razors, shaving foam, combs and manicure kits.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mostafa Zoeb, Finance Manager
WESLEY
INTERNATIONAL LIMITED
Registered &
Physical Address
Building : Building No. S 10806
Street : Sheikh Zayed Road, Roundabout
No. 8
Area : Jebel Ali Free Zone, South
Zone
PO Box : 17113
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8862121 / 8143333 / 8836150
Facsimile : (971-4) 8863967
Mobile : (971-50) 4644395
Email : wesleycu@emirates.net.ae / merlyn.goveas@supermaxworld.com
suresh.shetty@super-maxworld.com
Premises
Subject operates
from a suite of offices and a warehouse covering an area of 50,000 square feet
that are rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Position
·
Simon Cook Managing
Director
·
Samir
Solkani Export
Manager
·
Denise
Taskar Commercial
Manager
·
Mostafa
Zoeb Finance
Manager
·
Suresh
Shetty Assistant
Finance Manager
·
Keshor
Wad Human
Resources Manager
·
Merlyn
Goveas Administration
Executive
Date of Establishment : 1st
July 1993
Legal Form :
Subject is the United Arab
Emirates registered branch of Wesley International
Limited, a Limited Liability Company
incorporated in Panama.
Wesley International Limited in
the United Arab Emirates, operates as a
Branch of a Foreign
Registered Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in
its own right. Responsibility
for payments lays in the hands of the
company where it is originally
registered.
Under these circumstances, we
strongly advise that any international trade credit should
only be written under the name
of the main company where the subject holds its registered
office, in this case Panama.
Trade Licence No. : 827
Chamber Member No. : 27666
Activities: Engaged in the import and distribution of
razors, shaving foam, combs and manicure kits.
Subject is ISO 9001 accredited.
Import
Countries: Europe and the
United States of America.
Brand Names: SUPER-MAX
Operating Trend: Steady
Subject has a
workforce of 55 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/03/11: Year Ending
31/03/12:
Total Revenue US$ 120,000,000 US$ 128,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mostafa
Zoeb, Finance Manager
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
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.61.05 |
|
UK Pound |
1 |
Rs.90.89 |
|
Euro |
1 |
Rs.78.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.