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Report Date : |
11.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
DEVENDRA TRADING
CO LLC |
|
|
|
|
Registered Office : |
Ahmed Abdullah
Almoosa Building, 2nd Floor, Office No. 201-203, Khalid Ibn Al
Waleed Street, Al Riffa, Deira, PO Box : 29287, Dubai |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.08.1996 |
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|
|
|
Com. Reg. No.: |
47271 |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
Distributors of
general foodstuffs and African textiles. |
|
|
|
|
No. of Employees : |
6 |
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 – 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 |
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 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 : DEVENDRA
TRADING CO LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 3rd
August 1996
Commercial
Registration Number : 47271,
Dubai
Trade Licence
Number : 242773
Chamber Membership
Number : 39628
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 6
Activities :
Distributors of general foodstuffs and African textiles.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Vikas
Ramchandani, Sales Manager
DEVENDRA TRADING CO
LLC
Registered & Physical Address
Building : Ahmed Abdullah Almoosa Building, 2nd
Floor, Office No. 201-203
Street : Khalid Ibn Al Waleed Street
Area : Al Riffa, Deira
PO Box : 29287
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3934375 / 3939397
Facsimile : (971-4) 3934376 / 3932800
Mobile : (971-50) 2669879
Email : devendra@emirates.net.ae
Premises
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
Devendra Kumar
Gulabani Indian Managing
Director
Ramesh Jalapani Bin
Wasumal Indian Director
Ali Mohamed Yahya
Zakaria Al Yahya Emirati Director
Pavan Kakuraja - Finance
Manager
Vikas Ramchandani - Sales
Manager
Bhawan Kurja - Accountant
Date of
Establishment : 3rd August 1996
Legal Form : Limited Liability Company - LLC
Commercial Reg.
No. : 47271, Dubai
Trade Licence
No. : 242773 (Expires 02/08/2013)
Chamber Member
No. : 39628
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
Ali Mohamed Yahya
Zakaria Al Yahya 51%
Devendra Kumar
Gulabani 25%
Ramesh Jalapani Bin
Wasumal 24%
Activities: Engaged
in the import and distribution of general foodstuffs and African textiles.
Import
Countries: Europe and India.
International Suppliers:
Sagar Enterprises India
Royal Export India
J Shree Export India
Operating Trend: Steady
Subject has a
workforce of 6 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
16,750,000 UAE Dh
20,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Vikas Ramchandani, Sales Manager
Bank of Baroda
Bur Dubai
PO Box: 3162
Dubai
Tel: (971-4)
3166666
Fax: (971-4)
5536962
Acc No.
90010400000214
No complaints
regarding subject’s payments have been reported.
Established in 1996,
subject is owned and managed by Mr Devendra Kumar Gulabani and Mr Ramesh
Jalapani Bin Wasumal who are Indian nationals operating in Dubai under the
local sponsorship of Mr Ali Mohamed Yahya Zakaria Al Yahya.
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.60.13 |
|
|
1 |
Rs.89.52 |
|
Euro |
1 |
Rs.76.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.