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Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
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Name : |
MANSHA OVERSEAS TRADING |
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Registered Office : |
Al Baqali Building,
Shop No. 18,Ali Ibn Abi Talib Street, Al Souq Al Kabir P O Box 43829, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
24.07.2001 |
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Com. Reg. No.: |
87938, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and retail of textiles, readymade garments and related accessories |
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No. of Employees : |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – 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 |
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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.
|
Source : CIA |
Company Name : MANSHA OVERSEAS TRADING
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 24th July 2001
Commercial Registration Number : 87938, Dubai
Trade Licence Number : 527998
Chamber Membership Number : 12931
Invested Capital : UAE Dh 50,000
Total Workforce : 4
Activities : Wholesale and retail of textiles, readymade garments and related
accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Shushil Khenmani, Sales Manager
MANSHA OVERSEAS
TRADING
Registered &
Physical Address
Building : Al Baqali Building, Shop No. 18
Street : Ali Ibn Abi Talib Street
Area : Al Souq Al Kabir
PO Box : 43829
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3533242 / 3534107
Facsimile : (971-4) 3533898
Mobile : (971-50) 4557725 / 7946112
Email : mansha@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
·
Abdullah
Ahmad Mohamed Abdullah Al Ali Emirati Proprietor
& General Manager
·
Shushil
Khenmani - Sales
Manager
Date of Establishment : 24th
July 2001
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 87938, Dubai
Trade Licence No. : 527998
(Expires 21/07/2013)
Chamber Member No. : 12931
Invested Capital
: UAE Dh 50,000
Mr Abdullah Ahmad
Mohamed Abdullah Al Ali is the sole proprietor of the business.
Activities: Engaged in the wholesale and retail of
textiles, readymade garments and related accessories.
Import
Countries: India and China.
International Suppliers:
·
Benbury
Export India
· Latrend India
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 Revenue UAE Dh 10,000,000 UAE Dh 12,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Shushil Khenmani, Sales Manager
·
Commercial
Bank of Dubai
Mankhool Street
PO Box: 2668
Dubai
Tel: (971-4) 3523355
Fax: (971-4) 3527655
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.57.78 |
|
UK Pound |
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.24 |
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 |
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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 |
|
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.