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Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Al Quoz Industrial Area No. 1, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.03.1995 |
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Com. Reg. No.: |
44513 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesalers and retailers of electrical items such as cables, wires,
switchgear, fuse gear, earthing accessories, industrial and domestic
lamps, light fittings and accessories |
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No. of Employees : |
45 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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
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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 |
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.
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Source
: CIA |
Company Name :
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
18th March 1995
Commercial Registration Number : 44513,
Trade Licence Number : 237225
Chamber Membership Number :
33600
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
45
Activities :
Wholesalers and retailers of electrical items such as cables, wires,
switchgear, fuse gear, earthing accessories,
industrial and domestic lamps, light fittings and accessories
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
DALLAS TRADING CO LLC
Registered &
Physical Address
Location : Al Quoz
Industrial Area No. 1
PO Box : 2028
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3383500
Facsimile : (971-4)
3389800
Email : info@dallastrading.net
/ info@dallas.com
Premises
Subject operates from a suite of offices and a warehouse covering
20,000ft2 that are rented and located in the Industrial Area of
Dubai.
Branch Office (s)
Location Description
PO Box: 112550 Showroom
premises
Abu Dhabi
Tel: (971-2) 6321515
Fax: (971-2) 6321525
Name Nationality Position
Ahuja Prakash Topandas Indian Managing
Director
Seema Prakash Ahuja Indian Director
Jaya Prakash Ahuja Indian Director
Abdullah Hassan Abdullah Galadari Emirati Director
Date of Establishment : 18th
March 1995
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 44513, Dubai
Trade Licence No. : 237225
Chamber Member No. : 33600
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Abdullah Hassan Abdullah Galadari 51%
Ahuja Prakash Topandas 24%
Seema Prakash Ahuja 13%
Jaya Prakash Ahuja 12%
Activities: Engaged in the wholesale and
retail of electrical items such as cables, wires, switchgear, fuse gear,
earthing accessories, industrial and domestic lamps, light fittings and accessories.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 45 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 18,200,000 UAE Dh
19,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Union National Bank
Baniyas Street
PO Box: 6811
Dubai
Tel: (971-4) 2211188
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a timely
manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.70 |
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1 |
Rs.92.22 |
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Euro |
1 |
Rs.79.19 |
INFORMATION DETAILS
|
Report Prepared by
: |
SDA |
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 |
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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.