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Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
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Name : |
RAKHA AL KHALEEJ INTERNATIONAL LLC |
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Registered Office : |
National Bank of
Umm Al Quwain Building, 7th Floor, Suite 701, Khalid Ibn Al Waleed
Street, Bur Dubai, P O Box 55157, 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 : |
12.06.1990 |
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Com. Reg. No.: |
45177, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import and distribution of chemicals |
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No. of Employees : |
12 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
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 UAE 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. The economy is expected to continue a slow rebound. 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 : RAKHA AL KHALEEJ INTERNATIONAL LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 12th June 1990
Commercial Registration Number : 45177, Dubai
Trade Licence Number : 223075
Chamber Membership Number : 19407
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 12
Activities : Import and distribution of chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Karthik Nurnida, Commercial Manager
RAKHA AL KHALEEJ
INTERNATIONAL LLC
Registered &
Physical Address
Building : National Bank of Umm Al Quwain
Building, 7th Floor, Suite 701
Street : Khalid Ibn Al Waleed Street
Area : Bur Dubai
PO Box : 55157
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3977999
Facsimile : (971-4) 3972555
Mobile : (971-50) 4549985
Email : rakha@emirates.net.ae / rai@rai-uae.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Saeed
Mohamed Saeed Al Sayed Hamid Al Naqeeb Kuwaiti Managing
Director
·
Mohamed
Rashid Abdul Samad Al Kaitoob Emirati Director
·
Arul
Dhasan - General
Manager
·
Seecharaman
Kabvisari - Finance
Manager
·
Karthik
Nurnida - Commercial
Manager
Date of Establishment : 12th
June 1990
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 45177, Dubai
Trade Licence No. : 223075
(Expires 10/06/2013)
Chamber Member No. : 19407
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
·
Mohamed
Rashid Abdul Samad Al Kaitoob 51%
·
Saeed
Mohamed Saeed Al Sayed Hamid Al Naqeeb 49%
·
Specialised
System Co
Safat
Kuwait
Activities: Engaged in the import and distribution of
chemicals, including polyethylene, polypropylene, polystyrene, acrylonitrile,
polyvinyl chloride, ethylene vinyl acetate, polyethylene terephthalate,
polycarbonates, plastic compounds and master
batches,
Import
Countries: Kuwait, India
and China.
International Suppliers:
·
Petrochemical International Corporation (PIC) Kuwait
· Equate Kuwait
Operating Trend: Steady
Subject has a
workforce of 12 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 11,700,000 UAE Dh 14,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Karthik Nurnida, Commercial Manager
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
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.54.34 |
|
UK Pound |
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.70.73 |
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 |
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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.