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Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
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Name : |
AL RAS BUILDING
MATERIALS SANITARYWARES & ELECTRICAL CO LLC |
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Registered Office : |
Sheikha Khadija Building,
2nd Floor, Office No. 211, Al Mussalla Street, Al Souq Al Kabir, Bur Dubai,
7834 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 : |
16.04.1988 |
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Com. Reg. No.: |
42670, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Steel stockists
as well as in the import and distribution of building materials. |
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No. of Employees : |
34 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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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 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.
|
Source : CIA |
Company Name :
AL RAS BUILDING MATERIALS SANITARYWARES & ELECTRICAL CO LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 16th
April 1988
Commercial
Registration Number : 42670,
Dubai
Trade Licence
Number : 216692
Chamber Membership
Number : 13496
Issued Capital : UAE Dh
500,000
Paid up Capital : UAE Dh
500,000
Total Workforce : 34
Activities :
Steel stockists as well as in the import and distribution of building
materials.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Joe Marian, Finance Manager
AL RAS BUILDING
MATERIALS SANITARYWARES & ELECTRICAL CO LLC
Building : Sheikha Khadija Building, 2nd
Floor, Office No. 211
Street : Al Mussalla Street
Area : Al Souq Al Kabir, Bur Dubai
PO Box : 7834
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3523215 / 8850652
Facsimile : (971-4) 3523202
Email : alras77@emirates.net.ae / varun@alrasgroup.ae
Subject operates from
a medium sized suite of offices and a showroom that are rented and located in
the Central Business Area of Dubai.
Branch Office
(s)
Location Description
·
Al
Aweer Industrial Area Warehouse
premises
Dubai
Tel: (971-4) 3331465
Fax: (971-4) 3331469
Name Nationality Position
·
Ranjit
Udharam Sehwakramani Indian Managing
Director
·
Sonam
Ranjit Sehwakramani Indian Director
·
Jassim
Mohamed Ibrahim Abdullah Al Hasawi Emirati Director
·
Mahesh
Malkani - General
Manager
·
Biju
Proshottam - Sales
Manager
·
Varun
Shewakramani - Business
Development Manager
·
Joe Marian - Finance
Manager
Date of Establishment : 16th
April 1988
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 42670, Dubai
Trade Licence No. : 216692
Chamber Member No. : 13496
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
·
Jassim Mohamed
Ibrahim Abdullah Al Hasawi 51%
·
Ranjit
Udharam Sehwakramani 32%
·
Sonam
Ranjit Sehwakramani 17%
·
Al Ras
Steel Trading FZCO
PO Box: 18477
Dubai
Tel: (971-4) 8860366
Fax: (971-4) 8860367
Activities: Engaged as steel stockists as well as in
the import and distribution of building materials, timber and
electrical fittings.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 34 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 24,850,000 UAE Dh 25,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
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.
Credit amount 69,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
Established in
1988, subject is engaged as steel stockists as well as the import and
distribution of building materials, sanitary ware products and electrical
fittings.
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.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.