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Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
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Name : |
NOOR AL AFAQ TEXTILES TRADING |
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Registered Office : |
Museum Street, Bur Dubai, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19.02.2013 |
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Com. Reg. No.: |
1110260, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of readymade garments and textiles |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Company |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 |
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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 :
NOOR AL AFAQ TEXTILES TRADING
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
19th February 2013
Commercial Registration Number :
1110260, Dubai
Trade Licence Number :
683861
Chamber Membership Number :
215229
Invested Capital :
UAE Dh 50,000
Total Workforce :
3
Activities :
Distributors of readymade garments and textiles
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
NOOR AL AFAQ TEXTILES TRADING
Street : Museum
Street
Area : Bur Dubai
Town : Dubai
Country : United Arab
Emirates
Mobile : (971-52)
7335781
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Position
· Noor Bint
Abdulghafoor Bin Mohd Noor Proprietor
& General Manager
Date of
Establishment : 19th
February 2013
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 1110260, Dubai
Trade Licence No. : 683861 (Expires 18/02/2014)
Chamber Member No. : 215229
Invested Capital : UAE Dh 50,000
Mrs Noor Bint Abdulghafoor Bin Mohd Noor is the sole proprietor of the
business.
Activities: Engaged in the import and distribution of readymade garments and
textiles.
Import Countries: Europe and the Far East.
Subject has a workforce of 3 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
·
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.
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a
close monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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 |
|
<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.