MIRA
INFORM REPORT
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Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
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Name : |
MOHAMED REDHA KAMALI HOUSEHOLD APPLIANCES TRADING LLC |
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Registered Office : |
Mohamed Redha Kamali Building, Al Ras Road, Old Market, Al Bateen,
Deira, PO Box 2025, 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 : |
23.10.1991 |
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Com. Reg. No.: |
69991, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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LINE OF BUSINESS : |
WHOLESALE
AND RETAIL OF HOUSEHOLD ELECTRICAL APPLIANCES AND KITCHENWARE. |
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No. of Employees : |
5 |
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 :
MOHAMED REDHA KAMALI HOUSEHOLD APPLIANCES TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
23rd October 1991
Commercial Registration Number :
69991, Dubai
Trade Licence Number :
226155
Chamber Membership Number :
22262
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
5
Activities :Wholesale
and retail of household electrical appliances and kitchenware.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Abdul Hamid Haider Jabari, Director
MOHAMED REDHA KAMALI HOUSEHOLD APPLIANCES TRADING LLC
Building : Mohamed
Redha Kamali Building
Street : Al Ras Road
Area : Old Market,
Al Bateen, Deira
PO Box : 2025
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2250878
/ 2254413 / 2263806
Facsimile : (971-4) 2254736
/ 2259668
Mobile : (971-50)
6986426
Email : hmrk@emirates.net.ae
Subject operates from a small suite of offices and a showroom that are
owned and located in the Central Business Area of Dubai.
Name Nationality Position
· Mohamed Redha
Ahmad Kamali Emirati Managing
Director
· Abdul Aziz
Abdulghafoori Khudhari Iranian Director
· Abdul Hamid Haider
Jabari Iranian Director
· Ibrahim Haider
Jabari - Commercial
Manager
Date of
Establishment : 23rd
October 1991
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 69991, Dubai
Trade Licence No. : 226155 (Expires 19/10/2013)
Chamber Member No. : 22262
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Mohamed Redha
Ahmad Kamali 51%
· Abdul Aziz
Abdulghafoori Khudhari 25%
· Abdul Hamid Haider
Jabari 24%
Activities: Engaged in the wholesale and retail of household electrical appliances
and kitchenware.
Import Countries: Europe and the Far East.
International Suppliers:
· Markhoof Germany
Operating Trend: Steady
Subject has a workforce of 5 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 14,275,000 UAE Dh
14,400,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4)
2229131 / 2221134
Fax: (971-4)
2233784
No complaints regarding subject’s payments have been reported.
Mohamed Redha Kamali Household Appliances Trading LLC is well
established in the local market with operations dating back to 1991.
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
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Currency |
Unit
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Indian
Rupees |
|
US Dollar |
1 |
Rs.54.24 |
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UK Pound |
1 |
Rs.84.29 |
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Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.