MIRA
INFORM REPORT
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Report Date : |
11.05.2013 |
IDENTIFICATION DETAILS
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Name : |
MAGIC PEARL
GENERAL TRADING LLC |
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Registered Office : |
Al Bateen, P O
Box 3552, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
05.07.2010 |
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Com. Reg. No.: |
1062227, Dubai |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Subject is
registered with a general trade licence. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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
|
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.
Source
: CIA
Company Name : MAGIC
PEARL GENERAL TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date : 5th
July 2010
Commercial
Registration Number : 1062227,
Dubai
Trade Licence
Number : 641931
Chamber Membership
Number : 185281
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 3
Activities :
General trade licence.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
MAGIC PEARL GENERAL
TRADING LLC
Location : Al Bateen
PO Box : 3552
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2354984
Facsimile : (971-4) 2354985
Mobile : (971-55) 5423654
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dubai.
Name Nationality Position
·
Mohamed
Iqbal Panikaveetil Payakal Indian Managing Director
·
Safiya
Mohamed Unny Abdul Kader Indian Director
·
Amna
Mohamed Emirati Director
Date of Establishment : 5th
July 2010
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1062227,
Dubai
Trade Licence No. : 641931
(Expires 04/07/2013)
Chamber Member No. : 185281
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Amna
Mohamed 51%
·
Mohamed
Iqbal Panikaveetil Payakal 25%
·
Safiya
Mohamed Unny Abdul Kader 24%
Activities: Subject is registered with a general trade
licence.
Subject has a
workforce of 3 employees.
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints
regarding subject’s payments have been reported.
Please note that we
were unable to make direct contact with the subject during this investigation.
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.54.54 |
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|
1 |
Rs.84.19 |
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Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
-- |
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.