MIRA INFORM REPORT
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Report Date : |
20.05.2013 |
IDENTIFICATION DETAILS
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Name : |
RUSALKA GENERAL
TRADING CO LLC |
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Registered Office : |
Al Fahim
Building, Suite No. 301, Deira, P O Box 65160, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
30.09.2007 |
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Com. Reg. No.: |
1016925, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Import and distribution
of readymade garments, footwear, jewellery, perfume and cosmetics. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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 : RUSALKA GENERAL
TRADING CO LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Limited
Liability Company - LLC
Registration Date : 30th
September 2007
Commercial
Registration Number : 1016925,
Dubai
Trade Licence
Number : 601169
Chamber Membership
Number : 124381
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 3
Activities :
Import and distribution of ready made garments, footwear, jewellery,
perfume and cosmetics.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
RUSALKA GENERAL
TRADING CO LLC
Building : Al Fahim Building, Suite No. 301
Area : Deira
PO Box : 65160
Town : Dubai
Country : United Arab Emirates
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dubai.
Name Nationality Position
·
Ani
Tankashan Varjes Shako Indian Managing
Director
·
Nasser
Ibrahim Sultan Khalifa Al Falasi Emirati Director
Date of Establishment : 30th
September 2007
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1016925,
Dubai
Trade Licence No. : 601169
(Expires 26/09/2013)
Chamber Member No. : 124381
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Nasser
Ibrahim Sultan Khalifa Al Falasi 51%
·
Ani
Tankashan Varjes Shako 49%
Activities: Engaged
in the import and distribution of readymade garments, footwear, jewellery, perfume and cosmetics.
Import
Countries: Europe and the Far East.
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.
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
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.
Local sources have
been unable to make direct contact with the subject as they do not have any
registered contact numbers. Therefore the information is based on registered
data. Should you be able to provide direct contact numbers for the subject we
will resume the investigation.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.89 |
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|
1 |
Rs.83.66 |
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Euro |
1 |
Rs.70.58 |
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 |
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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.