MIRA INFORM REPORT
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Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
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Name : |
PEARL WHITE METAL TRADING LLC |
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Registered Office : |
Al Jahra
Building, Office No. 406, Khalid Bin Waleed Road, P O Box 113847, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
12.06.2012 |
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Com. Reg. No.: |
1097192, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of fencing, barbed wire, metal cans, containers, drums, barrels and rope and precision dyes |
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No. of Employees : |
05 |
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 Business |
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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 |
UAE 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 |
SUMMARY
Company Name : PEARL WHITE METAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 12th June 2012
Commercial Registration Number : 1097192, Dubai
Trade Licence Number : 671930
Chamber Membership Number : 206494
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Activities : Distributors of fencing, barbed wire, metal cans, containers, drums,
barrels and rope and precision dyes
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
PEARL WHITE METAL
TRADING LLC
Company ADDRESS
Registered &
Physical Address
Building : Al Jahra Building,
Office No. 406
Street : Khalid Bin Waleed Road
PO Box : 113847
Town : Dubai
Country : United Arab Emirates
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Abed
Saeed Akhtar Saeed Pakistani Managing
Director
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Faisal
Saeed Akhtar Pakistani Director
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Sharifa
Khalda Al Sheikh Habib Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 12th
June 2012
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1097192, Dubai
Trade Licence No. : 671930
(Expires 11/06/2013)
Chamber Member No. : 206494
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Sharifa
Khalda Al Sheikh Habib 51%
·
Abed Saeed
Akhtar Saeed ]
49%
·
Faisal
Saeed Akhtar ]
OPERATIONS
Activities: Engaged in the import and distribution of
fencing, barbed wire, metal cans, containers, drums, barrels and rope and
precision dyes.
Subject has a
workforce of 5 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Please note that we
were unable to contact the subject directly during our investigation.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.52 |
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UK Pound |
1 |
Rs.84.09 |
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Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.