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Report Date : |
07.11.2013 |
IDENTIFICATION DETAILS
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Name : |
FINE STAR GENERAL TRADING & SERVICES LLC |
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Registered Office : |
Al |
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Country : |
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Date of Incorporation : |
27.02.2012 |
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Com. Reg. No.: |
1090805, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and distribution of chemicals and petrochemicals |
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No. of Employees : |
05 |
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 : |
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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UAE |
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
Source
: CIA
Company Name : FINE STAR GENERAL TRADING & SERVICES LLC
Country of Origin :
Legal Form : Limited Liability Company – LLC
Registration Date : 27th February 2012
Commercial Registration Number : 1090805,
Trade Licence Number : 666269
Chamber Membership Number : 202277
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Activities : Distributors of chemicals and petrochemicals
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
FINE STAR GENERAL TRADING & SERVICES LLC
Building : Al Reem
Tower, 14th Floor, Office No. 1401
Street :
Area : Deira
PO Box : 171863
Town :
Country :
Telephone : (971-4) 2367211
Facsimile : (971-4)
2367244
Email : info@finestarco.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
· Mohamed Bin
Abdullah Bin Hassan Abu Alsaood Saudi Managing Director
· Fathma Yousuf Emirati Director
Date of
Establishment : 27th
February 2012
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1090805,
Trade Licence No. : 666269 (Expires 26/02/2014)
Chamber Member No. : 202277
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Fathma Yousuf 51%
· Mohamed Bin
Abdullah Bin Hassan Abu Alsaood 49%
Activities: Engaged in the import and distribution of chemicals and petrochemicals,
including acetic acid, acetone, ammonia, ammonium nitrate, caustic soda,
condensate, fuel and gas oil, kerosene, LPG, melamine, methanol, naphtha,
phenol, polyethylene, polypropylene, PVC, sulphur and urea.
Subject also provides procurement services for EPC projects, operating
plants and contractors.
Import Countries: Europe and the
Subject has a workforce of 5 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
·
HSBC Bank
Deira Souk Branch
PO Box:
66
Tel:
(971-4) 2535000
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
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Indian Rupees |
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US Dollar |
1 |
Rs.61.92 |
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|
1 |
Rs.99.60 |
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Euro |
1 |
Rs.83.64 |
INFORMATION DETAILS
|
Report
Prepared by : |
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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.