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Report Date : |
09.11.2013 |
IDENTIFICATION DETAILS
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Name : |
MILLENNIUM TRADING FZE |
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Registered Office : |
Hamriyah Free Zone |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.02.2006 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Wholesale and retail of automotive spare parts, oils and lubricants. |
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No. of Employees : |
03 |
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
|
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 : MILLENNIUM TRADING FZE
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 4th February 2006
Trade Licence Number : 1562
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 3
Activities : Wholesale and retail of automotive spare parts, oils and lubricants.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
MILLENNIUM TRADING FZE
Location : Hamriyah Free
Zone
PO Box : 42424
Town : Sharjah
Country :
Telephone : (971-4) 2283478
Facsimile : (971-4) 2283478
Email : anildhasin0263@gmail.com
Subject operates from a small suite of offices and a showroom that are
rented and located in the Hamriyah Free Zone, Sharjah.
Name Nationality Position
· Anil
Jaikishan Bhassin Indian Managing
Director
· Harmeet Anand - General
Manager
· Hemant Shah - Sales
Manager
Date of
Establishment : 4th
February 2006
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 1562 (Expires 03/02/2014)
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
· Anil
Jaikishan Bhassin 100%
Activities: Engaged in the wholesale and retail of automotive spare parts, oils and
lubricants.
Import Countries:
International Suppliers:
· B S International
·
T K International
Brand Names: MAGNUM
Operating Trend: Steady
Subject has a workforce of 3 employees.
Financial highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales UAE
Dh 10,000,000 UAE Dh
10,275,000
Local sources consider subject’s financial condition to be Fair.
·
Habib Bank AG
Murshid Bazaar
PO Box: 888
Tel: (971-4)
2221281
Fax: (971-4)
2284631
No complaints regarding subject’s payments have been reported.
Please note that we were unable to make direct contact with the subject
during the course of 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.73 |
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|
1 |
Rs.100.92 |
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Euro |
1 |
Rs.84.06 |
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.