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Report Date : |
15.11.2013 |
IDENTIFICATION DETAILS
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Name : |
SAIMAN TRADING LTD |
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Registered Office : |
Ras Al Khaimah Free Zone, PO Box: 242394, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
30.07.2013 |
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Com. Reg. No.: |
8211-07-13-6905 |
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Legal Form : |
Limited Offshore Company |
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Line of Business : |
Subject operates general trade licence, enabling it to distribute
general merchandise |
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No. of Employees : |
1 |
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 Company |
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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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
|
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 :
SAIMAN TRADING LTD
Country of Origin :
Ras Al Khaimah, United Arab Emirates
Legal Form :
Limited Offshore Company
Registration Date :
30th July 2013
Trade Licence Number :
8211-07-13-6905
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
1
Activities :
General trade licence
Financial Condition :
Undetermined
Payments : Nothing
detrimental uncovered
SAIMAN TRADING LTD
Registered &
Physical Address
Location : Ras Al Khaimah
Free Zone
PO Box : 242394
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Premises
Subject operates from a small suite of offices that are rented and
located in the Free Zone Area of Ras Al Khaimah.
Please note that the subject’s registered agents are “Global Business
Services JLT” and can be found at the following address:
Location : Jumeirah Lakes
Towers
PO Box : 309074
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 4471804
Facsimile : (971-4)
4471803
Email : gbs.admin@kothari.ae
Name Position
Krishnam Gorinta General
Manager
Date of Establishment : 30th
July 2013
Legal Form : Limited Offshore
Company
Trade Licence No. : 8211-07-13-6905
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Activities : Subject operates
general trade licence, enabling it to distribute general merchandise.
Import Countries : Europe and the
Far East.
Subject has a workforce of 1 employee.
Subject is a newly formed business and as a result financial information
is not currently available.
United Arab Bank
Deira Branch
Dubai
Tel : (971-4) 2220181
Acc. No. 00021017017001
No complaints regarding subject’s payments have been reported.
Please note that the subject’s auditors are Kothari Auditors &
Accounting.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.