|
Report Date : |
29.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
HIMALAYA GLOBAL HOLDINGS LTD |
|
|
|
|
Registered Office : |
Gate Village
Building No. 4, 5th Floor, Dubai International Financial Centre
Street, P O Box 506807,
Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
14.01.2011 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject
was set up to separate family ownership from the professional management of
worldwide operational hubs, each known as The Himalaya Drug Company. |
|
|
|
|
No. of Employees : |
04 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 : HIMALAYA GLOBAL HOLDINGS LTD
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 14th January 2011
Trade Licence Number : 0895
Chamber Membership Number : 198698
Issued Capital : UAE Dh 900,000
Paid up Capital : UAE Dh 900,000
Total Workforce : 4
Activities : Strategic planning services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
HIMALAYA GLOBAL
HOLDINGS LTD
Registered &
Physical Address
Building : Gate Village Building No. 4, 5th
Floor
Street : Dubai International Financial
Centre Street
PO Box : 506807
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3586700
Facsimile : (971-4) 3546900
Email : meraj.manal@himalayaglobalholdings.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Position
·
Meraj
Manal Managing
Director
·
Mrs
Dealia Devon Manal Director
·
Ravi
Prasad Director
·
Shalandera
Malhotra Marketing
Manager
Date of Establishment : 14th
January 2011
Legal Form :
Limited Liability Company
Trade Licence No. : 0895
(Expires 14/01/2014)
Chamber Member No. : 198698
Issued Capital : UAE Dh 900,000
Paid up Capital : UAE Dh 900,000
Name of Shareholder
(s) Percentage
·
Meraj
Manal 100%
·
Himalaya
Drugs FZCO
Dubai Airport Free Zone
Dubai
Tel: (971-4) 2045455
Activities: Subject
was set up to separate family ownership from the professional management of
worldwide
operational hubs, each known as The Himalaya Drug Company.
HGH is located in the Dubai International
Financial Centre (DIFC). It is a Manal-family investment entity
that does not have any active business
operations. It owns assets by virtue of being the parent of The
Himalaya Drug Company worldwide. The assets
include shares of stock in these companies, partnership
interests, brands, patents, trademarks and
copyrights. The idea of establishing the holding company was
to enable the creation of multiple, wholly-owned
subsidiary companies in different geographies with independent professional management
for each business unit while retaining full family ownership control.
Subject has a workforce of 4 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.
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
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. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
|
|
1 |
Rs.101.80 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.