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Report Date : |
01.10.2013 |
IDENTIFICATION DETAILS
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Name : |
GREATWAY GENERAL
TRADING CO LLC |
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|
|
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Registered Office : |
Lootah Building, Ground
Floor, Shop No. 3, Deira, 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.: |
1097190, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Distributors of
Textiles and Gift Items |
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No. of Employees : |
3 |
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : GREATWAY
GENERAL TRADING CO LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 12th
June 2012
Commercial
Registration Number : 1097190,
Dubai
Trade Licence
Number : 672091
Chamber Membership
Number : 206651
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 3
Activities :
Distributors of textiles and gift items
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Saleem
Mohamed Saleem, General Manager
GREATWAY GENERAL
TRADING CO LLC
Building : Lootah Building, Ground Floor,
Shop No. 3
Area : Deira
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3532064
Facsimile : (971-4) 3532064
Mobile : (971-50) 5783944
Email : greatwaygeneral@gmail.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Ozair
Saleem Mohd Saleem Pakistani Managing
Director
·
Arif
Saeed Salem Saleh Al Kasari Emirati Director
·
Saleem Mohamed Saleem Pakistani General Manager
Date of Establishment : 12th
June 2012
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1097190,
Dubai
Trade Licence No. : 672091
Chamber Member No. : 206651
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Arif
Saeed Salem Saleh Al Kasari 51%
·
Ozair
Saleem Mohd Saleem 49%
Activities: Engaged
in the import and distribution of textiles and gift items.
Import
Countries: Europe and the Far East.
Subject has a
workforce of 3 employees.
Subject is a newly
formed business and as a result financial information is not currently
available.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.78 |
|
|
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.