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Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
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Name : |
AVON GENERAL TRADING CO LLC |
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Registered Office : |
Ahmed Abdullah Humaid Building, Al Faheidi Street, Al Souq Al Kabir,
PO Box: 5704, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.11.1987 |
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Com. Reg. No.: |
47100, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and retail of textiles, fabrics, polyester yarns and stable
fibre, PET films, Chinese cement, clinkers, greeting cards, paper, cartons, plywood, furniture, mattresses and pillows. |
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No. of Employees : |
9 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 :
AVON GENERAL TRADING CO LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
18th November 1987
Commercial Registration Number :
47100, Dubai
Trade Licence Number :
215720
Chamber Membership Number :
12738
Issued Capital :
UAE Dh 600,000
Paid up Capital :
UAE Dh 600,000
Total Workforce :
9
Activities :
Wholesale and retail of textiles, fabrics, polyester yarns and stable fibre,
PET films, Chinese cement, clinkers, greeting
cards, paper, cartons,
plywood, furniture, mattresses and pillows.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Sanjay Kumar Naraindas Alimchandani ,
Director
AVON GENERAL TRADING CO LLC
Registered &
Physical Address
Building : Ahmed
Abdullah Humaid Building
Street : Al Faheidi
Street
Area : Al Souq Al
Kabir
PO Box : 5704
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3533111
/ 3533566 / 3532682
Facsimile : (971-4)
3531676 / 3533575 / 3538944
Mobile : (971-50)
3056022 / (971-55) 4153299
Email : avontex@emirates.net.ae
/ helpdesk@avon.com
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dubai.
Name Nationality Position
Alimchandani Arjundas Naraindas Indian Managing Director
Fakhredin Hamidi Algerian Director
Naraindas Alimchandani Indian Director
Sanjay Kumar Naraindas Alimchandani Indian Director
Abdul Salam Ibrahim Mohamed Hussain Emirati Director
Date of Establishment : 18th November
1987
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 47100, Dubai
Trade Licence No. : 215720 (Expires
09/11/2013)
Chamber Member No. : 12738
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
Name of Shareholder
(s) Percentage
Abdul Salam Ibrahim Mohamed Hussain 51%
Alimchandani Arjundas Naraindas 13%
Fakhredin Hamidi 12%
Naraindas Alimchandani 12%
Sanjay Kumar Naraindas Alimchandani 12%
Activities: Engaged in the wholesale and
retail of textiles, fabrics, polyester yarns and stable fibre, PET films, Chinese cement, clinkers, greeting cards,
paper, cartons, plywood, furniture, mattresses and pillows.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 9 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales UAE
Dh 15,925,000 UAE Dh
18,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Sanjay Kumar Naraindas
Alimchandani, Director
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.62.35 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.