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Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
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Name : |
EVERGLOBAL TRADING LLC |
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Registered Office : |
Bank Street Bur Dubai PO Box 115165 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 : |
12.12.2005 |
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Com. Reg. No.: |
77637 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and distribution of building materials, including doors,
timber, steel, scrap metal, glass products, paint, nuts and bolts, marble and
natural stone. |
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No. of Employees : |
04 |
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) |
|
UAE |
A2 |
A2 |
|
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 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 : EVERGLOBAL TRADING LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 12th December 205
Commercial Registration Number : 77637
Trade Licence Number : 575928
Membership Number : 103083
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Distributors of building materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EVERGLOBAL TRADING LLC
Street : Bank Street
Area : Bur Dubai
PO Box : 115165
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3525728
Facsimile : (971-4)
3525729
Mobile : (971-50) 7362280
Email : info@ever-global.com / dubai@ever-global.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
· Darmesh
J Patel Indian Managing Director
· Ali Abdullah
Mohamed Qassem Al Sharqi Emirati Director
· Preeti Patel - Administration
Executive
Date of
Establishment : 12th
December 205
History : Subject was
previously known as “Everglobal Exports FZE” and was located in Ajman.
Subject has now changed its name to
“Everglobal Trading LLC and relocated in Dubai.
Legal Form : Limited Liability Company - LLC
Commercial Reg. No. : 77637
Trade Licence No. : 575928 (Expires 11/12/2013)
Membership No. : 103083
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Ali Abdullah
Mohamed Qassem Al Sharqi 51%
· Darmesh
J Patel 49%
Activities: Engaged in the import and distribution of building materials, including
doors, timber, steel, scrap metal,
glass products, paint, nuts and bolts, marble and natural stone.
Import Countries: China and India
Operating Trend: Steady
Subject has a workforce of 4 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 9,310,000 UAE Dh
9,750,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Abu Dhabi Commercial Bank
Al
Rigga Road
PO Box: 5550
Dubai
Tel: (971-4) 2958888 / 3228141
Fax: (971-4) 2959310 / 3279632
No complaints regarding subject’s payments have been reported.
Please note that subject is no longer located in Ajman, its head office
is now located in Dubai.
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.61.69 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.83.69 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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 |
|
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 |
|
-- |
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.