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Report Date : |
25.10.2013 |
IDENTIFICATION DETAILS
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Name : |
FAB |
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Registered Office : |
Ajman Industrial Area, Al Jaraf Area, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
24.06.2004 |
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Com. Reg. No.: |
34633, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the manufacture of textiles and linen products, including
bedding, curtains, pillows, mattress protectors, sofa covers, towels and
bathrobes |
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No. of Employees : |
20 |
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) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Source : CIA |
Company Name :
FAB
Country of Origin :
Legal Form :
Sole Proprietorship
Registration Date :
24th June 2004
Commercial Registration Number :
34633,
Trade Licence Number :
1093221
Invested Capital :
UAE Dh 125,000
Total Workforce :
20
Activities :
Manufacturers of textiles and linen products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Ameer Latif, Factory Manager
FAB
Location :
PO Box : 22517
Town :
Country :
Telephone : (971-6) 7434035
Facsimile : (971-6)
7434036
Email : info@fabtexuae.com
Subject operates from a small suite of offices and a factory that are rented
and located in the Industrial Area of Ajman.
Name Nationality Position
· Mrs Nigat Sultana Pakistani Proprietor
· Eid Mohamed Emirati Local
Sponsor
· Osman Khalid - General
Manager
· Mohamed Ameer
Latif - Factory
Manager
Date of
Establishment : 24th
June 2004
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 34633,
Trade Licence No. : 1093221 (Expires 24/06/2014)
Invested Capital : UAE Dh 125,000
Mrs Nigat Sultana is the sole proprietor of the business.
Activities: Engaged in the manufacture of textiles and linen products, including
bedding, curtains, pillows, mattress protectors, sofa covers, towels and
bathrobes.
Import Countries: Europe and the
Operating Trend: Steady
Subject has a workforce of 20 employees.
Financial highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales UAE
Dh 8,700,000 UAE Dh
9,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
HSBC Bank
Main Branch
Tel: (971-6)
5537222
Fax: (971-6)
5537880
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report
Prepared by : |
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RATING EXPLANATIONS
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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 |
|
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.