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Report Date : |
30.10.2013 |
IDENTIFICATION DETAILS
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Name : |
THE ASCENDERS GENERAL TRADING LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
22.09.2010 |
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Com. Reg. No.: |
1065225, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and distribution of polyethylene terephthalate plastic bottles
and flakes and polyester staple fibre. |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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UAE |
A2 |
A2 |
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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
Source
: CIA
Company Name : THE ASCENDERS GENERAL TRADING LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 22nd September 2010
Commercial Registration Number : 1065225,
Trade Licence Number : 644797
Chamber Membership Number : 186352
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Distributors of polyethylene terephthalate plastic bottles and flakes and
polyester staple fibre.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
THE ASCENDERS GENERAL TRADING LLC
Building : Mehari Plaza,
G14-15
Area : Al Khabeesi,
Deira
PO Box : 116948
Town :
Country :
Telephone : (971-4) 2399013
/ 2399613
Facsimile : (971-4)
2399701
Email : sascoest@eim.ae / info@theascenders.ae
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
· Kapil Shogh
Dayanth Shogh Indian Managing
Director
· Alia Abbas Ali
Abdullah Al Khaja Emirati Director
Date of
Establishment : 22nd
September 2010
Legal Form : Limited Liability Company
- LLC
Commercial Reg.
No. : 1065225,
Trade Licence No. : 644797 (Expires 21/09/2014)
Chamber Member No. : 186352
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Alia Abbas Ali
Abdullah Al Khaja 51%
· Kapil Shogh
Dayanth Shogh 49%
Activities: Engaged in the import and distribution of polyethylene terephthalate
plastic bottles and flakes and
polyester staple fibre.
Import Countries: Europe and the Far East.
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 6,300,000 UAE Dh
8,050,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on
estimations by our local sources.
·
Middle East Bank Ltd
Arbift Tower
Baniyas Street
PO Box: 5547
Dubai
Tel: (971-4)
2220121
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 company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.46 |
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|
1 |
Rs.98.99 |
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Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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-- |
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.