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Report Date : |
06.09.2013 |
IDENTIFICATION DETAILS
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Name : |
PIANO EXPORTS FZCO |
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Registered Office : |
Jebel Ali Free Zone, G 15, LOB 12, Roundabout No. 6 PO Box 61458 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 : |
30.10.2008 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Distribution of stationery, drawing and writing instruments. |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 : PIANO EXPORTS FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 30th October 2008
Trade Licence Number : 1722
Chamber Membership Number : 156367
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 5
Activities : Distribution of stationery, drawing and writing instruments.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Wajahat Rasheed, Sales Manager
PIANO EXPORTS FZCO
Location : Jebel Ali Free
Zone, G 15, LOB 12, Roundabout No. 6
PO Box : 61458
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8814287
Facsimile : (971-4)
8814288
Email : sayyedme@eim.ae
/ sayyedme@emirates.net.ae
/ piano.exports@gmail.com
Subject operates from a small suite of offices and a showroom that are
rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
· Syed Savail Meekal Pakistani Managing
Director
· Safdar Fayyaz Pakistani Director
·
Ali Hussain Kazbash Pakistani Director
· Wajahat Rasheed - Sales
Manager
Date of
Establishment : 30th
October 2008
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 1722
Chamber Member No. : 156367
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Syed Savail Meekal
· Safdar Fayyaz
·
Ali Hussain Kazbash
Activities: Engaged in the import and distribution of stationery, drawing and
writing instruments.
Import Countries: Europe and Pakistan
International
Suppliers:
· Piano Pakistan
· OEM Pakistan
Operating Trend: Steady
Subject has a workforce of 5 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 7,600,000 UAE Dh
7,920,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
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.66.04 |
|
|
1 |
Rs.103.10 |
|
Euro |
1 |
Rs.86.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
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.