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Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN DOLLAR GENERAL TRADING LLC |
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Registered Office : |
Office No. 2, 1st Floor, Al Khoori Building, Building No.
15 Ras Area, Deira PO Box 64877 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 : |
22.02.2003 |
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Com. Reg. No.: |
1071929, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and distribution of stainless steel products,
household and kitchen equipment including utensils. |
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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 |
|
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 : GOLDEN DOLLAR GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 22nd February 2003
Commercial Registration Number : 1071929, Dubai
Trade Licence Number : 542350
Chamber Membership Number : 75560
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Distributors of stainless steel products, household and kitchen equipment including utensils.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rishabh Kumar Jain, Managing Director
GOLDEN DOLLAR GENERAL TRADING LLC
Building : Office No. 2,
1st Floor, Al Khoori Building, Building No. 15
Area : Al Ras Area, Deira
PO Box : 64877
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2295809
Facsimile : (971-4)
2295810
Mobile : (971-50)
4281851
Email : golden15@emirates.net.ae / golden15@eim.ae
Please note that subject’s previous address was, Morning Star Building,
Suite No. 105, Al Ras Area, Deira, Dubai.
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
· Rishabh Kumar Jain Indian
Managing
Director
· Khalid Abdul
Rahman Mohamed Al Jassmy Emirati Director
· Sambit Dhal - Sales
Manager
Date of
Establishment : 22nd
February 2003
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1071929, Dubai
Trade Licence No. : 542350 (Expires 21/02/2014)
Chamber Member No. : 75560
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Khalid Abdul
Rahman Mohamed Al Jassmy 51%
· Rishabh Kumar Jain 49%
Activities: Engaged in the import and distribution of stainless steel products,
household and kitchen equipment
including utensils.
Import Countries: India
International
Suppliers:
·
Naryan Kripa Industries India
·
Saneet Steel India
·
Raj Guru Enterprises India
·
Shiva Utensil 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 5,000,000 UAE Dh
5,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Rishabh Kumar Jain, Managing
Director
·
Commercial Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4)
2227121 / 2253222
Fax: (971-4)
2220943 / 2254565
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.63.79 |
|
|
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.67 |
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 |
|
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 |
|
<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.