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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
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Name : |
SINGHI TRADING CO LLC |
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Registered Office : |
Obaid Omer Mohamed Building, 1st
Floor, Flat No. 106, Suq Al Kabir
Street, Murshid Bazaar, Deira,
PO Box 42467, Dubai |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
20.09.2001 |
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Com. Reg. No.: |
57480, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of household utensils and
stainless steel products. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 :
SINGHI TRADING CO LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
20th September 2001
Commercial Registration Number :
57480, Dubai
Trade Licence Number : 529207
Chamber Membership Number :
65137
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
4
Activities :
Distributors of of household utensils and stainless
steel products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Jado Manish Pardan, Sales
Manager
SINGHI TRADING CO LLC
Building : Obaid
Omer Mohamed Building, 1st Floor, Flat No. 106
Street : Suq Al Kabir Street
Area : Murshid Bazaar, Deira
PO Box : 42467
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2350272
Facsimile : (971-4)
2350271
Mobile : (971-50)
6254497 / 4282037
Email : nksinghi@emirates.net.ae
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
· Naresh Kumar Singhi Indian Managing Director
· Sajan Kumar Singhi Indian Director
· Mohamed Abdullah
Abdul Karim Hussain Blooki Emirati Director
· Pandam Jodmani - Commercial
Manager
· Jado Manish Pardan - Sales
Manager
Date of
Establishment : 20th
September 2001
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 57480, Dubai
Trade Licence No. : 529207 (Expires
15/09/2013)
Chamber Member No. : 65137
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Mohamed Abdullah
Abdul Karim Hussain Blooki 51%
· Naresh Kumar Singhi 25%
· Sajan Kumar Singhi 24%
· Dubai Business
Management Consultant
PO Box: 41191
Dubai
Tel: (971-4)
2288895
Fax: (971-4)
2288893
· Indus International Trading LLC
Dubai
Activities: Engaged in the import and distribution of household utensils and
stainless steel products.
Import Countries: India.
International
Suppliers:
· Srivas Impex India
· S K Steel India
· Arun International India
· Lobeosh India
Brand Names: SKG, QUALITY and
INDUS
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 8,000,000 UAE Dh
8,450,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4)
2229131 / 2221134
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.62.48 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.49 |
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.