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Report Date : |
19.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
MALAWI TRADING CO
LLC |
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|
|
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Registered Office : |
Al Shorafa Building, Shop No.9, Al Fahidi Street, Wholesale Textile Market 45866 & 3930 Dubai |
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Country : |
United Arab Emirates |
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|
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Financials (as on) : |
31.12.2012 |
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|
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Date of Incorporation : |
09.11.1993 |
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Com. Reg. No.: |
53899, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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|
|
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Line of Business : |
Engaged in the
wholesale and retail of textiles and fabrics. |
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|
|
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No. of Employees : |
7 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED ARAB
EMIRATES - 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 : MALAWI
TRADING CO LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 9th
November 1993
Commercial
Registration Number : 53899,
Dubai
Trade Licence
Number : 232523
Chamber Membership
Number : 28718
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 7
Activities :
Wholesalers and retailers of textiles and fabrics.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Roy Fernandes,
Sales Executive
MALAWI TRADING CO
LLC
Building : Al Shorafa
Building, Shop No. 9
Street : Al
Fahidi Street
Area : Wholesale
Textile Market
PO Box : 45866 & 3930
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3537890
Facsimile : (971-4) 3533952 / 2725213
Mobile : (971-50) 6515526
Email : malawitrading@gmail.com
/ malawi@emirates.net.ae
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Name Nationality Position
·
Jagdesh
Bhawandas Amarnani Indian Managing
Director
·
Paresh
Kumar Amarnani Indian Director
·
Abdullah
Ali Asghar Abdullah Alabdulla Emirati Director
·
Vipi
Chand - Finance
Manager
·
Samir Gaja - Sales
Manager
·
Roy
Fernandes - Sales
Executive
Date of Establishment : 9th
November 1993
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 53899, Dubai
Trade Licence No. : 232523
(Expires 08/11/2013)
Chamber Member No. : 28718
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Abdullah
Ali Asghar Abdullah Alabdulla 51%
·
Jagdesh
Bhawandas Amarnani 25%
·
Paresh
Kumar Amarnani 24%
·
Malabar Textile Trading Co LLC
PO Box: 51718
Dubai
United Arab Emirates
Tel: (971-4) 3533581
Fax:
(971-4) 3537824
Activities: Engaged in the wholesale and retail of
textiles and fabrics.
Import
Countries: India
International Suppliers:
·
Pioneer Fashion India
·
Devi Exports India
·
Vishal Overseas India
Operating Trend: Steady
Subject has a
workforce of 7 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 22,000,000 UAE Dh 12,000,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr Roy Fernandes, Sales Executive
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
No complaints regarding
subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.63.14 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.84.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
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.