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Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
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Name : |
JUMEIRAH OVERSEAS FZE |
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Registered Office : |
Saif Zone, Plot No. M3-17/18 PO Box 9117 Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
29.03.2004 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Engaged in the manufacture of men’s and women’s clothing. |
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No. of Employees |
170 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 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
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Source
: CIA |
Company Name : JUMEIRAH OVERSEAS FZE
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 29th March 2004
Trade Licence Number : 02213
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 170
Activities : Manufacturers of men’s and women’s clothing.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ajou Staria, Finance Manager
JUMEIRAH OVERSEAS FZE
Location : Saif Zone,
Plot No. M3-17/18
PO Box : 9117
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5572477
/ 5571911
Facsimile : (971-6)
5573115
Mobile : (971-50)
6796404
Email : inquiry@concord-uae.ae
/ inquiry@cvcreations.com / aju@cvcreations.com
Subject operates from a large suite of offices and a factory that are
rented and located in the Saif Zone of Sharjah.
Name Nationality Position
· Gomathi Ramaswami Indian Managing
Director
· Padmahabha Shridar
Sharma - General
Manager
· Ajou Staria - Finance
Manager
· C B Mathew - Export
Manager
· Damodar Kunhi - Production
Manager
Date of
Establishment : 29th
March 2004
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 02213 (Expires 27/07/2015)
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
· Gomathi Ramaswami 100%
· Concord Creation
India Pvt Ltd
Bangalore
India
· Concord Brand
Mumbai
India
· Concord Creation
Export Pvt Ltd
Sri Lanka
· Avante Garde
Logistics LLC
Dubai
· Concord Venture LLC
Dubai
Activities: Engaged in the manufacture of men’s and women’s clothing.
Clients include Top Shop and Miss
Selfridge.
Production
Capacity: 90,000 – 120,000 pieces depending on style
Import Countries: France and the Far East.
Brand Names: AIR & CO, LONGBOARD and BABYGRO
Operating Trend: Steady
Subject has a workforce of approximately 170 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales UAE
Dh 10,120,000 UAE Dh
10,800,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Ajou Staria,
Finance Manager
·
Habib Bank AG Zurich
Immigration Road
PO Box: 1166
Sharjah
Tel: (971-6)
5730004
No complaints regarding subject’s payments have been reported.
Credit amount 150,000 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars 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.59.95 |
|
|
1 |
Rs.99.36 |
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Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
-- |
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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.