|
Report Date : |
17.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
NEEL KAMAL
INTERNATIONAL TRADERS EST |
|
|
|
|
Registered Office : |
Sheikh
Rashid Building (Bank of Barado Building), Suite No. 1401, Deira 2409 Dubai |
|
|
|
|
Country : |
United Arab Emirate |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
06.03.1975 |
|
|
|
|
Com. Reg. No.: |
2097, Dubai |
|
|
|
|
Legal Form : |
Sole
Proprietorship |
|
|
|
|
Line of Business : |
Engaged in the
wholesale and retail of a wide range of textiles and polyester, including
Indian as well as oriental dresses and fabrics, Saris, SKDs, dress materials,
shirt and suit materials |
|
|
|
|
No. of Employees |
50 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirate |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
UNITED ARAB
EMIRATE - 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 : NEEL KAMAL
INTERNATIONAL TRADERS EST
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 6th
March 1975
Commercial
Registration Number : 2097,
Dubai
Trade Licence
Number : 201950
Chamber Membership
Number : 1537
Invested Capital : UAE Dh
300,000
Total Workforce : 50
Activities :
Wholesalers and retailers of a wide range of textiles and polyester.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Kanan Subramanian, Group Finance Manager
NEEL KAMAL
INTERNATIONAL TRADERS EST
Building : Sheikh
Rashid Building (Bank of Barado Building), Suite No. 1401
Area : Deira
PO Box : 2409
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3275222
Facsimile : (971-4) 3585632
Mobile : (971-50) 4216723 / 4962431
Email : nk@emirates.net.ae / maria@neelkamal.com
/ email@awtanineelkamal.com /
corp@neelkamal.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Offices
Location Description
·
Neelkamal
Building Office
premises
Museum Street
Dubai
Tel: (971-4) 3534445 / 3538060
/ 3532333
Fax: (971-4) 3535872 / 3533153
Name Position
·
Ashok
Bhawandas Awtani Proprietor
& General Manager
·
Kanan Subramanian Group
Finance Manager
·
Manish
Chatwani Sales
Manager
·
Mohamed Mabrook Administrative
Officer
·
Mohamed
Rafiq Sales
Executive
·
Bala
Chandran Accountant
Date of Establishment : 6th
March 1975
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 2097, Dubai
Trade Licence No. : 201950
(Expires 11/03/2015)
Chamber Member No. : 1537
Invested Capital
: UAE Dh 300,000
Mr Ashok Bhawandas
Awtani is the sole proprietor of the business.
Activities: Engaged in the wholesale and retail of a
wide range of textiles and polyester, including Indian as well as oriental dresses
and fabrics, Saris, SKDs, dress materials, shirt and suit materials.
Import
Countries: India, South
Korea, Sri Lanka, Indonesia, China, Thailand and Japan
Clients :
·
GAP United
States of America
·
K-Mart United States of America
·
Wall
Mart United States of
America
International
Suppliers:
·
Seong
& Startex South Korea
Operating Trend: Steady
Subject has a
workforce of 50 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
269,464,077 UAE Dh
282,405,632
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Kanan Subramanian, Group Finance
Manager
·
Citibank
Khalid Bin Waleed Street
Bur Dubai
PO Box: 749
Dubai
Tel: (971-4) 2522100
Fax: (971-4) 2524942
·
ABN
Amro Bank
Deira Branch
PO Box: 2567
Dubai
Tel: (971-4) 512200
·
The
Standard Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
A/c No. 0492-115590
·
First
Gulf Bank
PO Box: 6316
Khalidya Area
Abu Dhabi
Tel: (971-2) 6811511
Fax: (971-2) 6811068
No complaints
regarding subject’s payments have been reported.
Credit amount 270,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Deutsch
Marks
Neel Kamal
International Traders Est is very well established in the local business
market. It is engaged in the import and distribution of a wide range of
textiles and polyester products, supplying a number of large international
garment buying houses.
According to local
sources, subject’s operating history is clear with no problems noted regarding
the manner in which payment obligations are fulfilled. We are of the opinion
that subject would not enter into financial transactions it could not see its
way to fulfil.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.22 |
|
|
1 |
Rs.100.78 |
|
Euro |
1 |
Rs.83.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.