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Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
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Name : |
BUDEBS TRADING CO LLC |
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Registered Office : |
As Sayed |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
30.03.1999 |
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Com. Reg. No.: |
52542, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and distribution of ready made garments, footwear, luggage,
perfumes and cosmetics, as well as scrap metal. |
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No. of Employees : |
6 |
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) |
|
United Arab Emirates |
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 |
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 : BUDEBS TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 30th March 1999
Commercial Registration Number : 52542, Dubai
Trade Licence Number : 510943
Chamber Membership Number : 53785
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Activities : Import and distribution of ready made garments, footwear, luggage,
perfumes and cosmetics, as well as scrap metal.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mitesh Jain, Sales Manager
BUDEBS TRADING CO LLC
Registered &
Physical Address
Building : As Sayed Mohamed Abdur Rahman Alhashimi Building
Street : Al Nakheel Street
Area : Naif, Al Nahda, Deira
PO Box : 28961
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2683232
Facsimile : (971-4) 2683233
Mobile : (971-50) 4596669
Email : budebs98@hotmail.com / budebs@gmail.com / kapasip@gmail.com
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Dubai.
Name Nationality Position
· Pankaj Kumar Himmatlal Kapasi Indian Managing Director
· Samir Abdullah Ali Ahmed Budebs Emirati Director
· Mitesh Jain - Sales Manager
Date of Establishment : 30th March 1999
Legal Form : Limited Liability Company - LLC
Commercial Reg. No. : 52542, Dubai
Trade Licence No. : 510943
Chamber Member No. : 53785
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
· Samir Abdullah Ali Ahmed Budebs 51%
· Pankaj Kumar Himmatlal Kapasi 49%
Activities Engaged in the import
and distribution of ready made garments, footwear, luggage, perfumes and cosmetics, as well as scrap
metal.
Import Countries Europe
and the Far East.
Operating Trend Steady
Subject has a workforce of 6 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 10,620,000 UAE Dh 11,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local sources.
· 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.
Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
|
1 |
Rs.102.95 |
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Euro |
1 |
Rs.84.60 |
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 |
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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 |
|
<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.