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Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
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Name : |
ARAB AND |
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Registered Office : |
New Industrial Area, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
04.10.1986 |
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Com. Reg. No.: |
15196,
Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the manufacture and processing of lentils,
pulses and spices, chilli, turmeric, cumin and coriander. |
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No. of Employees : |
225 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 :
ARAB AND
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
4th October 1986
Commercial Registration Number :
15196, Sharjah
Trade Licence Number :
26908
Chamber Membership Number :
16209
Issued Capital :
UAE Dh 1,500,000
Paid up Capital :
UAE Dh 1,500,000
Total Workforce :
225
Activities :
Manufacture and processing of lentils, pulses and
spices
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
K P Ramesh, Accounts Manager
ARAB AND INDIA SPICES LLC
Registered &
Physical Address
Location : New
Industrial Area
PO Box : 17799
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7438111
Facsimile : (971-6)
7438997
Email : arabinds@emirates.net.ae
/ admin@arabindiaspices.com
Premises
Subject operates from a large suite of offices, a warehouse and a
factory that are owned and located in the Industrial Area of Ajman.
Branch Office (s)
Location Description
· Al Hawai Building,
Shop No. 7 Sales Office
Al Ras Area
PO Box: 28203
Dubai
Tel:
(971-4) 2251390
Fax:
(971-4) 2258092
Name Nationality Position
·
Kumar Lala Megaraj Tagalani Indian Managing Director
· Harish Kumar Lala Tagalani Indian Director
· Saif Sayed Homaid Al Nuaimi Emirati Director
· Sagar Paleeka - General
Manager
· K P Ramesh - Accounts
Manager
· Vijay Nair - Sales
Manager
Date of
Establishment : 4th
October 1986
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 15196, Sharjah
Trade Licence No. : 26908 (Expires 14/10/2014)
Chamber Member No. : 16209
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
Name of Shareholder
(s) Percentage
· Saif Sayed Homaid Al Nuaimi 51%
· Kumar Lala Megaraj Tagalani
]
] 49%
· Harish Kumar Lala Tagalani ]
Activities: Engaged in the manufacture and processing of lentils,
pulses and spices, chilli, turmeric, cumin and
coriander.
Import Countries: Far East and India
Export Countries: United Kingdom and the
United States of America
Operating Trend: Steady
Subject has a workforce of 225 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 Revenue UAE
Dh 448,000,000 UAE Dh
450,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr K P Ramesh, Accounts Manager
·
United Arab Bank
Deira Branch
Dubai
Tel: (971-4)
2220181
·
HSBC Bank Middle East
Main Branch
Ajman
Tel: (971-6)
5537222
Fax: (971-6)
5537880
·
Mashreq Bank Plc
Foreign Trade
Centre
Al Boorj Avenue
PO Box: 9271
Sharjah
Tel: (971-6)
5351366 / 5354873
Fax: (971-6)
5372903
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.62.69 |
|
UK Pound |
1 |
Rs.102.97 |
|
Euro |
1 |
Rs.84.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
-- |
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.