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Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
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Name : |
AL MALIK TEXTILES & READYMADE GARMENTS CO LLC |
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Registered Office : |
Mohamed Noor Taleb Building, Shop No. 3, Ali Ibn Abi Talib Street, Al
Souq Al Kabir, Bur Dubai 60809 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.02.1989 |
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Com. Reg. No.: |
46299, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the wholesale and retail of readymade garments and
textiles. |
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No of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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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 :
AL MALIK TEXTILES & READYMADE GARMENTS CO LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
16th February 1989
Commercial Registration Number :
46299, Dubai
Trade Licence Number :
218649
Chamber Membership Number :
15008
Issued Capital :
UAE Dh 500,000
Paid up Capital :
UAE Dh 500,000
Total Workforce :
15
Activities :
Wholesale and retail of readymade garments and textiles.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Rashid Mohamed, Financial Controller
AL MALIK TEXTILES & READYMADE GARMENTS CO LLC
Building : Mohamed Noor
Taleb Building, Shop No. 3
Street : Ali Ibn Abi
Talib Street
Area : Al Souq Al
Kabir, Bur Dubai
PO Box : 60809
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3534585
/ 3537060
Facsimile : (971-4)
3535028
Email : al_malik@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
·
Mohamed Anis Abdul Ghani Pakistani Managing
Director
·
Mohamed Amin Mandavia Pakistani Director
·
Mohamed Iqbal Mandavia Pakistani Director
·
Hussain Abdullah Hassan Eid Al Balooshi Emirati Director
·
Shabir Abdul Karim - Sales
Manager
·
Rashid Mohamed - Financial
Controller
·
Sajid Azim - Sales
Manager
·
Azim Hassan Farah - Sales
Manager
Date of
Establishment : 16th
February 1989
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 46299, Dubai
Trade Licence No. : 218649 (Expires 04/02/2014)
Chamber Member No. : 15008
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
·
Hussain Abdullah Hassan Eid Al Balooshi 51%
·
Mohamed Anis Abdul Ghani 17%
·
Mohamed Amin Mandavia 16%
·
Mohamed Iqbal Mandavia 16%
·
Al Mali Textile FZE
Textile City
Dubai
Tel: (971-4)
4267456
Fax: (971-4)
4267457
Activities: Engaged in the wholesale and retail of readymade garments and textiles.
Import Countries: Europe, India and Pakistan.
International Suppliers:
·
Ghanitex International Pakistan
·
Mandavia Textile Pakistan
·
Silver Export India
·
Senurita International
Textile India
Operating Trend: Steady
Subject has a workforce of 15 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 12,250,000 UAE Dh
13,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Rashid Mohamed, Financial
Controller
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4)
2229131 / 2221134
·
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.
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. 62.31 |
|
|
1 |
Rs. 101.77 |
|
Euro |
1 |
Rs. 84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
|
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 |
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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.