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Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
APPAREL LLC |
|
|
|
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Registered Office : |
Jebel Ali Free Zone, South, PO Box : 27401, Dubai |
|
|
|
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Country : |
United Arab Emirates |
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|
|
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Date of Incorporation : |
31.08.1994 |
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|
|
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Com. Reg. No.: |
47318, Dubai |
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|
|
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Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Subject is engaged in the retail of consumer fashion items
such as readymade garments, footwear, luggage, perfumes and cosmetics,
watches, jewellery and gift items. |
|
|
|
|
No. of Employees : |
150 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 :
APPAREL LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
31st August 1994
Commercial Registration Number :
47318, Dubai
Trade Licence Number :
235578
Chamber Membership Number :
31827
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
150
Activities :
Retail of consumer fashion items such as readymade garments, footwear, luggage,
perfumes and cosmetics, watches, jewellery and gift items.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Ravindra Agrawa, Finance Manager
APPAREL LLC
Registered &
Physical Address
Location : Jebel Ali Free
Zone, South
PO Box : 27401
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8136100
/ 8136111
Facsimile : (971-4) 8864073
Mobile : (971-55) 6645403
Email : algroup@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
Bur Juman Centre Rented
Retail Outlet
Khalid Ibn Walid Street
PO Box: 27401
Dubai
Al Sharafi Building, 1st Floor, Office No. 102 Rented
Retail Outlet
Al Mosala Street
Al Mankhool
Dubai
Tel: (971-4) 3515800
Fax: (971-4) 3514034
Lamcy Plaza Rented
Retail Outlet
Al Qutaeyat Road
PO Box: 74923
Dubai
Deira City Centre Building Rented
Retail Outlet
Beniyas Road
PO Box: 11096
Dubai
Tel: (971-4) 2821555
Fax: (971-4) 2826660
Al Ghurair Building Rented
Retail Outlet
Al Rigga Street
PO Box: 74923
Dubai
Abdur Rahim Za Zarooni Building Rented
Retail Outlet
Al Jumeira Road
PO Box: 11096
Dubai
Oasis Centre Rented
Retail Outlet
Sheikh Zayed Road
PO Box: 27401
Dubai
Name Nationality Position
Nilesh Kumar Naval Meghji Ved Indian Managing
Director
Mohamed Essa Mohamed Al Samt Emirati Director
Sachin Venodkar - General
Manager
Atish Rakolia - Assistant
General Manager
Rene Bedi - Commercial
Manager
Ravindra Agrawa - Finance
Manager
Date of Establishment : 31st August 1994
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 47318, Dubai
Trade Licence No. : 235578 (Expires 26/08/2014)
Chamber Member No. : 31827
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Mohamed Essa Mohamed Al Samt 51%
Nilesh Kumar Naval Meghji Ved 49%
Al Maya Lals
124-130 Riqqa Road
Deira
PO Box: 11096
Dubai
Tel: (971-4) 2232020 / 2211192
Fax: (971-4) 2236420
Apparel FZCO
Sheikh Zayed Road
Jebel Ali Free Zone
PO Box: 27401 & 261873
Dubai
Tel: (971-4) 8136111 / 8136786
Fax: (971-4) 8864073
Apparel General Trading Company
Zawya Center, 5th Floor
Block 19, Area 146
Bin Khaldoun Street
Hawalli
Kuwait
Tel: (965) 22657351 / 22657371
Fax: (965) 22657361
Apparel Qatar WLL
313 Gulf Business Centre
Ibn Sena Road
Mumtaza
Doha
Qatar
Tel: (974) 444383810
Fax: (974) 444383873
Bahrain Apparel Trading WLL
PO Box: 18642
Manama
Bahrain
Tel: (973-17) 581706
Fax: (973-17) 581806
Apparel International LLC
PO Box: 1821
Muscat
Oman
Tel: (968) 24567428
Fax: (968) 24561873
Modern Fashion Trading Company
PO Box: 99987
Badriah Street
Olaya District
Riyadh 11625
Saudi Arabia
Tel: (966-1) 2170026
Fax: (966-1) 2170025
Apparel Sp Zoo
Ul Klobucka 25
02699 Warsaw
Poland
Tel: (4822) 5499049
Montreal Trading PTE
10 Genting Lane
08-00 Jay Gee House
Singapore 349583
Tel: (65) 68426358
Fax: (65) 68424694
Montreal Trading Sdn Bhd
G 340, Ground Floor Oval
One Utama Shopping Centre
1 Lebun Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Tel: (603) 77265110
Activities: Engaged in the retail of
consumer fashion items such as readymade garments, footwear, luggage, perfumes
and cosmetics, watches, jewellery and gift items.
Import Countries: Europe
and the Far East
Brand Names: TOMMY HILFIGER, BIRKENSTOCK, NINE
WEST, SKECHERS, VON DUTCH, ALDO, BALLY, DUNE, BENCH, INGLOT, KENNETH COLE,
JEANSWEST, PEDRO, MOTIVI, SPRING, NATURALIZER, ALAIN MANOUKIAN, BOSSINI and
BOOKSPLUS
Subject has a workforce of approximately 150 employees.
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside 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.
Apparel LLC is a leading retail house representing such well known
fashion brands such as Nine West, Naturalizer, Alain Manoukian, Bossini and
BooksPlus. The company operates a chain of retail outlets located throughout
Dubai and enjoys an excellent reputation for the quality of its products.
Local sources report that the company is run in a professional manner
and is partly owned by Mr Nilesh Kumar Naval
Meghji Ved, a well known and prominent Indian businessman.
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.
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on many
fronts including higher standard of corporate governance, long-term performance
– focused strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
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The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.