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Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
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Name : |
DAHIS SANITARYWARE TRADING COMPANY LLC |
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Registered Office : |
Al Khan Road,
Industrial Area No. 1, P O Box 40376, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.03.1990 |
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Com. Reg. No.: |
20009, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor of sanitary ware
products, pipes and fittings. |
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No. of Employees |
11 |
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 – 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 |
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High |
B2 |
|
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 : DAHIS SANITARYWARE TRADING COMPANY LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 17th March 1990
Commercial Registration Number : 20009, Sharjah
Trade Licence Number : 113209
Chamber Membership Number : 25469
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 11
Activities : Distributors of sanitary ware products, pipes and fittings.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Kamlesh Kumar, Assistant Sales Manager
DAHIS SANITARYWARE
TRADING COMPANY LLC
Registered &
Physical Address
Street : Al Khan Road
Area : Industrial Area No. 1
PO Box : 40376
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5339947
Facsimile : (971-6) 5337906
Mobile : (971-50) 6267584
Email : dahistrd@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
Name Nationality Position
·
Anil Kumar Narang Indian Managing
Director
·
Yaqoob Amir Mohamed Saeed Emirati Director
·
K T
Chandran - Sales
Manager
·
Kamlesh Kumar - Assistant
Sales Manager
·
Prafoula Sominath
- Accountant
Date of Establishment : 17th
March 1990
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 20009,
Sharjah
Trade Licence No. : 113209
Chamber Member No. : 25469
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s) Percentage
·
Yaqoob Amir Mohamed Saeed 51%
·
Anil Kumar Narang 49%
Activities: Engaged in the import and distribution of
sanitary ware products, pipes and fittings.
Import
Countries: United Kingdom, India,
France, Cyprus, Italy, China, Germany, Jordan, Iran, Japan, Turkey,
Germany, India
and Pakistan
International
Suppliers:
·
Guvain
Plastic Turkey
·
Haksut Turkey
·
SISA Turkey
·
Markceramic Turkey
·
Solser Germany
·
Hoffman Germany
·
Home
Décor India
Operating Trend: Steady
Subject has a
workforce of 11 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 15,735,000 UAE Dh 16,440,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Kamlesh Kumar,
Assistant Sales Manager
·
Bank of
Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
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.62.12 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
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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 |
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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.