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Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.11.1993 |
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Com. Reg. No.: |
41279, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the wholesale and retail of jewellery, watches, electrical
products, timber, building materials and engineering products. |
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No of Employees : |
155 |
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 :
MASHREQ INTERNATIONAL LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Start Date :
1986
Registration Date :
21st November 1993
Commercial Registration Number :
41279, Dubai
Trade Licence Number :
232594
Chamber Membership Number :
28814
Issued Capital :
UAE Dh 10,000,000
Paid up Capital :
UAE Dh 10,000,000
Total Workforce :
155
Activities :
Wholesale and retail of jewellery, watches and electrical products.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Krishnan Rajan, Finance Manager
MASHREQ
INTERNATIONAL LLC
Building : Sheikh Hamdan Building, Suite No. 111
Street : Abu Baker Al
Siddique Street
PO Box : 25018
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2626399
Facsimile : (971-4)
2629978
Mobile : (971-50)
4580063 / 6985302
Email : zenart@emirates.net.ae / contact@mashreqworld.com / rajan@mashreqworld.com
Subject operates from a large suite of offices that are rented and
located in the Suburban Business Area of Dubai.
Branch Offices
Location Description
·
Al Falasi Building Office
premises
Salah Uddine Road
Dubai
Tel: (971-4)
2661900
Fax: (971-4)
2997789
·
Al Khabeesi Area Office
premises
Dubai
Tel: (971-4)
2623377
Fax: (971-4)
2977892
Name Nationality Position
·
Habib Sayed Mohamed Mukrim Indian Managing Director
·
Majid Saif Ahmed Al Ghurair
Emirati Director
·
Aslam Habib - General Manager
·
Qader Ali Najem Eddine - Commercial
Manager
·
Krishnan Rajan - Finance
Manager
·
Najam Eddine - Sales
Manager
·
Sudndar Natrajan - Marketing
Manager
·
Sayed Maskeen Sultan - Public
Relations Manager
Date of
Establishment : Subject’s
operations date back to 1986, however it was registered on 21st
November 1993
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 41279, Dubai
Trade Licence No. : 232594
Chamber Member No. : 28814
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
·
Majid Saif Ahmed Al Ghurair 51%
·
Habib Sayed Mohamed Mukrim 49%
Subject is a member of the Al Ghurair Group, which
has a turnover over in excess of UAE Dh 3 billion (US$ 850 million). The group
has a diversified range of interests spanning real estate, finance and
industry, with specialist operations in banking, trading and shipping.
Some of the very successful industries that it
operates today in the United Arab Emirates, include the National Flour Mills Co
Ltd, National Cement Company, Gulf Extrusions at Jebel Ali, Masafi Mineral
Water Co LLC, National Mosaic Tiles, Arabian Packaging Co and Al Ghurair
Publishing and Printing. In the banking sector, the Ghurairs are owners of the
UAE’s largest private bank, the Dubai-based Mashreq Bank, which is one of the
Group’s most successful ventures and operates from branches both within and
outside the UAE.
The Al Ghurair Group is active in London, New York,
Cairo, Khartoum, Istanbul, Bombay, Doha, Colombo, Karachi and Lahore.
In real estate the Al Ghurair Centre has become a prominent
landmark in Dubai. It was built at a cost of more than US $ 150 million and is
now home to most of the city’s top retailers.
The Al Ghurair Group comprises the following
concerns:
·
Al Ghurair Holdings (Private) Ltd
·
Gulf Extrusions Ltd
·
Arabian Aluminium Company
·
Al Ghurair Publishing & Printing House
·
Union Mosaic & Marble Company
·
Al Ghurair Centre
·
Arabian Mix
·
National Cement Company Ltd
·
Arabian Packing Company
·
Gulf Utensils
·
Gulf Import & Export Co
·
House of Perfume
·
Computer Intelligence and Communications Ltd
·
Gulf Confectionery & Biscuit Company
·
Oman Insurance Co Limited
·
Mashreq Bank
·
Al Ghurair Enterprises
·
Al Ghurair Exchange
·
National Flour Mills Company Ltd
·
Emirates Trading Agency LLC
·
National Concrete Company Ltd
·
Masafi Mineral Water Co LLC
·
Associated Construction & Investment Co LLC
(ASCON)
·
Al Ghurair Fieness Perry & Partners
·
Pak Arab Traders
·
Al Ghurair Real Estate
·
Al Khaleej Sugar Co WLL
·
Central Electric Equipment Co LLC (CEEC)
·
National Oman Marble Company
·
Rawda Quarries Ltd
·
Ghurair Tarmac
·
Oman Finance Company
·
Ghurair Crown (Engineering) Ltd
·
Al Ghurair Industries (Pvt) Ltd
·
Trans Gulf Aluminium LLC
Activities: Engaged in the wholesale and retail of jewellery, watches, electrical
products, timber, building materials and engineering products.
Import Countries: Europe and GCC countries.
Brand Names: ZENART, DGO, TRAZER, LEROSKY, JULIUS, AREN DINO,
XETEX, SWISCARDIN, VERONA,
FUSION and EPOK
Operating Trend: Steady
Subject has a workforce of approximately 155 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 122,000,000 UAE Dh
146,500,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Krishnan Rajan, Finance Manager
·
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. 62.11 |
|
|
1 |
Rs. 103.38 |
|
Euro |
1 |
Rs. 85.32 |
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 |
|
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.