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Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
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Name : |
NOVAK GENERAL TRADING LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
11.11.2008 |
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Com. Reg. No.: |
1037534, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Importer and Distributer of aluminium foil, plastic film, paper
products, adhesive products and plastic packaging materials. |
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No. of Employees : |
18 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
UAE - 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
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Source
: CIA |
Company Name : NOVAK GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 11th November 2008
Commercial Registration Number : 1037534, Dubai
Trade Licence Number : 618834
Chamber Membership Number : 157956
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 18
Activities : Distributors of aluminium foil, plastic film, paper products, adhesive
products and plastic packaging materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Wassim Beg, Financial Controller
NOVAK GENERAL TRADING LLC
Building : Business
Point Building, 6th Floor, Suite No. 605
Street : Port Said
Street
Area : Deira
PO Box : 232098
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2946787
Facsimile : (971-4)
2946783
Mobile : (971-50)
9036939 / 1059469
Email : info@novakdxb.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
· Mohamed Tariq Khan
Gouri British Managing
Director
· Sree Ram Sadogaya
Ragavashay Indian Director
· Mohamed Saif
Mohamed Al Rashidi Emirati Director
· Wassim Beg - Financial
Controller
Date of
Establishment : 11th
November 2008
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 1037534, Dubai
Trade Licence No. : 618834 (Expires 08/11/2014)
Chamber Member No. : 157956
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Mohamed Saif
Mohamed Al Rashidi 51%
· Mohamed Tariq Khan
Gouri 25%
· Sree Ram Sadogaya
Ragavashay 24%
· Novak Aluminium Industries LLC
Umm Ramool
Al Rashidiya
Dubai
Tel: (971-4) 2855441
Activities: Engaged in the import and distribution of aluminium foil, plastic film,
paper products, adhesive products and plastic packaging materials.
The main packing materials are BOPP, CPP, Polyester
films, Polyester twist films, PVC Shrink film, PVC
cling film, POF shrink film, Aluminum foils, House
hold foils, container foils and all types of bare foils.
Import Countries: Germany, China, Taiwan, India,
Indonesia, Pakistan and Thailand.
International Suppliers:
· Arabplast Dubai
· Interpack Germany
Operating Trend: Steady
Subject has a workforce of 18 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 56,650,000 UAE Dh
63,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Wassim Beg, Financial Controller
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222241
·
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
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Indian Rupees |
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US Dollar |
1 |
Rs.62.11 |
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|
1 |
Rs.103.38 |
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Euro |
1 |
Rs.85.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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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 |
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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.