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Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
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Name : |
NORTH FASHION TEXTILES LLC |
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Registered Office : |
Salman & |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.07.2003 |
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Com. Reg. No.: |
63419, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
wholesale and retail of readymade garments, textiles and fashion accessories. |
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No. of Employees : |
12 |
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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United Arab Emirates |
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 |
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 : NORTH FASHION TEXTILES LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th July 2003
Commercial Registration Number : 63419, Dubai
Trade Licence Number : 547126
Chamber Membership Number : 79397
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 12
Activities : Wholesale and retail of readymade garments, textiles and fashion
accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Molchand Sharma, Sales Manager
NORTH FASHION
TEXTILES LLC
Registered &
Physical Address
Building : Salman & Khadija Building,
Shop No. 3, Ground Floor
Street : Juma Masjid Road
Area : Al Souq Al Kabir
PO Box : 43987
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3537758
Facsimile : (971-4) 3537768
PO Box : (971-50) 6765323
Email : bbcdenim@emirates.net.ae / bbcdenim@eim.ae
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Branch Offices
Location Description
·
Al
Aweer Industrial Area Warehouse
premises
Dubai
Tel: (971-4) 3330328
Name Nationality Position
·
Chandra
Prakash Babani Indian Managing
Director
·
Shehab
Ahmad Juma Reza Al Habash Emirati Director
·
Molchand
Sharma - Sales
Manager
Date of Establishment : 19th
July 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 63419, Dubai
Trade Licence No. : 547126
(Expires 14/07/2014)
Chamber Member No. : 79397
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Shehab
Ahmad Juma Reza Al Habash 51%
·
Chandra
Prakash Babani 49%
·
North
View Textile LLC
PO Box: 43987
Dubai
Tel: (971-4) 3539311
Activities: Engaged in the wholesale and retail of
readymade garments, textiles and fashion accessories.
Import
Countries: Singapore, Italy
and India.
International Suppliers:
·
Supreme International India
· Exon Global India
Operating Trend: Steady
Subject has a
workforce of 12 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 Revenue UAE Dh 10,450,000 UAE Dh 11,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Molchand Sharma, Sales Manager
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
No complaints
regarding subject’s payments have been reported.
Please note that PO Box 42987 that you
provided is used by a company called “Integral Movers”.
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.62.38 |
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|
1 |
Rs.102.25 |
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Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.