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Report Date : |
14.01.2014 |
IDENTIFICATION DETAILS
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Name : |
COAL AND OIL COMPANY DMCC |
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Registered Office : |
AG |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
14.11.2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor of coal. |
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No. of Employees : |
14 |
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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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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 : COAL AND OIL COMPANY DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 14th November 2005
DMCC Number : 0500
Trade Licence Number : 30313
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Total Workforce : 14
Activities : Distributors of coal
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rama Swamy, Financial Controller
COAL AND OIL
COMPANY DMCC
Registered Address
Location : AG Silver Tower, Unit G, 34th
Floor, Jumeirah Lakes Towers
PO Box : 30850
Town : Dubai
Country : United Arab Emirates
Physical Address
Building : National Bank of Umm Al Quwain
Building, Suite No. 402
Street : Khalid Ibn Al Waleed Street
Area : Al Mankhool
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3972525
Facsimile : (971-4) 3971663
Email : info@coalandoil.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Ahmed
Bukhary Rahman Bukhary Sayed Indian Managing Director
·
Ranganath
Venkat Raman - Finance
Manager
·
Rama
Swamy - Financial
Controller
·
Kamel
Fareed - Commercial
Manager
·
Sita
Raman - Accountant
·
Mohamed
Ghani - Human
Resources Manager
Date of Establishment : 14th
November 2005
Legal Form :
Limited Liability Company
DMCC No. : 0500
Trade Licence No. : 30313
(Expires 13/11/2014)
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Name of Shareholder
(s)
·
Ahmed
Bukhary Rahman Bukhary Sayed
·
Coal & Oil Pvt Ltd
Chennai
India
· PT Coal and Oil Co
Indonesia
·
Coal
& Oil Indonesia
16th Floor, Unit AJ
Menara Prima
Jakarta 12950
Indonesia
Tel: (62-21) 57947799
Fax: (62-21) 57947800
·
Coastal
Energy Pvt Ltd
202-207 Mahalaxmi Chambers
22 Bhulabhai Desai Road
Mumbai 4000026
India
Tel: (91-22) 42114211
Fax: (91-22) 23538567
·
Coal
and Oil Company LLC
PO Box: 30850
Dubai
Tel: (971-4) 3972525
Fax: (971-4) 3971663
Activities: Engaged in the import and distribution of
coal.
Import
Countries: Russia and
Indonesia
Export Countries: India and Pakistan
Operating Trend: Steady
Subject has a
workforce of 14 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/03/13:
Consolidated Total
Revenue UAE
Dh 2,539,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Rama Swamy, Financial Controller
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
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.61.52 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.84.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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.