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Report Date : |
22.07.2014 |
IDENTIFICATION DETAILS
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Name : |
REJOICE GENERAL
TRADING LLC |
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Registered Office : |
Al |
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Country : |
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Date of Incorporation : |
25.01.2007 |
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Com. Reg. No.: |
1004488, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject’s operations
are performed through the following divisions: Electrical and
Building Material Division Engaged in the import and distribution of wiring accessories, switchgear components, structured cabling and energy saving sensors. Industrial and
Oilfield Supplies Division Engaged in the provision of products and solutions for the oilfield , industrial and construction sectors. GRP Manufacturing
Division Engaged in the
manufacture of GRP products, including water tanks, pipes and fittings,
gratings, handrails, ladders, manhole covers, sheds, roofing, decorative
cladding and planters. |
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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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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
|
Source
: CIA |
Company Name : REJOICE GENERAL TRADING LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 25th January 2007
Commercial Registration Number : 1004488,
Trade Licence Number : 590613
Chamber Membership Number : 114900
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 11
Activities : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed :
V
REJOICE GENERAL TRADING LLC
Registered &
Physical Address
Building : Al
Area : Al Qusais Area
PO Box : 125363
Town :
Country :
Telephone : (971-4) 2636672
Facsimile : (971-4) 2636673
Email : majo1@emirates.net.ae / info@rejoicegroup.com, rejoicet@eim.ae
Please note that
subject’s previous address was, Al Bekeet Center, Al Khabeesi,
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 Quoz Industrial Area Warehouse
premises
Name Nationality Position
·
Majo
Kurndittail Anthony Indian Managing
Director
·
Surya
Sajiv Indian Director
·
V
·
Jassim Ahmed Abdullah Ibrahim Al Hamadi Emirati Director
Date of Establishment : 25th
January 2007
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1004488,
Trade Licence No. : 590613
(Expires 24/01/2015)
Chamber Member No. : 114900
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s) Percentage
·
Jassim Ahmed Abdullah Ibrahim Al Hamadi 51%
·
Majo
Kurndittail Anthony ]
]
·
Surya
Sajiv ] 49%
]
·
V
Activities: Subject’s operations are performed through the
following divisions:
·
Electrical and Building Material Division
Engaged
in the import and distribution of wiring accessories, switchgear components,
structured cabling and energy saving sensors.
·
Industrial and Oilfield Supplies Division
Engaged in the provision of
products and solutions for the oilfield , industrial and construction sectors.
·
GRP Manufacturing Division
Engaged in the manufacture of GRP products,
including water tanks, pipes and fittings, gratings, handrails, ladders,
manhole covers, sheds, roofing, decorative cladding and planters.
Import
Countries: Europe and the
International Suppliers:
·
Bunty
Foodstuff
· Arabia
Subject has a
workforce of 11 employees.
Companies registered
in Dubai, United Arab Emirates are not legally required to make their accounts
public and no financial information was released by the company or submitted by
outside sources.
·
Abu
Dhabi Commercial Bank
Al Rigga Road
PO Box: 5550
Dubai
Tel: (971-4) 2958888 / 3228141
Fax: (971-4) 2959310 / 3279632
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.60.19 |
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UK Pound |
1 |
Rs.102.87 |
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Euro |
1 |
Rs.81.48 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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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.