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Report Date : |
23.07.2014 |
IDENTIFICATION DETAILS
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Name : |
MEGA CARPETS FZE |
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Registered Office : |
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Country : |
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Date of Incorporation : |
05.07.2003 |
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Com. Reg. No.: |
557, |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Engaged in the manufacturing Carpets, Mats and Rugs |
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No of Employees : |
280 (Approximately) |
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
|
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 : MEGA CARPETS FZE
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 5th July 2003
Commercial Registration Number : 557,
Trade Licence Number : 595203
Chamber Membership Number : 82702
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 280
Activities : Manufacture of carpets, mats and rugs
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : K A Sajaish, Finance Manager
MEGA CARPETS FZE
Registered &
Physical Address
Street :
Area :
Jebel Ali Free Zone
PO Box : 33265
Town :
Country :
Telephone : (971-4) 8833440
Facsimile : (971-4) 8833441
Email : info@megacarpets.com / accounts@megacarpets.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Jebel
Ali Free Zone Area of Dubai.
Branch Office (s)
Location Description
·
Al Quoz
Industrial Area Factory
premises
PO Box: 33265
Tel: (971-4) 3477552
Fax: (971-4) 3477079
Name Nationality Position
·
Nassarallah
Ahrar Ali Turkish Managing Director
·
Nassir
Zeljo - General
Manager
·
K A
Sajaish - Finance
Manager
·
Mohamed
Saleh - Human
Resources Manager
Date of Establishment : 5th
July 2003
Legal Form :
Free Zone Establishment –
FZE
Commercial
Reg. No. : 557,
Trade Licence No. : 595203
(Expires 31/12/2014)
Chamber Member No. : 82702
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Nassarallah
Ahrar Ali 100%
Activities: Engaged in the manufacture of carpets, mats
and rugs.
Import
Countries: Europe and the
Subject has a
workforce of approximately 280 employees.
Companies
registered in
·
Arab
Bank Plc
PO Box: 11364
Tel: (971-4) 2228845
Fax: (971-4) 2285974 / 2940847
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.60.23 |
|
|
1 |
Rs.102.86 |
|
Euro |
1 |
Rs.81.44 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
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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.