MIRA INFORM REPORT

 

 

Report Date :

25.07.2014

 

IDENTIFICATION DETAILS

 

Name :

SILEX GENERAL TRADING LLC

 

 

Registered Office :

AI Mansouri Building, Office No. 201, Damascus Street, AI Qusais Industrial Area 1, P O Box 98836, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

14.09.2006

 

 

Com. Reg. No.:

999479

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is engaged in the import and distribution of fast moving consumer goods including cosmetics, fragrances personal care products and general foodstuffs.

 

 

No. of Employees :

150

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

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

 

 

 

 

SUMMARY

 

Company Name                                     : SILEX GENERAL TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 14th September 2006

Commercial Registration Number            : 999479, Dubai

Trade Licence Number                            : 585935

Chamber Membership Number                : 111069

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 150

Activities                                               : Distributors of fast moving consumer goods

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

COMPANY NAME

 

SILEX GENERAL TRADING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Mansouri Building, Office No. 201

Street               : Damascus Street

Area                 : Al Qusais Industrial Area 1

PO Box             : 98836

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2577700 / 2577701 / 2677746

Facsimile          : (971-4) 2677570 / 2577572

Mobile               : (971-50) 3567744 / (971-55) 8937999

Email                : silex@eim.ae / info@silextrading.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Industrial Area of Dubai.

 

Branch Offices

 

Location                                                                                                          Description

 

Abu Dhabi                                                                                                         Office premises

Tel: (971-2) 6225997

 

 

KEY PRINCIPALS

 

Name                                                                           Nationality                               Position

 

Darapureddi Venu Gopal                                                 Indian                                        Managing Director

 

Buti Hilal Abdullah Saeed Demaithan Al Qamzi                Emirati                                      Director

 

Bhazad Khan                                                                 -                                               Sales Manager

 

E R V Prasad                                                                -                                               Financial Controller

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  :           14th September 2006

 

Legal Form:                             Limited Liability Company - LLC

 

Commercial Reg. No.  :           999479, Dubai

 

Trade Licence No.:                  585935 (Expires 13/09/2014)

 

Chamber Member No. :           111069

 

Issued Capital  :                       UAE Dh 300,000

 

Paid up Capital:                       UAE Dh 300,000

 

 

Name of Shareholder (s)                                                    Percentage

 

Buti Hilal Abdullah Saeed Demaithan Al Qamzi                            51%

 

Darapureddi Venu Gopal                                                             49%

 

 

AFFILIATED COMPANIES

 

Siddha General Trading LLC

Al Mansouri Building, Office No. 403

Damascus Street

Al Qusais Industrial Area 1

PO Box: 99351 & 94427

Dubai

Tel: (971-4) 2808522 / 2808533

Fax: (971-4) 2808533

Mob: (971-55) 8653053

 

 

OPERATIONS

 

 

Activities:         Engaged in the import and distribution of fast moving consumer goods including cosmetics, fragrances personal care products and general foodstuffs.

 

Import Countries: Australia, United Kingdom, United States of America, France, Portugal, India, Canada, Oman,

                              Indonesia, Spain, Thailand and Portugal. 

 

Brand Names: YARDLEY, ENGLICH BLAZER, RENOVA, MARICO, STILLMANS, EARCTH CHOICE,

COTTONSOFT, MUM, KWALITY, FREEMAN. SPONGEABLES, LANDER, HERITAGE, ARMAF, LU, DATAR, PRIYA and HYLANDS RESOURCES LTD

 

Operating Trend: Steady

 

Subject has a workforce of 150 employees.

 

 

FINANCIAL DATA

 

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 36,700,000                   UAE Dh 38,200,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Bank of Baroda

PO Box: 3162

Dubai

Tel: (971-4) 5531955

Fax: (971-4) 5536962

 

Commercial Bank of Dubai

Baniyas Street

PO Box: 1709

Deira

Dubai

Tel: (971-4) 2227121 / 2253222

Fax: (971-4) 2220943 / 2254565

 

National Bank of Abu Dhabi

Deira Souk Branch

PO Box: 4436

Dubai

Tel: (971-4) 2226141

Fax: (971-4) 2226145

 

First Gulf Bank

Al Quoz Industrial Area

Dubai

Tel: (971-4) 3467974

 

Noor Islamic Bank

Business Bay District

Dubai

Tel: (971-4) 4268857

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 January 2014

Credit amount                                        150,000

Amount overdue                                     0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

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.60.00

UK Pound

1

Rs.102.19

Euro

1

Rs.80.67

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

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

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.