|
Report Date : |
03.06.2014 |
IDENTIFICATION DETAILS
|
Correct Name : |
SNOWHITE FZCO |
|
|
|
|
Registered Office : |
Al Awir Free
Zone, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
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Date of Incorporation : |
05.07.2012 |
|
|
|
|
Legal Form : |
Free Zone Company |
|
|
|
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Line of Business : |
Engaged in the
import and distribution of readymade garments, neck ties and belts. |
|
|
|
|
No of Employees : |
18 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Recently Commenced Operation |
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|
|
Payment Behaviour : |
Slow But Correct |
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|
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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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 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 : SNOWHITE FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 5th July 2012
Trade Licence Number : 300109
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 18
Activities : Distributors of readymade garments, neck ties and belts.
Financial Condition : Undetermined
Payments : Slow But Correct
Person Interviewed : Ahmed Sultan Abdul Jabar, Financial Controller
SNOWHITE FZCO
Registered Address
Location : Al Awir Free Zone
Town : Dubai
Country : United Arab Emirates
Physical Address
Building : Flat No. 203, 2nd
Floor, Al Zarvo Building
Area : Murshid Bazar, Deira
PO Box : 12832
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2254273
Facsimile : (971-4) 2254270
Email : bala@snowhitegarments.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
·
Hiro D
Vasanani Indian Managing
Director
·
Sundary
Vasanani Indian Director
·
Bala
Subramanian - General
Manager
·
Ahmed
Sultan Abdul Jabar - Financial
Controller
Date of Establishment : 5th
July 2012, however trading began in February 2014
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 300109 (Expires
04/07/2014)
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s)
·
Hiro D
Vasanani
·
Sundary
Vasanani
·
Snow
Garments LLC
PO Box: 12832
Dubai
Tel: (971-4) 2254273
Fax: (971-4) 2254270
Activities: Engaged in the import and distribution of
readymade garments, neck ties and belts.
Import
Countries: Europe and the
Far East
Brand Names: CORISI and CHANGE
Subject has a
workforce of 18 employees.
Subject is a newly
formed business and as a result financial information is not currently
available.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
Slow But Correct
In view of
subject’s infancy, extensive payment and financial are not available, therefore
dealings are recommended to be on secured terms, and a close monitoring of
subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.80.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
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.