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Report Date : |
10.03.2014 |
IDENTIFICATION DETAILS
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Name : |
INVEST INC TRADING LLC |
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Registered Office : |
Warehouse No 3, Block
364-650, Al Quoz Industrial Area No. 1, P O Box 13348, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.01.2007 |
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Com. Reg. No.: |
114647, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor of general foodstuffs,
chemicals and industrial machinery. |
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No. of Employees |
12 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 : INVEST INC TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 17th January 2007
Commercial Registration Number : 114647, Dubai
Trade Licence Number : 590322
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 12
Activities : Distributors of general foodstuffs, chemicals and industrial machinery
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jackie Miwan, Financial Controller
INVEST INC TRADING
LLC
Registered &
Physical Address
Location : Warehouse No 3, Block 364-650
Area : Al Quoz Industrial Area No. 1
PO Box : 213348
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3383880
Facsimile : (971-4) 3380855
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Dubai.
Name Nationality Position
·
Paraz
Patel Indian Managing
Director
·
Nasser
Ali Shaban Ali Emirati Director
·
Jackie
Miwan - Financial
Controller
·
Sadiq
Ali - Operations
Manager
Date of Establishment : 17th
January 2007
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 114647,
Dubai
Trade Licence No. : 590322
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Nasser
Ali Shaban Ali 51%
·
Paraz
Patel 49%
·
Chequered
Flag Car Rental LLC
Warehouse No 3, Block 364-650
Al Quoz Industrial Area No. 1
PO Box: 213348
Dubai
Tel: (971-4) 3383880
Fax: (971-4) 3380855
·
Excellence
Luxury Car Rental LLC
Warehouse No 3, Block 364-650
Al Quoz Industrial Area No. 1
PO Box: 213348
Dubai
Tel: (971-4) 3383880
Fax: (971-4) 3380855
Activities: Engaged in the import and distribution of
general foodstuffs, chemicals and industrial machinery.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a
workforce of 12 employees.
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 Revenue UAE Dh 10,660,000 UAE Dh 10,935,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
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.60.99 |
|
|
1 |
Rs.102.07 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
|
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 |
|
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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 |
-- |
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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.