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Report Date : |
13.03.2014 |
IDENTIFICATION DETAILS
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Name : |
ROYAL GOLD TRADING EST |
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Registered Office : |
Al Fardan Building, Shop No. 4, Al Fahaidi Street, Bur Dubai, PO Box : 45841, 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 : |
24.02.1997 |
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Com. Reg. No.: |
38926, Dubai |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Subject is engaged
in the wholesale and retail of readymade garments, textiles and footwear. |
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No. of Employees : |
3 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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 : ROYAL GOLD TRADING EST
Country of Origin :
Legal Form :
Sole Proprietorship
Registration Date : 24th February
1997
Commercial
Registration Number : 38926,
Dubai
Trade Licence
Number : 245394
Chamber Membership
Number : 42554
Invested Capital : UAE Dh
100,000
Total Workforce : 3
Activities :
Distributors of readymade garments, textiles and footwear
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sundeep Singh, Sales Manager
ROYAL GOLD TRADING EST
Registered & Physical Address
Building : Al Fardan Building, Shop No. 4
Street : Al Fahaidi Street
Area : Bur Dubai
PO Box : 45841
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3533051
Facsimile : (971-4) 3533620
Mobile : (971-50) 3453121 / 6565862
Email : jagdidxb@emirates.net.ae / rlakhani86@yahoo.com
Please note that
subject’s previous address was, Al Diwan Center, Al Jahidi Street, Bur Dubai,
Dubai.
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Industrial Area of Dubai.
Name Position
Abdullah Ali Jassim
Mohamad Proprietor
& General Manager
Rajesh Lakhani Assistant
General Manager
Sundeep Singh Sales
Manager
Date of
Establishment : 24th
February 1997
Legal Form : Sole Proprietorship
Commercial Reg.
No. : 38926, Dubai
Trade Licence
No. : 245394
(Expires 23/02/2015)
Chamber Member
No. : 42554
Invested Capital
: UAE
Dh 100,000
Mr Abdullah Ali
Jassim Mohamad is the sole proprietor of the business.
Activities: Engaged
in the wholesale and retail of readymade garments, textiles and footwear.
Import Countries: India
and Indonesia
International Suppliers:
Indo Roma Textile Indonesia
Supreme Textile India
Supreme Synthetic
Mills India
Operating Trend: Steady
Subject has a
workforce of 3 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 Sales UAE Dh 2,365,000 UAE Dh 2,800,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Sundeep Singh,
Sales Manager
Dubai Islamic Bank
PO Box: 1080
Dubai
Tel: (971-4)
2953000
Fax: (971-4)
2954111
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.09 |
|
|
1 |
Rs.101.59 |
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Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.