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Report Date : |
26.03.2014 |
IDENTIFICATION DETAILS
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Name : |
RASHWELL COMPANY LLC |
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Registered Office : |
Al Ras Centre,
Shop No. 9, Al Khor Street, Al Ras, Deira, P O Box 5394, 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 : |
09.06.1976 |
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Com. Reg. No.: |
41674, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer, exporter,
re-exporter and wholesaler of food and agri products Subject product ranges
includes rice, spices, lentils,
pulses and beans, dry fruits and nuts, tea and coffee, cereal
and grain as well as canned foods |
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No. of Employees |
70 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 : RASHWELL COMPANY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 9th June 1976
Commercial Registration Number : 41674, Dubai
Trade Licence Number : 207205
Chamber Membership Number : 1913
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 70
Activities :
importer, exporter,
re-exporter and wholesaler of food and agri
products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Riyaz Hussain, General Manager
RASHWELL COMPANY
LLC
Registered &
Physical Address
Building : Al Ras Centre, Shop
No. 9
Street : Al Khor Street
Area : Al Ras, Deira
PO Box : 5394
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2262855 / 2262900
Facsimile : (971-4) 2262337
Mobile : (971-50) 4590843
Email : rashwell@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area of Dubai.
Branch Office (s)
Location Description
·
Al Quoz
Industrial Area Warehouse
premises
Dubai
Tel: (971-4) 3470790
Name Nationality Position
·
Hussain
Ali Bhai Pakistani Managing Director
·
Ali
Rashid Mohamed Ahmed Al Abdooli Emirati Director
·
Riyaz
Hussain - General
Manager
·
Abid
Ali - Financial
Controller
Date of Establishment : 9th
June 1976
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 41674, Dubai
Trade Licence No. : 207205
(Expires 27/02/2015)
Chamber Member No. : 1913
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Ali
Rashid Mohamed Ahmed Al Abdooli 51%
·
Hussain
Ali Bhai 49%
Activities: Engaged
in the import, export, re-export and
wholesale of food and agri products
Subject
product ranges includes rice, spices, lentils, pulses and beans, dry fruits and
nuts, tea and coffee, cereal and grain as well as canned foods
Import
Countries: Europe, India
and Pakistan
International
Suppliers:
·
A N
Suppliers Ltd India
·
Kantilal
& Co India
·
Aldeen
Rice Mills Pakistan
Brand Names: RASHCO
Operating Trend: Steady
Subject has a
workforce of 70 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 170,700,000 UAE Dh 175,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures were provided by Mr Riyaz Hussain, General Manager
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are conducted.
As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.49 |
|
|
1 |
Rs.99.77 |
|
Euro |
1 |
Rs.83.67 |
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 |
|
|
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 |
|
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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.