|
Report Date : |
10.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAX HOLDINGS
& INVESTMENTS LTD |
|
|
|
|
Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, Plot No. S11303, 17155 & 113630 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
17.08.2004 |
|
|
|
|
Legal Form : |
Branch of a Foreign
Registered Corporation |
|
|
|
|
Line of Business : |
Engaged in the
import and distribution of readymade garments and fashion accessories. |
|
|
|
|
No. of Employees |
15 |
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 |
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 : MAX HOLDINGS & INVESTMENTS LTD
Country of Origin : British
Virgin Islands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 17th
August 2004
Trade Licence
Number : 4936
Chamber Membership
Number : 88746
Total Workforce : 15
Activities :
Distributors of ready made garments and fashion accessories.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Mansour Ali,
Finance Manager
MAX HOLDINGS &
INVESTMENTS LTD
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone, Plot No.
S11303
PO Box : 17155 & 113630
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8095800 / 8817164 / 8095802
Facsimile : (971-4) 8095868 / 8815170
Email : barry.masterson@cplmg.com
/ sanjeev.matharu@cplmg.com / mansoor.ali@landmarkgroup.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone.
Name Nationality Position
·
Ramanathan
Hariharan Krishnan Indian Chief
Executive Officer
·
Shiram Gopal Krishnan Indian General Manager
·
Sanjeev Matharu - Assistant
General Manager
·
Barry Masterson - Operations
Manager
·
Mansour Ali - Finance
Manager
Date of Establishment : 17th
August 2004
Legal Form :
Subject is the United Arab
Emirates registered branch of Max Holdings & Investments Ltd, a
Limited Liability Company incorporated in
the British Virgin Islands.
Trade Licence No. : 4936
Chamber Member No. : 88746
·
RNA Resources Group Ltd (Land Mark Group)
PO Box: 25030
Dubai
Tel: (971-4)
3365143 / 3395111
Fax: (971-4)
3378675
Activities: Engaged in the import and distribution of
readymade garments and fashion accessories.
Import Countries: Europe and the Far East
Subject has a
workforce of 15 employees.
Companies
registered in Dubai, United Arab Emirates are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel:
(971-4) 2520455
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
No complaints
regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.