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Report Date : |
14.11.2014 |
IDENTIFICATION DETAILS
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Name : |
NISS TRADING FZE |
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Registered Office : |
Jebel Ali Free Zone, Office No. TPOFCB0534, PO Box 61493, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
14.03.2013 |
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Com. Reg. No.: |
157820 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Subject is engaged in the import and distribution of general foodstuffs,
including cereal, grain, vegetables, nuts, flour, spices, sugar and dairy
products as well as industrial solvents, plastic and nylon raw materials,
rubber and petrochemicals. |
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No of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 :
NISS TRADING FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
14th March 2013
Commercial Registration Number :
157820, Dubai
Trade Licence Number :
136022
Chamber Membership Number :
217623
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
5
Activities :
Distributors of general foodstuffs, industrial solvents, plastic and nylon raw
materials, rubber and petrochemicals
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
NISS TRADING FZE
Registered &
Physical Address
Location : Jebel Ali Free
Zone, Office No. TPOFCB0534
PO Box : 61493
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8806463
Facsimile : (971-4)
8806463
Email : docsniss@gmail.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
Sivalingam Subramanian Indian Managing Director
J Pramod - Financial
Controller
M Niraj - Sales
Officer
Date of Establishment : 14th
March 2013
Legal Form :
Free
Zone Establishment - FZE
Commercial Reg.
No. : 157820, Dubai
Trade Licence No. : 136022 (Expires
14/03/2015)
Chamber Member No. : 217623
Issued Capital : UAE Dh 1,000,000
Paid up Capital :
UAE
Dh 1,000,000
Name of
Shareholder (s) Percentage
Sivalingam Subramanian 100%
Sarna Trading
PO Box: 61493
Dubai
Tel: (971-4) 8816557
Activities: Engaged in the import and distribution of general foodstuffs, including
cereal, grain, vegetables, nuts, flour, spices, sugar and dairy products as
well as industrial solvents, plastic and nylon raw materials, rubber and
petrochemicals.
Import Countries: India and the Far East
Subject has a workforce of 5 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
Commercial Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
Unknown
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.61.56 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.76.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
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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 |
|
<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.