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Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
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Name : |
NAZRANA TRADING LLC |
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Registered Office : |
Ash Shurafaa Store Building, Shop No. 4, Al Faheidi Street, Al Suq Al Kabir,
Bur Dubai, PO Box 51321 & 32618, Dubai |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.09.1991 |
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Com. Reg. No.: |
44863 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the wholesale and retail of ladies readymade
garments and textiles. |
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No of Employees : |
8 |
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 – 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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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 NAZRANA TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
22nd September 1991
Commercial Registration Number :
44863, Dubai
Trade Licence Number :
225918
Chamber Membership Number :
22044
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
8
Activities :
Wholesale and retail of ladies readymade garments and textiles.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend Steady
NAZRANA TRADING LLC
Registered &
Physical Address
Building : Ash Shurafaa
Store Building, Shop No. 4
Street : Al Faheidi
Street
Area : Al Suq Al
Kabir, Bur Dubai
PO Box : 51321 &
32618
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3538349
Facsimile : (971-4)
3355674 / 3533057 / 3530830 / 3332342 / 3530839
Mobile : (971-50)
4501239 / 8807239
Email : ashokkt@hotmail.com
/ sunder@emirates.net.ae
/ nazranatrading@hotmail.com
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dubai.
Name Nationality Position
Ashok Kumar Thakwani Indian Managing
Director
Raj Kumar Thakwani Indian Director
Abbas Namat Abbas Mohamed Al Farsi Emirati Director
Murali Dhar - Commercial
Manager
Raj K Kashyap - Accountant
Vinay Mullani - Sales
Executive
Date of Establishment : 22nd
September 1991
Legal Form :
Limited
Liability Company - LLC
Commercial Reg. No. : 44863, Dubai
Trade Licence No. : 225918 (Expires
12/05/2015)
Chamber Member No. : 22044
Issued Capital : UAE Dh 300,000
Paid up Capital :
UAE
Dh 300,000
Name of
Shareholder (s) Percentage
Abbas Namat Abbas Mohamed Al Farsi 51%
Raj Kumar Thakwani 25%
Ashok Kumar Thakwani 24%
Kerala Silk House LLC
Ash Shorafa Store
Al Faheidi Street
Al Suq Al Kabir
PO Box: 32618 & 51321
Dubai
Tel: (971-4) 3538349 / 3534041
Fax: (971-4) 3530830
Mob: (971-50) 6243146
Activities: Engaged in the wholesale and retail of ladies readymade garments and
textiles.
Import Countries: Europe and India
International
Suppliers:
K K International India
Pamka Silk House India
Operating Trend: Steady
Subject has a workforce of 8 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 11,350,000 UAE Dh
12,210,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Middle East Bank Ltd
Arbift Tower
Baniyas Street
PO Box: 5547
Dubai
Tel: (971-4) 2220121
No complaints regarding subject’s payments have been reported.
Date of transaction November
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Established in 1991, subject is involved in the import and distribution
of ladies readymade garments and textiles.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
|
|
1 |
Rs.100.27 |
|
Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
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.