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Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
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Name : |
PULSE INDIA FOODSTUFF LLC |
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Registered Office : |
Al Gaz Building,
Shop No. 7, Al Ras Area, P O Box: 64617, 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 : |
14.08.2002 |
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Com. Reg. No.: |
60178, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and Distribution
of General Foodstuff Products and Beverages. |
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No. of Employees : |
24 |
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 |
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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 |
|
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 : PULSE
INDIA FOODSTUFF LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date : 14th
August 2002
Commercial
Registration Number : 60178,
Dubai
Trade Licence
Number : 536655
Chamber Membership
Number : 71041
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 24
Activities :
Distributors of general foodstuff products and beverages
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Shahid Parviz,
Financial Controller
PULSE INDIA
FOODSTUFF LLC
Building : Al Gaz Building, Shop
No. 7
Area : Al Ras Area
PO Box : 64617
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2291779
Facsimile : (971-4) 2261799
Mobile : (971-50) 6875677
Email : pulseind@eim.ae
Please note that
subject’s previous address was, Mahmoud Mohamed Yousuf Kalbat Building, Al Ras
Street, Al Ras, Dubai.
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
·
Yasin
Abdul Majid Ranani Mohamed Indian Managing
Director
·
Mohamed
Ali Rashid Suwailem Ajtabi Emirati Director
·
Mohamed
Farooq - Sales
Manager
·
Shahid
Parviz - Financial
Controller
Date of Establishment : 14th
August 2002
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 60178, Dubai
Trade Licence No. : 536655
(Expires 12/08/2015)
Chamber Member No. : 71041
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Mohamed
Ali Rashid Suwailem Ajtabi 51%
·
Yasin Abdul
Majid Ranani Mohamed 49%
Activities: Engaged in the import and distribution of
general foodstuff products and beverages.
Import
Countries: Europe, India,
Canada and Australia
International
Suppliers:
·
Hill
Gold Trading India
·
Amir Agro
Industries India
·
Alta
Green Canada
·
Glencore
Green Australia
Brand Names: 123 and YASSIR
Operating Trend: Steady
Subject has a
workforce of 24 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
131,800,000 UAE Dh
136,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Shahid Parviz, Financial Controller
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax:
(971-4) 2284631
No complaints
regarding subject’s payments have been reported.
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.61.36 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
|
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.