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Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
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Name : |
MOHAMMED HUZAIFA
TEXTILES LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
07.03.2012 |
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Com. Reg. No.: |
1091435, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the import and distribution of readymade garments and
textiles. |
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No of Employees : |
4 |
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) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 : MOHAMMED HUZAIFA TEXTILES LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 7th
March 2012
Commercial
Registration Number : 1091435,
Dubai
Trade Licence
Number : 666824
Chamber Membership
Number : 208578
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities :
Distributors of readymade garments and textiles.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Person Interviewed : Gulam Rasool
Gulam Mustafa Patel, Managing Director
MOHAMMED HUZAIFA
TEXTILES LLC
Building : Khalil Ali
Fardan Building, Shop No. 15
Area : Bur Dubai
PO Box : 44428
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3278865
Facsimile : (971-4)
3864198
Mobile : (971-55)
1067162
Email : glmrslppl@gmail.com
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
· Gulam Rasool Gulam
Mustafa Patel Indian Managing Director
· Shihab Ali Mohamed
Ahmed Alhashemi Emirati Director
· Mani Ram - Sales
Manager
Date of
Establishment : 7th
March 2012
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1091435, Dubai
Trade Licence No. : 666824 (Expires 06/03/2015)
Chamber Member No. : 208578
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Shihab Ali Mohamed
Ahmed Alhashemi 51%
· Gulam Rasool Gulam
Mustafa Patel 49%
Activities: Engaged in the import and distribution of readymade garments and
textiles.
Import Countries: Europe and the Far East.
International
Suppliers:
· Brakat Textile India
· Irbaaz Textile India
· Aagan Impex India
· Oswal Silk Mill India
Subject has a workforce of 4 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13:
Total Sales UAE
Dh 12,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Gulam Rasool Gulam Mustafa Patel,
Managing Director.
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box: 999
Dubai
Tel: (971-4)
2520455
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.61.47 |
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|
1 |
Rs.98.77 |
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Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SMN |
RATING EXPLANATIONS
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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 |
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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 |
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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.