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Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
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Name : |
SPECIALITY INDUSTRIES 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 : |
09.05.2006 |
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Com. Reg. No.: |
80673, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacturers of
adhesives, construction chemicals and wall coating materials |
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No. of Employees : |
20 |
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 |
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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 : SPECIALITY INDUSTRIES LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 9th May
2006
Commercial
Registration Number : 80673,
Dubai
Trade Licence
Number : 581089
Chamber Membership
Number : 107373
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 20
Activities :
Manufacturers of adhesives, construction chemicals and wall coating
materials
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Arun Dave,
Sales Manager
SPECIALITY
INDUSTRIES LLC
Building : Ali Mohamed Bujaseem Building
Street : Sheikh Zayed Road
Area : Jebel Ali Industrial Area No.
2
PO Box : 115666 & 282186
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8802928
Facsimile : (971-4) 8802446
Mobile : (971-50) 3069999
/ (971-56) 4845158
Email : info@simllc.ae / gsnraine@eim.ae
Subject operates
from a small suite of offices and a factory that are rented and located in the
Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
·
Ali
Mohamed Saeed Bujsaim Emirati Managing
Director
·
Mohamed
Ali Mohamed Bujsaim Emirati Director
·
Awad
Pasham - Financial
Controller
·
Yahya
Ali - Accountant
·
Arun
Dave - Sales
Manager
Date of Establishment : 9th
May 2006
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 80673, Dubai
Trade Licence No. : 581089
(Expires 08/05/2015)
Chamber Member No. : 107373
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Ali
Mohamed Saeed Bujsaim 51%
·
Mohamed
Ali Mohamed Bujsaim 49%
·
Meditech
Medical Supplies
Dubai
Activities: Engaged in the manufacture of adhesives,
construction chemicals and wall coating materials, as well as silica sand,
potassium feldspar / sodium feldspar, china clay (kaolin) / ball clay, quartz /
pebbles (gravels), bentonite, talc / soapstone powder, hydrated lime powder /
quick lime / limestone, dolomite, baryites, calcium carbonate, microsilica and
silica flour.
Import
Countries: Europe and the
Far East
International
Suppliers:
·
Sorya
Export India
·
Vinayakna
Micron India
Operating Trend: Steady
Subject has a
workforce of 20 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
11,100,000 UAE Dh
11,375,000
Local sources
consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
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.61.46 |
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|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
|
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 |
-- |
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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.