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Report Date : |
15.10.2014 |
IDENTIFICATION DETAILS
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Name : |
MACNES GENERAL TRADING LLC |
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Registered Office : |
Al Harmain Centre, Level 4, Unit No 4B, Deira 235520, 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 : |
20.10.2007 |
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Com. Reg. No.: |
1017854, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the import, export and distribution of stainless steel
household items, stainless steel coils and circles, carpets and rugs,
garments, textiles, agro products, foodstuff items and metals, plastics and
commodities. |
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No. of Employees : |
12 |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 : MACNES
GENERAL TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 20th
October 2007
Commercial
Registration Number : 1017854,
Dubai
Trade Licence
Number : 601914
Chamber Membership
Number : 124993
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 12
Activities :
Distributors of stainless steel household items, stainless steel coils and
circles, carpets and rugs, garments,
textiles, agro products, foodstuff items
and metals, plastics and commodities.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Denish Daya, Financial Controller
MACNES GENERAL
TRADING LLC
Location : Al Harmain Centre, Level 4, Unit No 4B
Area : Deira
PO Box : 235520
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2667406
Facsimile : (971-4) 2667407
Mobile : (971-50) 9294311 / (971-56)
6182722
Email : info@macnesgroup.com
Please note that
subject’s previous address was, Office No.407, Al Jawhara Building , Bank
Street, Bur Dubai, Dubai and before that it was Al Zarooni Building, 2nd
Floor, Suite 204, Deira, PO Box 79998, Dubai.
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Tapan
Kumar Singhania Indian Managing
Director
·
Denish Daya - Financial Controller
·
Ankur
Goyle - Sales
Executive
Date of Establishment : 20th
October 2007
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1017854,
Dubai
Trade Licence No. : 601914
(Expires 17/10/2014)
Chamber Member No. : 124993
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Famous
Management Services LLC (formerly Areyme Sourcing General Trading LLC) 51%
Dubai
United Arab Emirates
·
Tapan
Kumar Singhania 49%
Activities: Engaged in the import, export and
distribution of stainless steel household items, stainless steel coils and
circles, carpets and rugs, garments, textiles, agro products, foodstuff items
and metals, plastics and commodities.
Import
Countries: India and China
International Suppliers:
·
Jayinie Impex Pvt Ltd India
·
Reward Impex Pvt Ltd India
Export Countries: Egypt, Saudi Arabia and African Countries
Operating Trend: Steady
Subject has a
workforce of 12 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
255,000,000 UAE Dh
267,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Denish Daya,
Financial Controller
·
Bank of
Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.11 |
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|
1 |
Rs.98.15 |
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Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
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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 |
-- |
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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.