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Report Date : |
20.10.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Industrial Area
No. 2, 25569, Sharjah |
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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 : |
10.03.1996 |
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Com. Reg. No.: |
27956 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Engaged in the import
and distribution of building materials, false ceilings and gypsum products |
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No of Employees : |
25 |
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
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Source
: CIA |
Company Name : AL NAMARIQ BUILDING MATERIALS TRADING CO LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 10th March 1996
Commercial Registration Number : 27956, Sharjah
Trade Licence Number : 120254
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 25
Activities : Distributors of building materials
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rajesh Ganesh, Administration Manager
AL NAMARIQ BUILDING
MATERIALS TRADING CO LLC
Location : Industrial Area No. 2
PO Box : 25569
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5328033
Facsimile : (971-6) 5328302
Mobile : (971-50) 6317896
Email : nbmgroup@emirates.net.ae / namariq1@eim.ae
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
Branch Office
(s)
Location Description
·
Ajman Office
premises
Tel: (971-6) 7482713
Fax: (971-6) 7482731
·
Al Ain Office
premises
Tel: (971-3) 7217175
Fax: (971-3) 7217156
Name Nationality Position
·
Harj
Prasad Krishnan Kutti Indian Managing Director
·
Obaid
Ismail Obaid Emirati Director
·
Rajesh
Ganesh - Administration
Manager
·
Sirjeet
Ramankunth - Commercial
Manager
·
K V
Chandran - Accounts
Manager
Date of Establishment : 10th
March 1996
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 27956,
Sharjah
Trade Licence No. : 120254
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Obaid
Ismail Obaid 51%
·
Harj
Prasad Krishnan Kutti 49%
·
NBM
Building Materials LLC
Dubai
·
Al
Namariq Furniture Industry & Decor LLC
Dubai
·
Palm
Grove Restaurant in Marcopolo Hotel
Dubai
·
Coconut
Grove Restaurant in Ridges Plaza Hotel
Dubai
·
Time
Vision
Dubai
·
Al
Namariq Building Est
PO Box: 25569
Sharjah
·
Skyline
Decor
Sharjah
Activities: Engaged in the import and distribution of
building materials, false ceilings and gypsum products.
Import
Countries: Europe and the
Far East.
International
Suppliers:
·
USG
Middle East Saudi Arabia
Operating Trend: Steady
Subject has a
workforce of 25 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 10,200,000 UAE Dh 11,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Abu
Dhabi Commercial Bank
Mina Road
PO Box: 4377
Sharjah
Tel: (971-6) 5737000
Fax: (971-6) 5725331
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.61.62 |
|
|
1 |
Rs.99.12 |
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Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
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 |
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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.