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Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
SM 911, 9th Floor, Building No. C1 Ajman Free Zone |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
08.05.2010 |
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Legal Form : |
Free Zone Establishment - FZE |
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LINE OF BUSINESS : |
ENGAGED
IN THE IMPORT AND DISTRIBUTION OF READYMADE GARMENTS, TEXTILES, FERROUS AND
NON FERROUS METALS |
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No. of Employees |
02 |
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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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UAE |
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 |
UAE - 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 :
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 8th May 2010
Trade Licence Number : 5116
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 2
Activities : Distributors of readymade garments, textiles, ferrous and non ferrous metals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL SAYED GENERAL
TRADING FZE
Building : SM 911, 9th
Floor, Building No. C1
Area : Ajman Free
Zone
Town : Ajman
Country : United Arab
Emirates
Please note that subject’s previous registered address was, Plot EOC
1787, Ajman Free Zone.
PO Box : 81459 &
80901
Town : Dubai
Country : United Arab
Emirates
Mobile : (971-55)
6394082
Email : varun2353@gmail.com / info@alsayedgeneraltrading.com
Subject operates from a small suite of offices that are rented and
located in the Ajman Free Zone Area of Ajman.
Name Nationality Position
· Arun Chopra Indian Managing
Director
Date of
Establishment : 8th May
2010
Legal Form : Free Zone
Establishment – FZE
Trade Licence No. : 5116
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
· Arun Chopra 100%
Activities: Engaged in the import and
distribution of readymade garments, textiles, ferrous and non ferrous metals
Import Countries: Europe
and the Far East
Operating Trend: Steady
Subject has a workforce of 2 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 9,300,000 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.
·
HSBC Bank Middle East
Main Branch
Ajman
Tel: (971-6)
5537222
Fax: (971-6)
5537880
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed 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.61.46 |
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|
1 |
Rs.98.21 |
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Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
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.