MIRA INFORM REPORT

 

 

Report Date :

04.09.2014

 

IDENTIFICATION DETAILS

 

Name :

OCEANA INTERNATIONAL TRADING LLC

 

 

Registered Office :

Bank of Baroda Building, 3rd Floor, Flat No. 301, Al Faheidi Street, Al Souq Al Kabir, Bur Dubai, PO Box 411, Dubai

 

 

Country :

Unite Arab Emirates

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

19.08.1993

 

 

Com. Reg. No.:

28782

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is engaged in the wholesale and retail of readymade garments and textiles.

 

 

No of Employees :

16

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

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

 

 

 

SUMMARY

 

Company Name                                     : OCEANA INTERNATIONAL TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 19th August 1993

Commercial Registration Number            : 28782, Dubai

Trade Licence Number                            : 231810

Chamber Membership Number                : 27997

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 16

Activities                                               : Wholesalers and retailers of readymade garments and textiles.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

OCEANA INTERNATIONAL TRADING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Bank of Baroda Building, 3rd Floor, Flat No. 301

Street               : Al Faheidi Street

Area                 : Al Souq Al Kabir, Bur Dubai

PO Box             : 411

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 3533080 / 3537755 / 3539870

Facsimile          : (971-4) 3538395 / 3536261

Mobile               : (971-50) 6245472

Email                : oceana@emirates.net.ae

 

Premises

 

Subject operates from a small suite of offices that are rented located in the Central Business Area of Dubai.

 

Branch Office (s)

 

Location                                                                                              Description

 

Nasser Abdullah Hussain Anoohi Building                                                Rented showroom premises

Sikkat Al Khail Street

PO Box: 3930

Dubai

Tel: (971-4) 3534344

Fax: (971-4) 3531100

 

Al Suq Street                                                                                         Rented showroom premises

PO Box: 3930

Dubai

Tel: (971-4) 3539770

 

Museum Road                                                                                       Rented showroom premises

Dubai

Tel: 971-4) 3534344

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                   Position                                              

 

Vijay Lashwani                                                  Indian                            Managing Director

 

Narinda Kumar Khatri                                         Indian                            Director

 

Abdullah Ali Asghar Abdullah Al Abdullah Emirati                                      Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment              : 19th August 1993

 

Legal Form                              : Limited Liability Company - LLC

 

Commercial Reg. No.              : 28782, Dubai

 

Trade Licence No.                   : 231810

 

Chamber Member No.             : 27997

 

Issued Capital                          : UAE Dh 300,000

 

Paid up Capital                        : UAE Dh 300,000

 

Name of Shareholder (s)                                                    Percentage

 

Abdullah Ali Asghar Abdullah Al Abdullah                                     51%

 

Vijay Lashwani                                                              ]          

                                                                                    ]           49%     

Narinda Kumar Khatri                                                      ]

 

 

AFFILIATED COMPANIES

 

Abdullah Ali Abdullah Trading LLC

Heirs of Abdul Latif Othman Al Bassam Building

Al Ras Street

Al Ras

PO Box: 3930 & 57615

Dubai

Tel: (971-4) 2723408

Fax: (971-4) 2725213

OPERATIONS

 

Activities: Engaged in the wholesale and retail of readymade garments and textiles.

 

Import Countries: China and India

 

International Suppliers:

 

Nimbago Cibao Fibre                  China

Satayam Senotex                      India

 

Operating Trend: Steady

 

Subject has a workforce of 16 employees.

 

 

FINANCIAL DATA

 

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 9,580,000                     UAE Dh 10,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Emirates National Bank of Dubai

Baniyas Street

PO Box: 777

Dubai

Tel: (971-4) 2222241

 

Habib Bank AG Zurich

Baniyas Road

PO Box: 3306

Dubai

Tel: (971-4) 2214535

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.60.54

UK Pound

1

Rs.99.73

Euro

1

Rs.79.54

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.