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Report Date : |
2.09.2014 |
IDENTIFICATION DETAILS
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Name : |
BMA INTERNATIONAL FZE |
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Registered Office : |
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Country : |
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Date of Incorporation : |
13.03.2000 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Subject is engaged in the import and distribution of electrical appliances, foodstuffs, stationery, toys, tools and readymade garments. |
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No. of Employees : |
35 |
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 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
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 : BMA INTERNATIONAL FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
13th March 2000
Trade Licence Number :
3518
Chamber Membership Number :
58262
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
35
Activities :
Distributors of electrical appliances, foodstuffs, stationery, toys, tools and
readymade garments.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Muzamil Hussain, Accountant
BMA INTERNATIONAL FZE
Registered &
Physical Address
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 17474
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8169777
Facsimile : (971-4)
8833344
Email : bma@bma.ae / bma@bmaintl.com
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Jebel Ali Free Zone.
Name Nationality Position
·
Mohamed Arif Al Shaikh Indian Managing
Director
·
Javid Shaikh - Chief
Financial Officer
·
Mohamed Saad - Finance
Manager
·
Pranav Shanker - Commercial
Manager
·
Muzamil Hussain - Accountant
Date of Establishment : 13th
March 2000
History : Subject began in
2000 and was originally owned by “Palmon (UAE) Ltd” of Jersey, United Kingdom.
However of 3rd August 2002 the subject changed ownership and “Palmon (UAE)
Ltd”
was replaced by “BMA International EC” of Bahrain.
Legal Form :
Free
Zone Establishment - FZE
Trade Licence No. : 3518
Chamber Member No. : 58262
Issued Capital : UAE Dh 1,000,000
Paid up Capital :
UAE
Dh 1,000,000
Name of
Shareholder (s) Percentage
BMA International EC 100%
Manama
Bahrain
·
Red Tag Fashion
Dubai
·
Giant Hypermarkets
Dubai
·
24 Fashion LLC
Dubai
Activities : Engaged in the import
and distribution of electrical appliances, foodstuffs, stationery, toys, tools
and readymade garments.
Import Countries : Europe and the
Far East.
Subject has a workforce of 35 employees.
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
HSBC Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
No complaints regarding subject’s payments have been reported.
Date of transaction May
2014
Credit amount 300,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.60.80 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.