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Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
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Name : |
WESLEY INTERNATIONAL LIMITED |
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Registered Office : |
Building No. S 10806, Sheikh Zayed Road, Roundabout No. 8, Jebel Ali Free Zone, South Zone 17113 Dubai |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
01.07.1993 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the
import and distribution of razors, shaving foam, combs and manicure kits |
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No. of Employees : |
55 |
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 : |
Branch of a Foreign Registered Corporation |
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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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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
|
Source
: CIA |
Company Name : WESLEY INTERNATIONAL LIMITED
Country of Origin :
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 1st
July 1993
Trade Licence
Number : 827
Chamber Membership
Number : 27666
Total Workforce : 55
Activities :
Distributors of razors, shaving foam, combs and manicure kits.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
WESLEY
INTERNATIONAL LIMITED
Building : Building No. S 10806
Street :
Area : Jebel Ali Free Zone, South
Zone
PO Box : 17113
Town :
Country :
Telephone : (971-4) 8862121 / 8143333 / 8836150
Facsimile : (971-4) 8863967
Email : wesleycu@emirates.net.ae / merlyn.goveas@supermaxworld.com
suresh.shetty@super-maxworld.com
Subject operates
from a suite of offices and a warehouse covering an area of 50,000 square feet
that are rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Position
·
Simon
Cook Managing
Director
·
Samir
Solkani Export
Manager
·
Denise
Taskar Commercial
Manager
·
Mostafa
Zoeb Finance
Manager
·
Suresh
Shetty Assistant
Finance Manager
·
Keshor
Wad Human
Resources Manager
·
Merlyn
Goveas Administration
Executive
Date of Establishment : 1st
July 1993
Legal Form :
Subject is the United Arab
Emirates registered branch of Wesley International
Limited, a Limited Liability Company
incorporated in
Wesley International Limited in
the
Branch of a Foreign
Registered Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in
its own right. Responsibility
for payments lays in the hands of the
company where it is originally
registered.
Under these circumstances, we
strongly advise that any international trade credit should
only be written under the name
of the main company where the subject holds its registered
office, in this case
Trade Licence No. : 827
Chamber Member No. : 27666
Activities: Engaged in the import and distribution of
razors, shaving foam, combs and manicure kits.
Subject is ISO 9001 accredited.
Import
Countries: Europe and the
Brand Names: SUPER-MAX
Operating Trend: Steady
Subject has a
workforce of 55 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/03/13: Year
Ending 31/03/14:
Total Sales US$ 132,000,000 US$ 136,400,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
HSBC
Bank
Deira Souk Branch
PO Box: 66
Tel: (971-4) 2535000
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.61.57 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.44 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
PDT |
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 |
-- |
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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.