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Report No. : |
314959 |
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Report Date : |
01.04.2015 |
IDENTIFICATION DETAILS
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Name : |
PRIME SELECTED PRODUCTS PSP FZCO |
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Registered Office : |
Jebel Ali Free Zone South, Plot No. FZS1BE02, PO Box : 1722, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
07.10.2014 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Subject is engaged in the import and distribution of bedding products,
including mattress protectors, sheets and duvet covers. |
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No. of Employee : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 :
PRIME SELECTED PRODUCTS PSP FZCO
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date :
7th October 2014
Trade Licence Number :
139894
Membership Number :
240973
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
5
Activities :
Distributors of bedding products.
Financial Condition :
Undetermined
Payments :
Unknown
ARIC Credit Rating :
NB
PRIME SELECTED
PRODUCTS PSP FZCO
Location : Jebel Ali Free
Zone South, Plot No. FZS1BE02
PO Box : 1722
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8806356
Facsimile : (971-4)
8806357
Mobile : (971-56)
1795558
Email : info@psp-mea.com
Subject operates from a small suite of offices that are rented and
located in the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
· Joseph Azzi Lebanese Managing
Director
· Salim Joseph Azzi Lebanese Director
· Samer Joseph Azzi Lebanese Director
· Elie Joseph Azzi Lebanese Director
· Jeffery Shertouni
- Sales
Manager
Date of
Establishment : 7th
October 2014
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 139894
Membership No. : 240973
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Joseph Azzi
· Salim Joseph Azzi
· Samer Joseph Azzi
· Elie Joseph Azzi
· Prime Selected Products Sarl
Beirut
Lebanon
Activities: Engaged in the import and distribution of bedding products, including
mattress protectors, sheets and
duvet covers.
Import Countries: Spain, Italy and the Netherlands.
International
Suppliers:
· Dunlopillo Spain
· Delis Spain
· Technogel Italy
· Auping Netherlands
Subject has a workforce of 5 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box: 999
Dubai
Tel: (971-4)
2520455
Unknown
Please note that the correct name of the subject is “Prime Selected
Products PSP FZCO” and not “Prime Selected Products PSP Products PSP FZCO”.
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a
close monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.59 |
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|
1 |
Rs.92.46 |
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Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ASH |
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.