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Report No. : |
315052 |
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Report Date : |
02.04.2015 |
IDENTIFICATION DETAILS
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Name : |
GRC FASHION
GENERAL TRADING LLC |
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Registered Office : |
Al Bahrana Building,
Office No. 20, Fahidi Street, Al Souq Alkabir, P O Box: 241942, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
17.06.2009 |
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Com. Reg. No.: |
1045447, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Imports and
Distributors of Readymade Garments and Fashion Items. |
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No. of Employees : |
4 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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.
|
Source
: CIA |
Company Name : GRC
FASHION GENERAL TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 17th
June 2009
Commercial
Registration Number : 1045447,
Dubai
Trade Licence
Number : 626083
Chamber Membership
Number : 174718
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 4
Activities :
Distributors of readymade garments and fashion items
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Arun Gidwani,
Sales Executive
GRC FASHION GENERAL
TRADING LLC
Building : Al Bahrana Building,
Office No. 20
Street : Fahidi Street
Area : Al Souq Alkabir
PO Box : 241942
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3540701
Facsimile : (971-4) 3540702
Mobile : (971-50) 2463107
Email : grc_dxb@emirates.net.ae
Please note that
the correct P O Box number is 241942. Subject no longer uses the P O Box 50558.
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Name Nationality Position
·
Outam
Komar Moto Mal Nekany Indian Managing
Director
·
Mohamed
Murad Abdul Rahman Ali Al Balooshi Emirati Director
·
Arun
Gidwani - Sales
Executive
Date of Establishment : 17th
June 2009
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1045447,
Dubai
Trade Licence No. : 626083
(Expires 16/06/2015)
Chamber Member No. : 174718
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Mohamed
Murad Abdul Rahman Ali Al Balooshi 51%
·
Outam
Komar Moto Mal Nekany 49%
Activities: Engaged in the import and distribution of
readymade garments and fashion items.
Import
Countries: India and China.
International Suppliers:
·
Kosas Export India
·
Shree Ajay International India
·
Shoixing Long Tong China
Operating Trend: Steady
Subject has a
workforce of 4 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 8,000,000 UAE Dh 8,435,000
Local sources
consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
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.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
: |
KAR |
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Report Prepared
by : |
NIT |
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 |
-- |
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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.