MIRA INFORM REPORT

 

 

Report No. :

317143

Report Date :

16.04.2015

 

IDENTIFICATION DETAILS

 

Name :

ELITE WAY MARINE SERVICES EST

 

 

Registered Office :

Customs Building, 4th Floor, Office No. 431, Hamriya Port, Al Hamriya, Port Saeed, P O Box: 63089 & 96099, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

13.07.2008

 

 

Com. Reg. No.:

1231784, Dubai

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject is engaged in the provision of ship management and vessel chartering. Subject has 12 vessels and also provides diving services.

 

 

No. of Employees :

60

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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. 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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                                    : ELITE WAY MARINE SERVICES EST

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 13th July 2008

Commercial Registration Number           : 1231784, Dubai

Trade Licence Number                           : 613544

Chamber Membership Number               : 144075

Invested Capital                                                : UAE Dh 50,000

Total Workforce                         : 60

Activities                                               : Providers of ship management and vessel chartering

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Wasif Ahmed, Financial Controller

 

COMPANY NAME

 

ELITE WAY MARINE SERVICES EST

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Customs Building, 4th Floor, Office No. 431

Area                 : Hamriya Port, Al Hamriya, Port Saeed

 

PO Box            : 63089 & 96099

 

Town                : Dubai

Country : United Arab Emirates

 

Telephone         : (971-4) 2599001 / 2588681 / 2387434

Facsimile          : (971-4) 2599002 / 2588682 / 2387438

Email                : mo.falasi@elitewayservices.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Port Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                    Position

 

·       Rashid Abdullah Rashid Al Falasi                  Emirati                          Proprietor

 

·       Capt Emanuel Tzortzakis                                    -                              General Manager

 

·       Wasif Ahmed                                                    -                              Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th July 2008

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 1231784, Dubai

 

Trade Licence No.        : 613544 (Expires 08/07/2015)

 

Chamber Member No.  : 144075

 

Invested Capital           : UAE Dh 50,000

 

Mr Rashid Abdullah Rashid Al Falasi is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Abu Qurrah Oil Well Maintenance Est

Hamdan Street

PO Box: 60940

Abu Dhabi

     Tel: (971-2) 6766299

     Fax: (971-2) 6766641

     CR No. 14189

 

 

OPERATIONS

 

Activities: Engaged in the provision of ship management and vessel chartering. Subject has 12 vessels and also

                 provides diving services.

 

Operating Trend: Steady

 

Subject has a workforce of 60 employees.

 

 

FINANCIAL DATA

 

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 64,800,000                   UAE Dh 70,000,000

 

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

 

The above figures were provided by Mr Wasif Ahmed, Financial Controller

 

 

BANKERS

 

·       Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.40

UK Pound

1

Rs.92.15

Euro

1

Rs.66.48

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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