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Report No. : |
318931 |
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Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
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Name : |
FLEMINGO INTERNATIONAL LTD |
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Registered Office : |
Plot No. S20102, Jebel Ali Free Zone South, PO Box 61239, 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 : |
01.09.2003 |
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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 duty free products,
including alcoholic beverages, toiletries, cosmetics, tobacco and watches. Subject
also provides transportation and warehousing services as well as marketing
and brand development. |
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No. of Employees : |
95 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
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. 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 |
Company Name :
FLEMINGO INTERNATIONAL LTD
Country of Origin :
British Virgin Islands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
1st September 2003
Trade Licence Number :
2689
Chamber Membership Number :
79114
Total Workforce : 95
Activities :
Distributors of duty free products.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Reddy Terrimola, Finance Manager
FLEMINGO INTERNATIONAL LTD
Registered &
Physical Address
Location : Plot No.
S20102
Area : Jebel Ali
Free Zone South
PO Box : 61239
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8871132
/ 8809930
Facsimile : (971-4)
8871145
Email : info@flemingo-intl.com
Please note that subject’s previous address was, Plot No. EWT 42A, Between
5th & 6th Roundabout, Sheikh Zayed Road, Jebel Ali
Free Zone, Dubai.
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
Thakar Mahendra Kumar Pershotamdas Indian Managing Director
Atul Ahuja - Director
Paul Topping - Director
Carlo Bernasconi - Director
Hem Chand Gandhi - Director
Sumeet Narang - Director
Harold Gittelmon - Director
Reddy Terrimola - Finance
Manager
Iftikhar Habibullah - Sales
Manager
Jain Kekala - Marketing
Manager
Afzal Ahmed - Accountant
Date of Establishment : 1st
September 2003
Legal Form : Subject is the
United Arab Emirates registered branch of Flemingo International Ltd, a
Limited Liability
Company incorporated in the British Virgin Islands.
Flemingo International Ltd in the United Arab Emirates, operates
as a 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 the British Virgin Islands.
Trade Licence No. : 2689 (Expires
04/11/15)
Chamber Member No. : 79114
Bhatia Traders LLC
Sharjah
United Arab Emirates
MH Enterprises LLC
Dubai
United Arab Emirates
Dynamic Traders LLC
Dubai
United Arab Emirates
Activities: Engaged in the import and distribution of duty free products, including
alcoholic beverages, toiletries, cosmetics, tobacco and watches. Subject also
provides transportation and warehousing services as well as marketing and brand
development.
Import Countries: Europe and the Far East.
International
Suppliers:
Heineken Netherlands
Pernod Ricard France
Brand Names: BRITISH AMERICAN
TOBACCO, CUTTY SARK, DANZKA, DISARONNO, DISTELL, JVC, KRAFT,
MARIE BRIZARD, MASTERFOODS, NEMIROFF,
SAGATIBA, SONY, FAMOUS GROUSE, TORRES
and ZONIN
Operating Trend: Steady
Subject has a workforce of 95 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 219,018,079 UAE Dh
246,881,163
Net Profit UAE
Dh 18,423,728 UAE Dh
12,574,952
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Reddy Terrimola, Finance Manager
National Bank of Fujairah
PO Box: 2979
Dubai
Tel: (971-4) 3971700 / 5078300
Fax: (971-4) 3979100 / 3973922
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
2007
Credit amount 7,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
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.63.61 |
|
|
1 |
Rs.96.55 |
|
Euro |
1 |
Rs.69.18 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.