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Report No. : |
335033 |
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Report Date : |
05.08.2015 |
IDENTIFICATION DETAILS
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Name : |
FAISAL ALI
TRADING LLC |
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Registered Office : |
Al Sanabeel Building, 4th Floor, Office No. 405, Al Maktoum Road, Nasser Square, Deira, P O Box: 172018, 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 : |
18.05.2015 |
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Com. Reg. No.: |
1043713, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Engaged in the
import and distribution of building materials, hardware, tools, chemicals,
paint and varnish, welding equipment, PVC products, safety products, sanitary
products, air conditioning and refrigeration equipment. |
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No. of Employees : |
7 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. 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 : FAISAL ALI
TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 18th
May 2005
Commercial
Registration Number : 1043713,
Dubai
Trade Licence
Number : 569253
Chamber Membership
Number : 97492
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce :
7
Activities :
Distributors of building hardware, tools, materials, chemicals,paintand
varnish, welding equipment, PVC
products, safety products, sanitary
products, air conditioning and refrigeration
equipment.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
FAISAL ALI TRADING
LLC
Building : Al Sanabeel Building,
4th Floor, Office No. 405
Street : Al Maktoum Road
Area : Nasser Square, Deira
PO Box : 172018
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2282384
Facsimile : (971-4) 2282385
Email : fatrade@emirates.net.ae / fatsuku@hotmail.com
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dubai.
Name Nationality Position
·
Vishamir
Koodamal Odormani Indian Managing Director
·
Faisal
Ali Juma Basheer Farhan Emirati Director
·
Ramesh Sharma - General
Manager
·
Ali Atta - Finance
Manager
·
May Bien - Administration
Executive
Date of Establishment : 18th
May 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1043713,
Dubai
Trade Licence No. : 569253
(Expires 17/05/2016)
Chamber Member No. : 97492
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Faisal
Ali Juma Basheer Farhan 51%
·
Vishamir
Koodamal Odormani 49%
Activities: Engaged in the import and distribution of
building materials, hardware, tools, chemicals, paint and varnish, welding equipment,
PVC products, safety products, sanitary products, air conditioning and
refrigeration equipment.
Import
Countries: Europe and the
Far East.
Brand Names: ROCKLAND, WORKMASTER and FORCEMASTER
Operating Trend: Steady
Subject has a
workforce of 7 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 10,000,000 UAE Dh 10,830,000
Local sources
consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
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.63.93 |
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|
1 |
Rs.99.82 |
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Euro |
1 |
Rs.70.05 |
INFORMATION DETAILS
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Analysis Done by
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KIN |
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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.