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Report No. : |
335450 |
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Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
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Name : |
WESLEY
INTERNATIONAL LIMITED |
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Registered Office : |
Building No. S 10806, Sheikh Zayed Road, Roundabout No. 8, Jebel Ali Free Zone, South Zone, P O Box: 17113, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
01.07.1993 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and
Distribution of Razors, Shaving Foam, Combs and Manicure Kits. |
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No. of Employees : |
55 |
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) |
|
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 : WESLEY INTERNATIONAL LIMITED
Country of Origin : Panama
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 1st
July 1993
Trade Licence
Number : 827
Chamber Membership
Number : 27666
Total Workforce :
55
Activities :
Distributors of razors, shaving foam, combs and manicure kits.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Person Interviewed : Jitendara Hada, Finance Manager
WESLEY
INTERNATIONAL LIMITED
Building : Building No. S 10806
Street : Sheikh Zayed Road, Roundabout
No. 8
Area : Jebel Ali Free Zone, South
Zone
PO Box : 17113
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8862121 / 8143333 / 8836150
Facsimile : (971-4) 8863967
Mobile : (971-50) 4644395
Email : wesleycu@emirates.net.ae / merlyn.goveas@supermaxworld.com
suresh.shetty@super-maxworld.com
/ jitendara.hada@supermaxworld.com
Subject operates
from a suite of offices and a warehouse covering an area of 50,000 square feet
that are rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Position
·
Mohamed Rizwan Vice
President Mena Region
·
Keshor
Wada Human
Resources Manager
·
Jitendara Hada Finance
Manager
·
Ittake Singh Logistics
Manager
Date of Establishment : 1st
July 1993
Legal Form :
Subject is the United Arab
Emirates registered branch of Wesley International
Limited, a Limited Liability Company
incorporated in Panama.
Wesley International Limited 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 Panama.
Trade Licence No. : 827
Chamber Member No. : 27666
Activities: Engaged in the import and distribution of
razors, shaving foam, combs and manicure kits.
Subject is ISO 9001 accredited.
Import
Countries: Europe and the
United States of America.
Brand Names: SUPER-MAX
Subject has a
workforce of 55 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year Ending
31/03/14: Year Ending
31/03/15:
Total Sales US$ 136,400,000 US$ 60,000,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
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.63.76 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.69.71 |
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.