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Report No. : |
352425 |
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Report Date : |
03.12.2015 |
IDENTIFICATION DETAILS
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Name : |
MAX HOLDINGS & INVESTMENTS LTD |
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|
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, Plot No. S11303, PO Box 17155
& 113630, Dubai |
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|
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Country : |
United Arab Emirates |
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Date of Incorporation : |
17.08.2004 |
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|
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the import and distribution of readymade
garments and fashion accessories. |
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No. of Employee : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Branch of a Foreign Registered Corporation |
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Payment Behaviour : |
Unknown |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name :
MAX HOLDINGS & INVESTMENTS LTD
Country of Origin :
British Virgin Islands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
17th August 2004
Trade Licence Number :
4936
Chamber Membership Number :
88746
Total Workforce : 15
Activities :
Distributors of ready made garments and fashion accessories.
Financial Condition :
Undetermined
Payments :
Unknown
Person Interviewed :
Mansour Ali, Finance Manager
MAX HOLDINGS &
INVESTMENTS LTD
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone, Plot No. S11303
PO Box : 17155 & 113630
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8095800
/ 8817164 / 8095802
Facsimile : (971-4)
8095868 / 8815170
Mobile : (971-50)
4526578
Email : barry.masterson@cplmg.com
/ sanjeev.matharu@cplmg.com / mansoor.ali@landmarkgroup.com
mohammed.abdelhaq@landmarkgroup.com
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Jebel Ali Free Zone.
Name Nationality Position
· Ramanathan
Hariharan Krishnan Indian Chief
Executive Officer
· Shiram
Gopal Krishnan Indian General Manager
· Sanjeev Matharu - Assistant
General Manager
· Barry
Masterson - Operations
Manager
· Mansour Ali - Finance
Manager
· Mohammed Abdel Haq - Legal
Manager
Date of
Establishment : 17th
August 2004
Legal Form : Subject is the
United Arab Emirates registered branch of Max Holdings & Investments Ltd, a
Limited Liability
Company incorporated in the British Virgin Islands.
Trade Licence No. : 4936
Chamber Member No. : 88746
· RNA Resources Group Ltd (Land Mark Group)
PO Box: 25030
Dubai
Tel: (971-4) 3365143 / 3395111
Fax: (971-4) 3378675
Activities: Engaged in the import and distribution of readymade garments and
fashion accessories.
Import Countries: Europe and the Far East
Subject has a workforce of 15 employees.
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
Unknown
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.66.62 |
|
|
1 |
Rs.100.34 |
|
Euro |
1 |
Rs.70.67 |
|
UAE DH |
1 |
Rs. 18.14 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
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Report Prepared
by : |
ASH |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.