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Report No. : |
306628 |
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Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SOLYMAN SERVICES (UK) LTD |
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Registered Office : |
Warehouse A4-07, Airport Road, Saif Zone, 8611, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
28.08.2002 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject’s operations are performed through the following divisions:
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No. of Employee : |
45 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. 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. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. 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.
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Source
: CIA |
Company
Name :
SOLYMAN SERVICES (UK) LTD
Country
of Origin :
United Kingdom
Legal
Form :
Branch of a Foreign Registered Corporation
Registration
Date : 28th
August 2002
Trade
Licence Number :
01443
Chamber
Membership Number : 700496
Issued
Capital :
UAE Dh 150,000
Paid
up Capital :
UAE Dh 150,000
Total
Workforce : 45
Activities :
Subject operates several divisions (see below for details)
Financial
Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating
Trend :
Steady
Person
Interviewed :
Jayakar Prabhakar Shenoy, Administration Manager
SOLYMAN SERVICES (UK) LTD
Building :
Warehouse A4-07
Street : Airport Road
Area : Saif Zone
PO Box : 8611
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5572266
Facsimile : (971-6)
5572271
Mobile : (971-50)
4570310
Email : ssl.ho@solymanservices.com
Please note that the correct PO Box number is 8611 and not 864
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Saif Zone, Sharjah.
Name Position
· Nanad Ganan Kumar Samant Managing
Director
· Sumant Kuredar General
Manager
· Jayakar Prabhakar Shenoy Administration
Manager
· Irafan Patel Finance
Manager
· Girish G
Pandorwala Food
Division Manager
· Parasad Savant Chemical
Division Manager
Date of
Establishment : 28th
August 2002
Legal Form : Subject is the
United Arab Emirates registered branch of Solyman Services
(UK) Ltd, a
Limited Liability
Company incorporated in the United Kingdom.
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 United Kingdom.
Trade Licence No. : 01443, Saif Zone
(Expires 25/09/2015)
Chamber Member No. : 700496
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Activities: Subject’s operations are performed through the following divisions:
·
Foodstuff Division
Engaged in the import and distribution of
general foodstuff.
·
Chemicals Division
Engaged as traders of chemicals,
specialising in industrial chemicals.
Import Countries: United Kingdom and Asia
International Suppliers:
· Mercker Germany
·
Palsgaard Denmark
Operating Trend: Steady
Subject has a workforce of 45 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 15,300,000 UAE Dh 15,800,000
Local sources consider subject’s financial condition to be Fair.
·
Emirates National Bank of Dubai
PO Box: 21850
Sharjah
Tel: (971-6)
5738888
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. 62.14 |
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|
1 |
Rs. 94.78 |
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Euro |
1 |
Rs. 70.38 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.