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Report No. : |
308802 |
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Report Date : |
21.02.2015 |
IDENTIFICATION DETAILS
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Name : |
KAMAL TEXTILE CO
LLC |
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Registered Office : |
Loux Building, Ground Floor, Shop No. 5 Juma Masjid Road Al Souq Al Kabir 51506 Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
11.12.1996 |
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Com. Reg. No.: |
48173, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Engaged in the
wholesale and retail of textiles, fabrics, linen and readymade garments. |
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No. of Employee : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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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. 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.
|
Source
: CIA |
Company Name : KAMAL
TEXTILE CO LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 11th
December 1996
Commercial
Registration Number : 48173,
Dubai
Trade Licence
Number : 244560
Chamber Membership
Number : 41614
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 10
Activities :
Wholesale and retail of textiles, fabrics, linen and readymade garments
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Kamal Kishor
Sawlani, Managing Director
KAMAL TEXTILE CO LLC
Building : Loux Building, Ground Floor, Shop No. 5
Street : Juma Masjid Road
Area : Al Souq Al Kabir
PO Box : 51506
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3535523 / 3534495
Facsimile : (971-4) 3533821 / 3534976
Mobile : (971-50) 4574289
Email : kamaltex@emirates.net.ae
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Branch Office
(s)
Location Description
·
Al Rolla Street Rented
showroom premises
Sharjah
Tel: (971-6) 5687687
Name Nationality Position
·
Kamal
Kishor Sawlani Indian Managing
Director
·
Baqer
Jaber Baqer Hadid Mohamed Emirati Director
·
Kamal
Bhai - General
Manager
Date of Establishment : 11th
December 1996
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 48173, Dubai
Trade Licence No. : 244560
(Expires 10/12/2015)
Chamber Member No. : 41614
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Baqer
Jaber Baqer Hadid Mohamed 51%
·
Kamal
Kishor Sawlani 49%
·
Kamal Textile FZCO
Dubai Textile City
Dubai
United Arab Emirates
Activities: Engaged in the wholesale and retail of
textiles, fabrics, linen and readymade garments.
Import
Countries: India and China
Operating Trend: Steady
Subject has a
workforce of 10 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 9,700,000 UAE Dh 9,950,000
Local sources
consider subject’s financial condition to be Fair.
·
Habib
Bank AG Zurich
Baniyas Road
PO Box: 3306
Dubai
Tel: (971-4) 2214535
Acc No. AE830290420311105279653
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.62.25 |
|
|
1 |
Rs.96.01 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
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 |
|
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.