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Report No. : |
309062 |
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Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
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Name : |
INVOGUE GENERAL
TRADING LLC |
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Registered Office : |
Dubai Printing Press Building, Suite M4 Zabeel Road Al Karama Area 124511 Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
03.06.2006 |
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Com. Reg. No.: |
1050514, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Subject’s
operations are performed through the following divisions: ·
Food Trading Division Engaged in the import and distribution of general foodstuff products. ·
Automobile Trading Division Engaged in the import and distribution of new a used automobiles and
motorbikes. ·
IT Products Trading Division Engaged in the import and distribution of IT and computer equipment. ·
Mobiles Trading Division Engaged in the import and distribution of mobile telephones and
related accessories. |
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No. of Employee : |
5 |
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 complains |
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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 |
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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.
|
Source
: CIA |
Company Name : INVOGUE
GENERAL TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 3rd
June 2006
Commercial
Registration Number : 1050514,
Dubai
Trade Licence
Number : 581980
Chamber Membership
Number : 184053
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 5
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Shiva Shanker,
Sales Executive
INVOGUE GENERAL TRADING LLC
Building : Dubai Printing Press Building,
Suite M4
Street : Zabeel Road
Area : Al Karama Area
PO Box : 124511
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3348255
Facsimile : (971-4) 3348182
Mobile : (971-50) 6521580
Email : md@invogueme.ae
/ md@invogeme.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Pasumarthi
Hanumantha Rao Indian Managing Director
·
Nageshwar
Raw Narendra Indian Director
·
Mohamed
Ali Rashed Suwailem Al Agtobe Emirati Director
·
T Jitin - Commercial
Manager
·
Shiva
Shanker - Sales
Executive
Date of Establishment : 3rd
June 2006
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1050514,
Dubai
Trade Licence No. : 581980
(Expires 02/06/2015)
Chamber Member No. : 184053
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Mohamed
Ali Rashed Sowalem Al Agtobe 51%
·
Pasumarthi
Hanumantha Rao 25%
·
Nageshwar
Raw Narendra 24%
Activities: Subject’s operations are performed through
the following divisions:
·
Food Trading Division
Engaged in the import and
distribution of general foodstuff products.
·
Automobile Trading Division
Engaged in the import and
distribution of new a used automobiles and motorbikes.
·
IT Products Trading Division
Engaged in the import and
distribution of IT and computer equipment.
·
Mobiles Trading Division
Engaged in the import and distribution of mobile telephones and related
accessories.
Import
Countries: Europe and the
Far East.
Local Suppliers:
·
Asian & Africa General Trading LLC
·
Pagrani Trader LLC
·
Al Farooq Stationery LLC
·
Digital Network LLC
·
Reddington Gulf
Export Countries: Rwanda
Operating Trend: Steady
Subject has a workforce
of 5 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 8,100,000 UAE Dh 8,425,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Bank of
Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
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.62.27 |
|
|
1 |
Rs.96.21 |
|
Euro |
1 |
Rs.70.76 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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|
|
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Report Prepared
by : |
ANK |
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 |
|
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 |
|
-- |
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.