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Report No. : |
304774 |
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Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SKYLARK GENERAL TRADING LLC |
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Registered Office : |
Plot No. 9, Nad Al Hammar, Deira, PO Box:
86772, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
18.03.2010 |
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Com. Reg. No.: |
1056432 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distributors of Electrical Appliances and Industrial Machinery |
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No. of Employee : |
12 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 :
SKYLARK GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date : 18th March 2010
Commercial Registration Number : 1056432, Dubai
Trade Licence Number : 636635
Chamber Membership Number : 181218
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 12
Activities :
Distributors of electrical appliances and industrial machinery
Financial Condition : Undetermined
Payments :
Satisfactory
SKYLARK
GENERAL TRADING LLC
Location :
Plot No. 9, Nad Al Hammar
Area :
Deira
PO Box :
86772
Town :
Dubai
Country :
United Arab Emirates
Telephone :
(971-4) 2894905
Facsimile :
(971-4) 2894906
Mobile :
(971-50) 6754181 / 6989258
Email :
zakyas@emirate.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
Offices
Location Description
·
Industrial Area No. 10 Office
premises
Sharjah
Tel: (971-6) 5313337
Fax: (971-6) 5313737
Name Nationality Position
·
Zahid Ali Khan Muzaffar Ali Khan Pakistani Managing Director
·
Sheikh Mohamed Bin Maktoumi Bin Juma Al Maktoum Emirati Director
·
Bilal Hussain - Sales
Manager
Date of
Establishment : 18th
March 2010
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1056432, Dubai
Trade Licence No. : 636635 (Expires 17/03/2015)
Chamber Member No. : 181218
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Sheikh Mohamed Bin Maktoumi Bin Juma Al Maktoum 51%
·
Zahid Ali Khan Muzaffar Ali Khan 25%
·
Triple E Assets Sarl 24%
Switzerland
·
Sweden Heavy Equipment
& Spare Parts Trading LLC
Sharjah
Activities: Engaged in the
import and distribution of electrical appliances and industrial machinery.
Import Countries: Europe and the
Far East.
International
Suppliers:
·
Steel Impex Industries India
Subject has a workforce of 12 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.
· Commercial Bank of
Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4)
2227121 / 2253222
Fax: (971-4)
2220943 / 2254565
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. 61.46 |
|
|
1 |
Rs. 92.76 |
|
Euro |
1 |
Rs. 69.03 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
|
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Report Prepared
by : |
ASH |
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 |
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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.