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Report No. : |
305285 |
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Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
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Name : |
RISING STAR
TRADING LLC |
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Registered Office : |
RTA Parking Building, Ground Floor, Shop Nos. 8 & 9, Nasser Square, Al Rigga, Deira Souq, P O Box 50776, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
30.04.1990 |
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Com. Reg. No.: |
45707, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and
Distribution of Hand Tools, Building and Construction Materials. |
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No. of Employees : |
20 |
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 |
|
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 : RISING
STAR TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 30th
April 1990
Commercial
Registration Number : 45707,
Dubai
Trade Licence
Number : 222673
Chamber Membership
Number : 19022
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 20
Activities :
Distributors of building and construction materials.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : John Joseph,
Chief Financial Officer
RISING STAR TRADING
LLC
Building : RTA Parking Building,
Ground Floor, Shop Nos. 8 & 9
Street : Nasser Square
Area : Al Rigga, Deira Souq
PO Box : 50776
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2347588
Facsimile : (971-4) 2347589
Mobile : (971-50) 4444028
Email : sales@risingstar.ae
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office
(s)
Location Description
·
Al
Qusais Industrial Area No. 1 Office
premises
Dubai
Tel: (971-4) 2673786
Name Nationality Position
·
Zoeb
Asger Ali Dharwala
Indian Managing
Director
·
Asger
Ali Fazle Hussain Kesury Indian Director
·
Salah
Ali Abdul Redha Haider Al Bustani Emirati Director
·
Murataza
Kesury - Finance
Manager
·
John
Joseph - Chief
Financial Officer
Date of Establishment : 30th
April 1990
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 45707, Dubai
Trade Licence No. : 222673
(Expires 20/04/2015)
Chamber Member No. : 19022
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Salah
Ali Abdul Redha Haider Al Bustani 51%
·
Zoeb
Asger Ali Dharwala 25%
·
Asger
Ali Fazle Hussain Kesury
24%
·
Asger
Ali and Sons Co
Dubai
·
Heba Trading
Est
Dubai
Activities: Engaged in the import and distribution of
hand tools, building and construction materials.
Import
Countries: India, China,
Thailand and Italy.
International Suppliers:
·
DTM Italy
·
Bosny Thailand
·
Marksman
Measuring Tape China
Brand Names: PROTECH, BULLDOZER, ZSS, BOSNY, MARKSMAN
MEASURING TAPES and DTM
Operating Trend: Steady
Subject has a
workforce of 20 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/14:
Total Sales UAE
Dh 40,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr John Joseph, Chief Financial Officer
·
Habib
Bank AG Zurich
Baniyas Road
PO Box: 3306
Dubai
Tel: (971-4) 2214535
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.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.32 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
NIT |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.