|
Report No. : |
331598 |
|
Report Date : |
14.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
EMKE STORES |
|
|
|
|
Registered Office : |
EMKE Store
Building, Mina Road, Madina Zayed, Al Karama, P O Box: 4048 & 610, Abu
Dhabi |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
20.04.1970 |
|
|
|
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Com. Reg. No.: |
19413, Abu Dhabi |
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|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Subject’s operations
are performed through the following divisions: · General Trading
Division · Department Store |
|
|
|
|
No. of Employees : |
250 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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. 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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 : EMKE
STORES
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 20th
April 1970
Commercial
Registration Number : 19413, Abu
Dhabi
Trade Licence
Number : 1018011
Chamber Membership
Number : 1290
Invested Capital : UAE Dh 200,000
Total Workforce : 250
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Napotheeri E
Parimiswaran, Accountant
EMKE STORES
Building : EMKE Store Building
Street : Mina Road
Area : Madina Zayed, Al Karama
PO Box : 4048 & 610
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6421800 / 6393949
Facsimile : (971-2) 6410555
Email : emkest@emirates.net.ae
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
Branch Offices
Location Description
·
Al
Dhafra Road Showroom
premises
Abu Dhabi
Tel: (971-2) 4944000 / 4944044
·
Rashid Bin
Saeed Al Maktoum Street Showroom
premises
Abu Dhabi
Name Nationality Position
·
Musailem
Vital Kongi Abdullah Indian Proprietor
·
Ahmed Rashid Al Daheri Emirati Local
Sponsor
·
Saifee
Rupa Walaa - Chief
Executive Officer
·
Ramana
Narayan - Country
Manager
·
Manoj
Kumar - Finance
Manager
·
Jujo
Arimpore - Purchasing
Manager
·
Napotheeri E Parimiswaran
- Accountant
Date of Establishment : 20th
April 1970
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 19413, Abu
Dhabi
Trade Licence No. : 1018011
Chamber Member No. : 1290
Invested Capital
: UAE Dh 200,000
Mr Musailem Vital
Kongi Abdullah is the sole proprietor of the business.
Subject is a member of the well known EMKE Group which has operations
dating back to 1966. It has diversified activities covering the department
store/supermarket and hypermarket business, as well as the import and distribution of food stuff and
consumer staple goods, garment manufacturing and also information technology
training.
Based in the United Arab Emirates, the EMKE Group’s activities span the
globe with operational bases in India, Hong Kong, Thailand, Indonesia, Kenya,
Tanzania, Spain and other Middle East countries such as Oman, Qatar and Kuwait.
The EMKE Group consists of the following concerns:
·
EMKE
General Trading
Al Qusais
PO Box: 60188
Dubai
Tel: (971-4) 2670077
Fax: (971-4) 2670088
·
Al
Tayeb Meat Est
Mina Free Zone
PO Box: 4048
Abu Dhabi
Tel: (971-2) 6732141
Fax: (971-2) 6732144
·
Al
Tayeb Cold Stores LLC
Mina Free Port
PO Box: 4048
Abu Dhabi
Tel: (971-2) 6731831 / 6730393
Fax: (971-2) 6731124
Email: altcs@emirates.net.ae
·
Gulf
Star Est
PO Box: 27608
Abu Dhabi
Tel: (971-2) 4481200
Fax: (971-2) 4481718
·
Huda
Shipping International
Mina Zayed
PO Box: 4048
Abu Dhabi
Tel: (971-2) 6224226
Fax: (971-2) 6224244
·
Syscoms
Information Technology
Liwa Street
PO Box: 4048
Abu Dhabi
Tel: (971-2) 6224226
Fax: (971-2) 6224244
·
Asif
Jewellery
Hamdan Street
PO Box: 4048
Abu Dhabi
Tel: (971-2) 6331366
Fax: (971-2) 6334466
·
EMKE
Stores
Mina
PO Box: 4048
Abu Dhabi
Tel: (971-2) 6732131
Fax: (971-2) 6732151
·
Emke Commodities
(Kenya) Ltd
PO Box: 1556
Mombasa
Kenya
Tel: (254-11) 434463
Fax: (254-11) 432390
·
EMKE
Tanzania Ltd
PO Box: 40652
Dar Ed Salaam
Tanzania
·
EMKE
Garments (Kenya) Ltd
PO Box: 1556
Mombasa
Kenya
Tel: (254-11) 432585
Fax: (254-11) 432390
·
Fair
Exports (India) Pvt. Ltd
501 Madhava Bandra Kurla
Complex
Bandra (East)
Mumbai 400051
India
·
E K
Prima Exports Thailand Ltd
64/16 Sukhumvil Soi-20
Bangkok 10110
Thailand
·
E K
Prima Exports HongKong Ltd
Yu Cheong Ind Centre, Room 5K
1 Wong Chuk Yeung Street
Fotan
Hong Kong
·
P.T.E.K.
Prima Ekspor Indonesia
J1, Mangga Dua Raya
Block C 12
Jakarta 14430
Indonesia
Tel: (62-21) 6128791/ 6128792
Fax: (62-21) 6019438
·
Y Tex
Fashions
San Joaquin, 99-101
Bajos 1, 08922
Santa Coloma Degramnet
Barcelona
Spain
Activities: Subject’s operations are performed through
the following divisions:
· General Trading Division
This division specialises in the import and distribution
of general foodstuff products such as frozen and dried foods as well as dairy
produce.
· Department Store
Operators of a department store that sells a
variety of consumer goods, including readymade garments, electrical and
household appliances, cosmetics and beauty products.
Import
Countries: India, Southeast
Asia and Europe
Operating Trend: Steady
Subject has a
workforce of approximately 250 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 380,000,000 UAE Dh 392,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Napotheeri E Parimiswaran, Accountant
·
Commercial
Bank of Dubai
Sheikh Khalifa Street
PO Box: 2466
Abu Dhabi
Tel: (971-2) 6324324
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.63.47 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.70.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
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.