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Report No. : |
332393 |
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Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
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Name : |
AL AWADHI
READYMADE GARMENTS CO LLC |
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Registered Office : |
Akhund Awazi Stores Building, Al Suq Al Kabeer Street, Al Bateen, Deira, P O Box: 55261 & 6331 & 65261, 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 : |
02.07.2000 |
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Com. Reg. No.: |
54839, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and distribution of textiles, readymade garments, footwear,
bags, perfumes, cosmetics and jewellery. |
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No. of Employees : |
7 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
|
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. 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 : AL AWADHI
READYMADE GARMENTS CO LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 2nd
July 2000
Commercial
Registration Number : 54839,
Dubai
Trade Licence
Number : 519571
Chamber Membership
Number : 59330
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 7
Activities :
Distributors of textiles, readymade garments, footwear, bags, perfumes,
cosmetics and jewellery.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
AL AWADHI READYMADE
GARMENTS CO LLC
Building : Akhund Awazi Stores Building
Street : Al Suq Al Kabeer Street
Area : Al Bateen, Deira
PO Box : 55261 & 6331 & 65261
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2264371 / 6245143
Facsimile : (971-4) 2252550
Mobile : (971-50) 4543864
Email : alawazi@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.
Name Nationality Position
·
Ahmad
Abdulaziz Sorayya Nejad Iranian Managing
Director
·
Abdulrahim
Abdulaziz Sorayya Nejad Iranian Director
·
Nabil
Abdulaziz Sorayya Nejad Iranian Director
·
Adnan
Abdulaziz Ishaq Mohamed Sharif Emirati Director
Date of Establishment : 2nd
July 2000
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 54839, Dubai
Trade Licence No. : 519571
(Expires 01/07/2016)
Chamber Member No. : 59330
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Adnan
Abdulaziz Ishaq Mohamed Sharif 51%
·
Ahmad
Abdulaziz Sorayya Nejad 25%
·
Abdulrahim
Abdulaziz Sorayya Nejad 12%
·
Nabil
Abdulaziz Sorayya Nejad 12%
Activities: Engaged
in the import and distribution of textiles, readymade garments, footwear, bags,
perfumes,
cosmetics and jewellery.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 7 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 8,300,000 UAE Dh 8,700,000
Local sources consider
subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and the
company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
|
|
|
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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.