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Report No. : |
332020 |
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Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
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Name : |
GRAINWELL FZE |
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Registered Office : |
Rak Free Zone, P O Box: 10559, Ras Al Khaimah |
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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 : |
27.04.2009 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and
Distribution of General Foodstuff, Grains and Pulses. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 |
|
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 : GRAINWELL
FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 27th
April 2009
Trade Licence
Number :
5003735, Rak Free Zone
Issued Capital : UAE Dh
50,000
Paid up Capital : UAE Dh
50,000
Total Workforce : 6
Activities :
Distribution of general foodstuff, grains and pulses
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jasvinder
Singh, Financial Controller
GRAINWELL FZE
Location : Rak Free Zone
PO Box : 10559
Town : Ras Al Khaimah
Country : United Arab Emirates
Building : Al Ras Building, Shop No. 2
Street : Al Ras Street
Area : Al Ras Market, Deira
PO Box : 64989
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2350358
Facsimile : (971-4) 2350359
Mobile : (971-50) 1756402 / 4537548
Email : grainwellfze@gmail.com / dxbstc@gmail.com
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
·
Dubai
Investment Park (DIP) Rented
warehouse premises
Dubai
Tel: (971-4) 8856929
Fax: (971-4) 8856939
Name Nationality Position
·
Nihar Satnarayan Mittal Indian Managing
Director
·
Jasvinder
Singh - Financial
Controller
·
Karan
Masand
- Sales
Manager
·
Koshal
Mittal - General
Manager
Date of Establishment : 27th
April 2009
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. :
5003735, Rak Free Zone
Issued Capital : UAE Dh 50,000
Paid up Capital : UAE Dh 50,000
·
Nihar Satnarayan Mittal 100%
·
Haryana Trading Co LLC
Al Ras Building, Shop No. 2
Al Ras Street
Al Ras, Deira
PO Box: 64989
Dubai
Tel: (971-4) 2350358 / 2351563
Fax: (971-4) 2350359 / 2351593
·
Malabar Repacking LLC
Al Ras Building, Shop No. 2
Al Ras Street
Deira
PO Box: 64989
Dubai
Tel: (971-4) 2350358
Fax: (971-4) 2350359
Activities: Engaged in the import and distribution of
general foodstuff, grains and pulses.
Import
Countries: India
International Suppliers:
·
Shri
Vishnu Eatable Pvt Ltd India
·
Indian
Treat Pvt Ltd India
Operating Trend: Steady
Subject has a
workforce of 6 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 3,570,000 UAE Dh 4,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Jasvinder Singh, Financial Controller
·
Habib
Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
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.63.50 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
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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 |
|
|
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.