|
Report No. : |
333826 |
|
Report Date : |
30.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
GULAB STORES |
|
|
|
|
Registered Office : |
Al Fahidi Castle Co Building, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
08.03.1978 |
|
|
|
|
Com. Reg. No.: |
3056, |
|
|
|
|
Legal Form : |
General Partnership |
|
|
|
|
Line of Business : |
Subject is engaged in the import and distribution of readymade
garments, footwear, luggage and travel requisites. |
|
|
|
|
No. of Employee : |
20 |
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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 :
GULAB STORES
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
General Partnership
Registration Date :
8th March 1978
Commercial Registration Number :
3056, Dubai
Trade Licence Number : 201127
Chamber Membership Number :
4056
Partners Capital :
UAE Dh 50,000
Total Workforce :
20
Activities :
Distributors of readymade garments, footwear, luggage and travel
requisites.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
GULAB STORES
Building : Al Fahidi Castle Co Building
Street : Al Fahidi Street
Area : Al Souq Al Kabir
PO Box : 2442
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3535984
/ 3536503 / 3536504 / 3531461
Facsimile : (971-4)
3535984
Email : gulab@emirates.net.ae
Please note that the correct PO Box number is 2442 and not 24422.
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Dubai.
Name Nationality Position
· Moolchand Khemchand Indian Managing
Partner
· Bindu Khemchand Indian Partner
· P Dhanpal - Accountant
· Venoy Kumar - Sales
Executive
Date of
Establishment : 8th
March 1978
Legal Form : General
Partnership
Commercial Reg.
No. : 3056, Dubai
Trade Licence No. : 201127 (Expires
27/01/2016)
Chamber Member No. : 4056
Partners Capital : UAE Dh 50,000
· Moolchand Khemchand 50%
· Bindu Khemchand 50%
· Tip Top Fashion LLC
Dubai
Activities: Engaged in the import and distribution of readymade garments, footwear,
luggage and travel requisites.
Subject is the sole regional distributor of Action shoes and CLB
Columbus, as well as in house brands
Taupoli, Westland, Clubroyal, Afwan Fabitti and Green Orange. They
also have we have brands like
Reebok, Nike, Adidas, Fila, Puma, Sketchers, CAT, Timberland and Columbia under their umbrella.
Import Countries: Europe and the Far East.
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 31/12/13: Year Ending
31/12/14:
Total Sales UAE
Dh 14,610,000 UAE Dh
15,200,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
United Bank Ltd
Murshid Bazaar Branch
PO Box: 1000
Dubai
Tel: (971-4)
2282025 / 2223191
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.99.71 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.