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Report No. : |
327074 |
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Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
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Name : |
WEAVES UAE TRADING
LLC |
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Registered Office : |
Arenco Villas, Villa No. 508-B, Jumeirah 3, Jumeirah Beach Road,
102935, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
28.06.2010 |
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Com. Reg. No.: |
1056845, Dubai |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Subject is engaged in the import and distribution of readymade
garments and textiles |
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No. of Employee : |
60 |
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) |
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United Arab Emirates |
A2 |
A2 |
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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.
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Source
: CIA |
Company Name : WEAVES UAE
TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date : 28th March
2010
Commercial
Registration Number : 1056845,
Dubai
Trade Licence Number : 637011
Chamber Membership
Number : 181401
Issued Capital : UAE Dh
300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce : 60
Activities :
Distributors of readymade garments and textiles
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
WEAVES UAE TRADING LLC
Location : Arenco Villas,
Villa No. 508-B, Jumeirah 3
Street : Jumeirah
Beach Road
PO Box : 102935
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3232455
/ 2326700 / 3791256
Facsimile : (971-4)
3232456 / 3941278
Mobile : (971-50)
7289619
Email : adilkhater@khaadi.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Branch Offices
Location Description
· Mirdef Area Showroom
premises
Dubai
· Outlet Mall Showroom
premises
Dubai
· DIFC Showroom
premises
Dubai
· Beach Road Showroom
premises
Jumeirah Lakes
Towers
Dubai
Subject also has two showrooms located in Abu
Dhabi.
Name Nationality Position
· Abdullah Majid
Khalfan Bin Thaneya Emirati Managing
Director
· Rehan Sayed - Chief
Executive Officer
· Greg Hokenson - Retail
Manager
· Adil Akhter - Finance
Manager
Date of
Establishment : 28th
March 2010
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1056845, Dubai
Trade Licence No. : 637011 (Expires 27/03/2016)
Chamber Member No.: 181401
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Abdullah Majid
Khalfan Bin Thaneya 51%
· Weaves Fashion and
Design Ltd 49%
British Virgin Islands
Activities: Engaged in the import and distribution of readymade garments and textiles.
Import Countries: Europe and the Far East.
Brand Names: KHAADI
Operating Trend: Steady
Subject has a workforce of 60 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 21,450,000 UAE Dh 23,100,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local sources.
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222555
Fax:
(971-4) 2221110
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.63.82 |
|
|
1 |
Rs.101.26 |
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Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.