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Report No. : |
311553 |
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Report Date : |
14.03.2015 |
IDENTIFICATION DETAILS
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Name : |
MASHREQ INTERNATIONAL LLC |
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Registered Office : |
Sheikh Hamdan Building, Suite No. 111, Abu Baker Al
Siddique Street, 25018 Dubai |
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Country : |
United Arab Emirates |
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Year of Establishment : |
1986 |
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Com. Reg. No.: |
41279, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engaged in the wholesale and retail of jewellery, watches,
electrical products, timber, building materials and engineering products |
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No. of Employee : |
160 |
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 |
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Status : |
Good |
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|
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. 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. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. 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 :
MASHREQ INTERNATIONAL LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Start Date :
1986
Registration Date :
21st November 1993
Commercial Registration Number :
41279, Dubai
Trade Licence Number :
232594
Chamber Membership Number :
28814
Issued Capital :
UAE Dh 10,000,000
Paid up Capital :
UAE Dh 10,000,000
Total Workforce :
160
Activities :
Wholesale and retail of jewellery, watches and electrical products.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed : Krishnan Rajan,
Finance Manager
MASHREQ
INTERNATIONAL LLC
Building : Sheikh Hamdan Building, Suite No. 111
Street : Abu Baker Al
Siddique Street
PO Box :
25018
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2626399
Facsimile : (971-4)
2629978
Mobile : (971-50)
4580063 / 6985302
Email : zenart@emirates.net.ae / contact@mashreqworld.com / rajan@mashreqworld.com
Subject operates from a large suite of offices that are rented and
located in the Suburban Business Area of Dubai.
Branch Offices
Location Description
· Al Falasi Building Office
premises
Salah Uddine Road
Dubai
Tel: (971-4)
2661900
Fax: (971-4)
2997789
· Al Khabeesi Area Office
premises
Dubai
Tel: (971-4)
2623377
Fax: (971-4)
2977892
Name Nationality Position
· Habib Sayed
Mohamed Mukrim Indian Managing
Director
· Majid Saif Ahmed
Al Ghurair Emirati Director
· Aslam Habib - General
Manager
· Qader Ali Najem
Eddine - Commercial
Manager
· Krishnan Rajan - Finance
Manager
· Najam Eddine - Sales
Manager
· Sudndar Natrajan - Marketing
Manager
· Sayed Maskeen
Sultan - Public
Relations Manager
Date of
Establishment : Subject’s operations
date back to 1986, however it was registered on 21st November 1993
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 41279, Dubai
Trade Licence No. : 232594 (Expires 19/11/2015)
Chamber Member No. : 28814
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
· MAG Investment LLC 51%
Dubai
· Habib Sayed
Mohamed Mukrim 49%
Subject is a member of the Al Ghurair Group, which has
a turnover over in excess of UAE Dh 3 billion (US$ 850 million). The group has
a diversified range of interests spanning real estate, finance and industry,
with specialist operations in banking, trading and shipping.
Some of the very successful industries that it
operates today in the United Arab Emirates, include the National Flour Mills Co
Ltd, National Cement Company, Gulf Extrusions at Jebel Ali, Masafi Mineral
Water Co LLC, National Mosaic Tiles, Arabian Packaging Co and Al Ghurair
Publishing and Printing. In the banking sector, the Ghurairs are owners of the
UAE’s largest private bank, the Dubai-based Mashreq Bank, which is one of the
Group’s most successful ventures and operates from branches both within and
outside the UAE.
The Al Ghurair Group is active in London, New York,
Cairo, Khartoum, Istanbul, Bombay, Doha, Colombo, Karachi and Lahore.
In real estate the Al Ghurair Centre has become a
prominent landmark in Dubai. It was built at a cost of more than US $ 150
million and is now home to most of the city’s top retailers.
The Al Ghurair Group comprises the following
concerns:
· Al Ghurair
Holdings (Private) Ltd
· Gulf Extrusions
Ltd
· Arabian Aluminium
Company
· Al Ghurair
Publishing & Printing House
· Union Mosaic &
Marble Company
· Al Ghurair Centre
· Arabian Mix
· National Cement
Company Ltd
· Arabian Packing
Company
· Gulf Utensils
· Gulf Import &
Export Co
· House of Perfume
· Computer
Intelligence and Communications Ltd
· Gulf Confectionery
& Biscuit Company
· Oman Insurance Co
Limited
· Mashreq Bank
· Al Ghurair
Enterprises
· Al Ghurair
Exchange
· National Flour
Mills Company Ltd
· Emirates Trading
Agency LLC
· National Concrete
Company Ltd
· Masafi Mineral
Water Co LLC
· Associated
Construction & Investment Co LLC (ASCON)
· Al Ghurair Fieness
Perry & Partners
· Pak Arab Traders
· Al Ghurair Real
Estate
· Al Khaleej Sugar
Co WLL
· Central Electric
Equipment Co LLC (CEEC)
· National Oman
Marble Company
· Rawda Quarries Ltd
· Ghurair Tarmac
· Oman Finance
Company
· Ghurair Crown
(Engineering) Ltd
· Al Ghurair
Industries (Pvt) Ltd
· Trans Gulf
Aluminium LLC
Activities: Engaged in the wholesale and retail of jewellery, watches, electrical
products, timber, building materials and engineering products.
Import Countries: Europe and GCC countries.
Brand Names: ZENART, DGO, TRAZER, LEROSKY, JULIUS, AREN DINO,
XETEX, SWISCARDIN, VERONA,
FUSION and EPOK
Operating Trend: Steady
Subject has a workforce of approximately 160 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 151,230,000 UAE Dh 161,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Krishnan Rajan, Finance Manager
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4)
2229131 / 2221134
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.62.67 |
|
|
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.