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Report No. : |
312364 |
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Report Date : |
18.03.2015 |
IDENTIFICATION DETAILS
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Name : |
AL WASEET
READYMADE GARMENTS TRADING LLC |
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Registered Office : |
Qudharat Building,
Luck Roundabout, Old Industrial Area, P O Box: 179108 & 5426, Ajman |
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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 : |
18.11.2007 |
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Com. Reg. No.: |
41198, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and
Distribution of Readymade Garments and Textiles. |
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No. of Employees : |
5 |
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 – 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 |
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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. 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 : AL WASEET
READYMADE GARMENTS TRADING LLC
Country of Origin : Ajman,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 18th
November 2007
Commercial
Registration Number : 41198,
Ajman
Trade Licence
Number : 49287
Chamber Membership
Number : 48431
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce : 5
Activities :
Distributors of readymade garments and textiles
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Saji Thomas
George, Managing Director
AL WASEET READYMADE
GARMENTS TRADING LLC
Building : Qudharat Building
Area : Luck Roundabout, Old
Industrial Area
PO Box : 179108 & 5426
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7481485
Facsimile : (971-6) 7481486
Mobile : (971-50) 8424467 / 5870703 /
8424465 / (971-55) 7566766
Email : sajithomasgeorge@yahoo.com / alwaseetrmg@gmail.com / abraham@alwaseetgarments.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Ajman.
Name Nationality Position
·
Saji
Thomas George Indian Managing Director
·
Talal
Issa Mohamed Emirati Director
·
Abraham
Chako - Sales
Manager
·
Misu
George - Administration
Manager
·
Benny
Naridaran - Sales
Executive
Date of Establishment : 18th
November 2007
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 41198, Ajman
Trade Licence No. : 49287
Chamber Member No. : 48431
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Talal
Issa Mohamed 51%
·
Saji
Thomas George 49%
·
Al
Waseet Readymade Garment Trading LLC
PO Box: 37594
Dubai
Tel: (971-4) 2262245
Fax: (971-4) 2262257
Activities: Engaged in the import and distribution of
readymade garments and textiles.
Import
Countries: Europe and
India.
International Suppliers:
·
V P Impex India
·
Souhaj Industries India
Operating Trend: Steady
Subject has a workforce
of 5 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
11,200,000 UAE Dh
11,435,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Abu Dhabi
Main Street
PO Box: 988
Ajman
Tel: (971-6) 5422996
Fax: (971-6) 5425750
·
Emirates
NBD Bank PJSC
Dubai
Acc No. 1011367943001
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.62.69 |
|
|
1 |
Rs.92.99 |
|
Euro |
1 |
Rs.66.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
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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.