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Report No. : |
321146 |
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Report Date : |
09.05.2015 |
IDENTIFICATION DETAILS
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Name : |
FRESH WILLS
GENERAL TRADING LLC |
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Registered Office : |
Al Jawahra Building, Office No. 708, Bank Street, Bur Dubai, P O Box: 128565, Dubai |
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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 : |
27.09.2009 |
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Com. Reg. No.: |
1115072, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and
Distribution of General Foodstuffs and Textiles. |
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No. of Employees : |
3 |
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 |
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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.
|
Source
: CIA |
Company Name : FRESH WILLS GENERAL TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 27th
September 2009
Commercial
Registration Number : 1115072, Dubai
Trade Licence
Number : 629504
Chamber Membership
Number : 176776
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 3
Activities :
Distributors of general foodstuffs and textiles
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mian Javed
Iqbal Main Mohamed Idrees, Managing Director
FRESH WILLS GENERAL
TRADING LLC
Building : Al Jawahra Building,
Office No. 708
Street : Bank Street
Area : Bur Dubai
PO Box : 128565
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3889275
Facsimile : (971-4) 3864226
Mobile : (971-56) 9736351 / 7887426
Email : main.ji@gmail.com
Subject operates
from a small suite of offices that are rented and located in the Industrial Area
of Dubai.
Name Nationality Position
·
Mian
Javed Iqbal Main Mohamed Idrees Pakistani Managing Director
·
Mohamed
Fahad Abdul Rahman Mohamed Barahim Emirati Director
Date of Establishment : 27th
September 2009
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1115072,
Dubai
Trade Licence No. : 629504
(Expires 26/09/2015)
Chamber Member No. : 176776
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Mohamed
Fahad Abdul Rahman Mohamed Barahim 51%
·
Mian
Javed Iqbal Main Mohamed Idrees 49%
·
Sania
Exim
India
·
B K
Exim
India
·
Arum
General Trading LLC
Dubai
·
Blue
Shine General LLC
Dubai
Activities: Engaged
in the import and distribution of general foodstuffs and textiles.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 3 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 9,220,000 UAE Dh 10,000,000
Local sources consider
subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Arab
Bank for Investment & Foreign Trade
PO Box: 5549
Dubai
Tel: (971-4) 2220151
Fax: (971-4) 2223431
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.05 |
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|
1 |
Rs.99.04 |
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Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.