MIRA INFORM REPORT

 

 

Report No. :

322773

Report Date :

21.05.2015

 

IDENTIFICATION DETAILS

 

Name :

APPAREL GROUP FZCO

 

 

Registered Office :

Plot No. S21317, Jebel Ali South Zone 2, 261873, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

01.08.2005

 

 

Legal Form :

Free Zone Company – FZCO

 

 

Line of Business :

Engaged in the import and distribution of readymade garments

 

 

No of Employees :

10

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

D

 

 

UAE 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

SUMMARY

 

Company Name                                    : APPAREL GROUP FZCO

Also Known As                                     : APPAREL FZCO

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Free Zone Company - FZCO

Registration Date                                  : 1st August 2005

Trade Licence Number                           : 6331

Issued Capital                                       : UAE Dh 500,000

Paid up Capital                                     : UAE Dh 500,000

Total Workforce                                     : 10

Activities                                               : Distributors of readymade garments

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Company name

 

COMPANY NAME: APPAREL GROUP FZCO

 

ALSO KNOWN AS: APPAREL FZCO

 

 

company ADDRESS

 

Registered & Physical Address

 

Location           : Plot No. S21317, Jebel Ali South Zone 2

 

PO Box            : 261873

 

Town                : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 8136111

Facsimile          : (971-4) 8864073

Mobile              : (971-55) 2136047

Email                : info@appareluae.com

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                    Position

 

·       Nilesh Kumar Naval Ved                                Omani                           Managing Director

 

·       Rajena M Ved                                               Indian                           Director

 

·       Arun Pagrani                                                     -                              General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st August 2005

 

Legal Form                  : Free Zone Company - FZCO

 

Trade Licence No.        : 6331 (Expires 31/07/2015)

 

Issued Capital              : UAE Dh 500,000

 

Paid up Capital            : UAE Dh 500,000

 

Name of Shareholder (s)                                          Percentage

 

·       Nilesh Kumar Naval Ved                                            99%

 

·       Rajena M Ved                                                             1%

 

 

AFFILIATED COMPANIES

 

·       Apparel Group Management Office

Al Sharafi Building, Suite No. 102

Khalid Bin Waleed Street

Bur Dubai

PO Box: 1290 & 27401

Dubai

Tel: (971-4) 3358000 / 8136111

Fax: (971-4) 3344120

 

·       Apparel LLC

102 Al Sharafi Building

Office No. 102, 1st Floor

Khalid Bin Walid Street

Al Mankhool

PO Box: 27401

Dubai

United Arab Emirates

 

·       Apparel General Trading Company

Zawya Center, 5th Floor

Block 19, Area 146

Bin Khaldoun Street

Hawalli

Kuwait

Tel: (965) 22657351 / 22657371

Fax: (965) 22657361

 

·       Apparel Qatar WLL

313 Gulf Business Centre

Ibn Sena Road

Mumtaza

Doha

Qatar

Tel: (974) 44383810

Fax: (974) 44383873

 

·       Bahrain Apparel Trading WLL

PO Box: 18642

Manama

Bahrain

Tel: (973-17) 581706

Fax: (973-17) 581806

 

·       Apparel International LLC

PO Box: 1821

Muscat

Oman

Tel: (968) 24567428

Fax: (968) 24561873

 

·       Modern Fashion Trading Company

PO Box: 99987

Badriah Street

Olaya District

Riyadh 11625

     Saudi Arabia

     Tel: (966-1) 2170026

     Fax: (966-1) 2170025

 

·       Apparel Sp Zoo

Ul Klobucka 25

02699 Warsaw

Poland

Tel: (4822) 5499049

 

·       Montreal Trading PTE

10 Genting Lane

08-00 Jay Gee House

Singapore 349583

Tel: (65) 68426358

Fax: (65) 68424694

 

·       Montreal Trading Sdn Bhd

G 340, Ground Floor Oval

One Utama Shopping Centre

1 Lebun Bandar Utama

47800 Petaling Jaya

Selangor Darul Ehsan

Malaysia

Tel: (603) 77265110

OPERATIONS

 

Activities: Engaged in the import and distribution of readymade garments.

 

Import Countries: Europe and GCC countries.

 

Brand Names: TOMMY HILFIGER, BIRKENSTOCK, NINE WEST, SKECHERS, VON DUTCH, ALDO, BALLY,

DUNE, BENCH, INGLOT, KENNETH COLE, JEANSWEST, PEDRO, MOTIVI, SPRING,

NATURALIZER, ALAIN MANOUKIAN, BOSSINI and BOOKSPLUS.

 

Subject has a workforce of 10 employees.

 

 

FINANCIAL DATA

 

Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Emirates National Bank of Dubai

Baniyas Street

     PO Box: 777

     Dubai

     Tel: (971-4) 2222555

     Fax: (971-4) 2221110

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of EUR 100,000:

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.86

UK Pound

1

Rs. 98.88

Euro

1

Rs. 70.73

 

INFORMATION DETAILS

 

Analysis Done by :

SAN

 

 

Report Prepared by :

DPT

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.