|
Report No. : |
323612 |
|
Report Date : |
23.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
OCEANA INTERNATIONAL TRADING LLC |
|
|
|
|
Registered Office : |
Bank of Baroda Building, 3rd Floor, Flat No. 301, Al
Faheidi Street, Al Souq Al Kabir, Bur Dubai, 411, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
19.08.1993 |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Subject is engaged in the wholesale and retail of readymade garments
and textiles |
|
|
|
|
No. of Employee : |
16 |
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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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. 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 :
OCEANA INTERNATIONAL TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
19th August 1993
Commercial Registration Number :
28782, Dubai
Trade Licence Number :
231810
Chamber Membership Number :
27997
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
16
Activities :
Wholesalers and retailers of readymade garments and textiles.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
OCEANA
INTERNATIONAL TRADING LLC
Building :
Bank of Baroda Building, 3rd Floor, Flat No. 301
Street
: Al Faheidi Street
Area : Al Souq Al
Kabir, Bur Dubai
PO Box : 411
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3533080
/ 3537755 / 3539870
Facsimile : (971-4)
3538395 / 3536261
Mobile : (971-50)
6245472
Email : oceana@emirates.net.ae
Subject operates from a small suite of offices that are rented located in
the Central Business Area of Dubai.
Branch Office (s)
Location Description
· Nasser Abdullah
Hussain Anoohi Building Rented
showroom premises
Sikkat Al Khail
Street
PO Box: 3930
Dubai
Tel: (971-4)
3534344
Fax: (971-4) 3531100
· Al Suq Street Rented
showroom premises
PO Box: 3930
Dubai
Tel: (971-4)
3539770
· Museum Road Rented
showroom premises
Dubai
Tel: 971-4) 3534344
Name Nationality Position
· Vijay
Lashwani Indian Managing Director
· Narinda Kumar
Khatri Indian Director
· Abdullah Ali
Asghar Abdullah Al Abdullah Emirati Director
· Mohamed Tanbi Naseem
Eddine - Sales
Manager
· Vaibhav Pagare - Accountant
Date of
Establishment : 19th
August 1993
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 28782, Dubai
Trade Licence No. : 231810 (Expires 18/08/2015)
Chamber Member No. : 27997
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Abdullah Ali
Asghar Abdullah Al Abdullah 51%
· Vijay
Lashwani ]
] 49%
· Narinda Kumar
Khatri ]
· Abdullah Ali
Abdullah Trading LLC
Heirs of Abdul
Latif Othman Al Bassam Building
Al Ras
Street
Al Ras
PO Box:
3930 & 57615
Dubai
Tel:
(971-4) 2723408
Fax:
(971-4) 2725213
Activities: Engaged in the wholesale and retail of readymade garments and textiles.
Import Countries: China and India
International
Suppliers:
·
Nimbago Cibao Fibre China
·
Satayam Senotex India
·
Raj Rajeshware
Enterprises India
·
Ranjan Fabric India
Operating Trend: Steady
Subject has a workforce of 16 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 10,000,000 UAE Dh
10,620,000
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) 2222241
·
Habib Bank AG Zurich
Baniyas Road
PO Box: 3306
Dubai
Tel: (971-4) 2214535
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.63.57 |
|
|
1 |
Rs.99.67 |
|
Euro |
1 |
Rs.70.93 |
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.