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Report No. : |
323613 |
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Report Date : |
27.05.2015 |
IDENTIFICATION DETAILS
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Name : |
PRIYA INTERNATIONAL LLC |
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Registered Office : |
Ali Abdur Rahman Al Rais Building, 2nd Floor, Suite No.
205, Shop No. 8, Sheikh Khalifa Bin Zayed Road, Irani Market, Al Karama, Bur
Dubai, PO Box 51708, 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 : |
06.07.1991 |
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Com. Reg. No.: |
75340 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of readymade garments,
textiles, household items, electronic products, utensils and gift items. |
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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 |
|
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 :
PRIYA INTERNATIONAL LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
6th July 1991
Commercial Registration Number :
75340, Dubai
Trade Licence Number :
225243
Chamber Membership Number : 21417
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
5
Activities :
Distributors of readymade garments, textiles, household items,
electronic
products, utensils and gift items.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Nitin Balani, General Manager
PRIYA INTERNATIONAL LLC
Registered &
Physical Address
Building : Ali Abdur
Rahman Al Rais Building, 2nd Floor, Suite No. 205, Shop No. 8
Street : Sheikh
Khalifa Bin Zayed Road
Area : Irani
Market, Al Karama, Bur Dubai
PO Box :
51708
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3965985
Facsimile : (971-4)
3966984
Mobile : (971-50) 5594960
/ 6948399 / 971-55 7390658
Email : vangani@emirates.net.ae
/ priyaint@gmail.com
/ vangani@eim.ae
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Branch Offices
Location Description
Al Ras Area Showroom
premises
Dubai
Tel: (971-4) 2255483
Name Nationality Position
Mahesh Vangani Harchand Rai Indian Managing Director
Ali Butti Ali Al Abduoli Emirati Director
Nitin Balani - General
Manager
Kabir Singh - Sales
Executive
Date of Establishment : 6th
July 1991
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 75340, Dubai
Trade Licence No. : 225243 (Expires
18/06/2015)
Chamber Member No. : 21417
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Ali Butti Ali Al Abduoli 51%
Mahesh Vangani Harchand Rai 49%
Activities: Engaged in the import and distribution of readymade garments, textiles,
household items, electronic products, utensils and gift items.
Import Countries: Turkey and China.
International Suppliers:
UCSAN Turkey
FENILI Turkey
Songa China
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 9,740,000 UAE Dh
10,100,000
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
No complaints regarding subject’s payments have been reported.
Date of transaction November
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.63.85 |
|
|
1 |
Rs.98.38 |
|
Euro |
1 |
Rs.69.64 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
TPT |
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.