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Report No. : |
349893 |
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Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
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Name : |
ROYAL GOLD TRADING EST |
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Registered Office : |
Al Fardan Building, Shop No. 4, Al Fahaidi Street, Bur Dubai, 45841 & 30697, Dubai |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
24.02.1997 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is
engaged in the wholesale and retail of readymade garments, textiles and
footwear. |
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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 : |
Slow but correct |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
Company Name :
ROYAL GOLD TRADING EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 24th February 1997
Commercial Registration Number : 38926, Dubai
Trade Licence Number : 245394
Chamber Membership Number : 42554
Invested Capital : UAE Dh 100,000
Total Workforce : 3
Activities : Distributors of readymade garments, textiles and footwear
Financial Condition : Fair
Payments : Slow but correct
Person Interviewed : Rajesh Lakhani, Assistant General Manager
ROYAL GOLD TRADING EST
Building : Al Fardan Building, Shop No. 4
Street : Al Fahaidi Street
Area : Bur Dubai
PO Box : 45841 &
30697
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3533051
Facsimile : (971-4)
3533620
Mobile : (971-50)
3453121 / 6565862 / (971-55) 6565862
Email : jagdidxb@emirates.net.ae / rlakhani86@yahoo.com
Please note that subject’s previous address was, Al Diwan Center, Al
Jahidi Street, Bur Dubai, Dubai.
Subject operates from a small suite of offices and a showroom that are
rented and located in the Industrial Area of Dubai.
Name Position
· Abdullah Ali
Jassim Mohamad Proprietor
& General Manager
· Rajesh Lakhani Assistant
General Manager
· Suujeet Singh Sales
Manager
Date of
Establishment : 24th February
1997
Legal Form : Sole Proprietorship
Commercial Reg.
No. : 38926, Dubai
Trade Licence No. : 245394 (Expires 23/02/2016)
Chamber Member No. : 42554
Invested Capital : UAE Dh 100,000
Mr Abdullah Ali Jassim Mohamad is the sole proprietor of the business.
Activities: Engaged in the wholesale and retail of readymade garments, textiles and
footwear.
Import Countries: India and Indonesia
International
Suppliers:
· Indo Roma Textile Indonesia
· Supreme Textile India
· Supreme Synthetic
Mills India
· Cambridge Art India
· Supreme Impex India
· Kritida Textile India
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 2,800,000 UAE Dh
1,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Rajesh Lakhani, Assistant General Manager
·
Dubai Islamic Bank
PO Box: 1080
Dubai
Tel: (971-4)
2953000
Fax: (971-4)
2954111
Slow but correct
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 business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.98 |
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UK Pound |
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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Report Prepared
by : |
TRU |
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.