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Report No. : |
349545 |
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Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
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Name : |
TRADEWELL FZC |
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Registered Office : |
Block C1, 12th
Floor, Office No. 1209, Sheikh Rashid Bin Saeed Al Maktoum Street, P O Box:
21102, Ajman |
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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 : |
05.02.2002 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Import and
Distribution of Chemicals, Engineering Products and General Foodstuffs. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 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.
|
Source
: CIA |
Company Name : TRADEWELL FZC
Country of Origin : Ajman,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 5th
February 2002
Trade Licence
Number : 859
Issued Capital : UAE Dh
185,000
Paid up Capital : UAE Dh
185,000
Total Workforce : 10
Activities :
Distributors of chemicals, engineering products and general foodstuffs.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Civa Kama Sundari Murali, Director
TRADEWELL FZC
Building : Block C1, 12th
Floor, Office No. 1209
Street : Sheikh Rashid Bin Saeed Al
Maktoum Street
Area : Ajman Free Zone
PO Box : 21102
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7479501
Facsimile : (971-6) 7478501
Mobile : (971-50) 4625716 / 4810688 /
1184274
Email : trduae@emirates.net.ae
Subject operates
from a small suite of offices that are rented and located in the Ajman Free
Zone.
Name Nationality Position
·
Murali
Vayali Krishna Moorthy
Indian Managing
Director
·
Civa
Kama Sundari Murali Indian Director
·
Srikumar
Vayali Murli - Sales Manager
Date of Establishment : 5th
February 2002
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 859
(Expires 04/02/2016)
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
·
Murali
Vayali Krishna Moorthy
·
Civa
Kama Sundari Murali
·
Petrodam
DMCC
Jumeirah Lakes Towers
PO Box: 487517
Dubai
Tel: (971-4) 4572068
Fax: (971-4) 4572081
Lic. No. 31486
Activities: Engaged in the import and distribution of
chemicals, engineering products and general foodstuffs.
Import
Countries: India, China,
Vietnam, Iran, Saudi Arabia, Egypt and the United States of America.
Operating Trend: Steady
Subject has a
workforce of 10 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 36,150,000 UAE Dh 37,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Mashreq
Bank Plc
PO Box: 11
Ajman
Tel: (971-6) 7422440
Fax: (971-6) 7426690
No complaints
regarding subject’s payments have been reported.
Please note that the
correct name of the subject is “Tradewell FZC” and not “Tradewell PZC”.
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.65.98 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
NIT |
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 |
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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 |
|
|
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 |
|
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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 |
|
|
<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.