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Report No. : |
351400 |
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Report Date : |
28.11.2015 |
IDENTIFICATION DETAILS
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Name : |
AL KHAT AL FIZI TRADING LLC |
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Registered Office : |
Al Souq Al Kabir Street Al Bateen, Deira Dubai 181639 |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
25.04.2004 |
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Com. Reg. No.: |
67368, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Wholesalers and retailers of readymade garments and textiles. |
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No. of Employee : |
7 |
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 – March 31, 2015
|
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 |
IDENTIFICATION
& CONTACT DETAILS
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1) Name (s): |
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Organization
Official Name |
: |
AL KHAT AL FIZI
TRADING LLC |
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2) Registered Address: |
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Address |
: |
Al Souq Al Kabir
Street Al Bateen, Deira |
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Town |
: |
Dubai |
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Country |
: |
United Arab
Emirates |
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PO Box |
: |
181639 |
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Phone (s) |
: |
(971-4) 2350216 |
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Facsimile |
: |
(971-4) 2350215 |
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Mobile |
: |
(971-55) 4751206 |
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Email |
: |
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3) Operational Address & Contact Details: |
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Address |
: |
Al Souq Al Kabir
Street Al Bateen, Deira |
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Town |
: |
Dubai |
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Country |
: |
United Arab
Emirates |
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PO Box |
: |
181639 |
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Phone (s) |
: |
(971-4) 2350216 |
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Facsimile |
: |
(971-4) 2350215 |
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Mobile |
: |
(971-55) 4751206 |
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Email |
: |
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LEGAL FORM & INCORPORATION
(REGISTRATION) DETAILS
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Legal Form -
Category |
: |
Limited
Liability Company – LLC |
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Date of
Registration |
: |
25th April 2004 |
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Trade License
Number |
: |
556419 |
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Expiry Date |
: |
24/04/2016 |
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Commercial
Registration Number |
: |
67368, Dubai |
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OTHER
REGISTRATION/ MEMBERSHIPS
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Chamber
Membership Number |
: |
86809 |
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KEY
FACTS
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Operational
Status |
: |
Steady |
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Financial
Condition |
: |
Good |
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Primary Business
Activity |
: |
Wholesalers and
retailers of readymade garments and textiles. |
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Number of
Employees |
: |
7 |
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Capital |
: |
UAE Dh 300,000 |
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CAPITAL
DETAILS
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Issued Capital: |
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NO OF SHARES |
VALUE OF SHARE |
AMOUNT |
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N/A |
N/A |
UAE Dh 300,000 |
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Paid Up Capital: |
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NO OF SHARES |
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AMOUNT |
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N/A |
N/A |
UAE Dh 300,000 |
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FINANCIAL
DATA
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Financial
highlights provided by local sources are given below: |
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Currency: United
Arab Emirates Dirham (UAE Dh) |
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Year Ending
31/12/13 |
Year Ending
31/12/14 |
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Total Sales |
UAE Dh
225,000,000 |
UAE Dh 230,000,000 |
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Local sources
consider subject’s financial condition to be Good. |
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The above
figures were provided by Mr Tarun Kumar Kawra, Managing Director |
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BANKERS
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1 |
Name |
Standard
Chartered Bank |
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Address |
Khalid Bin
Waleed Street |
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PO Box |
999 Dubai |
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Tel |
(971-4) 2520455 |
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SHAREHOLDERS
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Sr.No |
Name |
Nationality |
Percentage |
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1 |
Sultan Mohamed
Meftah Obaid Al Shamsi |
Emirati |
51% |
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2 |
Tarun Kumar
Kawra |
Indian |
49% |
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Total Shares |
100% |
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SENIOR
MANAGEMENT
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Sr.No |
Name |
Nationality |
Dsignation |
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1 |
Tarun Kumar
Kawra |
Indian |
Managing
Director |
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2 |
Sultan Mohamed
Meftah Obaid Al Shamsi |
Emirati |
Director |
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INTERNATIONAL
TRADE ACTIVITY MARKETS
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Sr.No |
Country |
Activity |
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1 |
Europe |
Import |
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2 |
India |
Import |
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Internationl
Suppliers: |
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Sr.No |
Name |
Country |
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Aian Kita Export
Pvt Ltd |
India |
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Welldone Exim
Pvt Ltd |
India |
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High Value Exim
Pvt Ltd |
India |
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Good One Traders
Ltd |
India |
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PREMISES
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Subject operates
from a small suite of offices and a showroom that are rented and located in
the Central Business Area of Dubai. |
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PAYMENT
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No complaints
regarding subject’s payments have been reported. |
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ADVERSE
DATA
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Performance
Defaults |
: |
No record found |
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Payment Defaults |
: |
No record found |
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Adverse Press
Coverage |
: |
No record found |
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Litigations |
: |
No record found |
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Former Business
Relationships |
: |
No record found |
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INVESTIGATOR'S
COMMENTS
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Person
Interviewed : Tarun Kumar Kawra,
Managing Director |
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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. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
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|
1 |
Rs.100.68 |
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Euro |
1 |
Rs.70.88 |
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UAE Dh |
1 |
Rs.18.19 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
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Report Prepared
by : |
ANK |
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 |
-- |
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.