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Report No. : |
343726 |
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Report Date : |
06.10.2015 |
IDENTIFICATION DETAILS
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Name : |
MASHREQ
INTERNATIONAL LLC |
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Registered Office : |
Sheikh Hamdan Building, Suite No. 111, Abu Baker Al Siddique Street, P O Box: 25018, 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 : |
21.11.1993 |
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Com. Reg. No.: |
41279, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Wholesale and
Retail of Jewellery, Watches, Electrical Products, Timber, Building Materials
and Engineering Products. |
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No. of Employees : |
160 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
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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.
|
Source
: CIA |
Company Name : MASHREQ
INTERNATIONAL LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Start Date :
1986
Registration Date : 21st
November 1993
Commercial
Registration Number : 41279,
Dubai
Trade Licence
Number : 232594
Chamber Membership
Number : 28814
Issued Capital : UAE Dh
10,000,000
Paid up Capital : UAE Dh
10,000,000
Total Workforce :
160
Activities :
Wholesale and retail of jewellery, watches and electrical products.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Krishnan
Rajan, Finance Manager
MASHREQ
INTERNATIONAL LLC
Building : Sheikh Hamdan Building, Suite No. 111
Street : Abu Baker Al Siddique Street
PO Box : 25018
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2626399
Facsimile : (971-4) 2629978
Mobile : (971-50) 4580063 / 6985302
Email : zenart@emirates.net.ae / contact@mashreqworld.com / rajan@mashreqworld.com
Subject operates
from a large suite of offices that are rented and located in the Suburban
Business Area of Dubai.
Branch Offices
Location Description
·
Al
Falasi Building Office
premises
Salah Uddine Road
Dubai
Tel: (971-4) 2661900
Fax: (971-4) 2997789
·
Al
Khabeesi Area Office
premises
Dubai
Tel: (971-4) 2623377
Fax: (971-4) 2977892
Name Nationality Position
·
Habib
Sayed Mohamed Mukrim Indian Managing
Director
·
Majid
Saif Ahmed Al Ghurair Emirati Director
·
Aslam
Habib - General
Manager
·
Qader
Ali Najem Eddine - Commercial
Manager
·
Krishnan
Rajan - Finance
Manager
·
Najam
Eddine - Sales
Manager
·
Sudndar
Natrajan - Marketing
Manager
·
Sayed
Maskeen Sultan - Public
Relations Manager
Date of Establishment : Subject’s
operations date back to 1986, however it was registered on 21st
November 1993
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 41279, Dubai
Trade Licence No. : 232594
(Expires 19/11/2015)
Chamber Member No. : 28814
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
·
MAG Investment LLC 51%
Dubai
·
Habib
Sayed Mohamed Mukrim 49%
Subject is a member of the Al Ghurair Group, which has a turnover over
in excess of UAE Dh 3 billion (US$ 850 million). The group has a diversified range
of interests spanning real estate, finance and industry, with specialist
operations in banking, trading and shipping.
Some of the very successful industries that it operates today in the
United Arab Emirates, include the National Flour Mills Co Ltd, National Cement
Company, Gulf Extrusions at Jebel Ali, Masafi Mineral Water Co LLC, National
Mosaic Tiles, Arabian Packaging Co and Al Ghurair Publishing and Printing. In
the banking sector, the Ghurairs are owners of the UAE’s largest private bank,
the Dubai-based Mashreq Bank, which is one of the Group’s most successful
ventures and operates from branches both within and outside the UAE.
The Al Ghurair Group is active in London, New York, Cairo, Khartoum,
Istanbul, Bombay, Doha, Colombo, Karachi and Lahore.
In real estate the Al Ghurair Centre has become a prominent landmark in
Dubai. It was built at a cost of more than US $ 150 million and is now home to
most of the city’s top retailers.
The Al Ghurair Group comprises the following concerns:
·
Al
Ghurair Holdings (Private) Ltd
·
Gulf
Extrusions Ltd
·
Arabian
Aluminium Company
·
Al
Ghurair Publishing & Printing House
·
Union
Mosaic & Marble Company
·
Al
Ghurair Centre
·
Arabian
Mix
·
National
Cement Company Ltd
·
Arabian
Packing Company
·
Gulf
Utensils
·
Gulf Import
& Export Co
·
House
of Perfume
·
Computer
Intelligence and Communications Ltd
·
Gulf
Confectionery & Biscuit Company
·
Oman
Insurance Co Limited
·
Mashreq
Bank
·
Al
Ghurair Enterprises
·
Al
Ghurair Exchange
·
National
Flour Mills Company Ltd
·
Emirates
Trading Agency LLC
·
National
Concrete Company Ltd
·
Masafi
Mineral Water Co LLC
·
Associated
Construction & Investment Co LLC (ASCON)
·
Al
Ghurair Fieness Perry & Partners
·
Pak
Arab Traders
·
Al
Ghurair Real Estate
·
Al
Khaleej Sugar Co WLL
·
Central
Electric Equipment Co LLC (CEEC)
·
National
Oman Marble Company
·
Rawda
Quarries Ltd
·
Ghurair
Tarmac
·
Oman
Finance Company
·
Ghurair
Crown (Engineering) Ltd
·
Al
Ghurair Industries (Pvt) Ltd
·
Trans
Gulf Aluminium LLC
Activities: Engaged in the wholesale and retail of
jewellery, watches, electrical products, timber, building materials and
engineering products.
Import
Countries: Europe and GCC
countries.
Brand Names: ZENART, DGO, TRAZER, LEROSKY, JULIUS, AREN
DINO, XETEX, SWISCARDIN, VERONA,
FUSION and EPOK
Operating Trend: Steady
Subject has a
workforce of approximately 160 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
151,230,000 UAE Dh
161,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Krishnan Rajan, Finance Manager
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
No complaints
regarding subject’s payments have been reported.
Please note that
the correct name of the subject is “Mashreq International LLC” and not
“Mashrequ International LLC”.
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.65.29 |
|
|
1 |
Rs.99.31 |
|
Euro |
1 |
Rs.73.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
|
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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.