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Report No. : |
344676 |
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Report Date : |
12.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAKHA AL KHALEEJ
INTERNATIONAL LLC |
|
|
|
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Registered Office : |
National Bank of
Umm Al Quwain Building, 7th Floor, Suite 701, Khalid Ibn Al Waleed
Street, Bur Dubai, P O Box: 55157, Dubai |
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|
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Country : |
United Arab Emirates |
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|
|
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Financials (as on) : |
31.12.2014 |
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|
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Date of Incorporation : |
12.06.1990 |
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Com. Reg. No.: |
45177, Dubai |
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|
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Legal Form : |
Limited Liability
Company - LLC |
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|
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Line of Business : |
Import and
Distribution of Chemicals. |
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|
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No. of Employees : |
16 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 |
|
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 annualTRADE 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 : RAKHA AL
KHALEEJ INTERNATIONAL LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 12th
June 1990
Commercial
Registration Number : 45177,
Dubai
Trade Licence
Number : 223075
Chamber Membership
Number : 19407
Issued Capital : UAE Dh
3,000,000
Paid up Capital : UAE Dh
3,000,000
Total Workforce :
16
Activities :
Import and distribution of chemicals.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jaimon George,
Sales Manager
RAKHA AL KHALEEJ
INTERNATIONAL LLC
Building : National Bank of Umm
Al Quwain Building, 7th Floor, Suite 701
Street : Khalid Ibn Al Waleed Street
Area : Bur Dubai
PO Box : 55157
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3977999
Facsimile : (971-4) 3972555
Mobile : (971-50) 4549985
Email : rakha@emirates.net.ae / rai@rai-uae.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Saeed
Mohamed Saeed Al Sayed Hamid Al Naqeeb Kuwaiti Managing
Director
·
Mohamed
Rashid Abdul Samad Al Kaitoob Emirati Director
·
Arul
Dhasan - General
Manager
·
Seecharaman
Kabvisari - Finance
Manager
·
Karthik
Nurnida - Commercial
Manager
·
Jaimon
George - Sales
Manager
Date of Establishment : 12th
June 1990
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 45177, Dubai
Trade Licence No. : 223075
(Expires 10/06/2015)
Chamber Member No. : 19407
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
·
Mohamed
Rashid Abdul Samad Al Kaitoob 51%
·
Saeed
Mohamed Saeed Al Sayed Hamid Al Naqeeb 49%
·
Specialised
System Co
Safat
Kuwait
Activities: Engaged in the import and distribution of
chemicals, including polyethylene, polypropylene, polystyrene, acrylonitrile,
polyvinyl chloride, ethylene vinyl acetate, polyethylene terephthalate,
polycarbonates, plastic compounds and master
batches,
Import Countries: Kuwait, India, Thailand, China and Saudi
Arabia.
International Suppliers:
·
Petrochemical International Corporation (PIC) Kuwait
· Equate Kuwait
· Supreme
Petrochemical India
· ACG Chemical Thailand
· Basel Saudi Saudi
Arabia
· SABIC Saudi
Arabia
Operating Trend: Steady
Subject has a
workforce of 16 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
15,750,000 UAE Dh
16,600,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Jaimon George, Sales Manager
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
No complaints
regarding subject’s payments have been reported.
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.64.78 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
|
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 |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
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 |
-- |
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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.