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Report No. : |
344898 |
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Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
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Name : |
LALS
INTERNATIONAL LTD FZC |
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Registered Office : |
Saif Zone Sharjah |
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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 : |
16.12.2002 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Subject is engaged in the
import and distribution of readymade garments, fashion accessories and
furniture. |
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No. of Employees : |
20 |
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 |
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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 |
|
Low |
A2 |
|
Moderate |
B1 |
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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 : LALS
INTERNATIONAL LTD FZC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 16th December 2002
Trade Licence Number : 01592, Saif Zone
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 20
Activities : Distributors of readymade garments, fashion accessories and furniture
Financial Condition : Good
Payments : Regular
Operating Trend : Steady
Person Interviewed : Paradeep Bala, Vice President for Finance
LALS INTERNATIONAL LTD FZC
Town :
Sharjah
Country : United
Arab Emirates
Location :
Plot No. S 20125, Mazaya Centre
Street :
Road No. SW 301 G
Area :
Jebel Ali, South Zone
PO Box :
74944 & 74762
Town :
Dubai
Country :
United Arab Emirates
Telephone :
(971-4) 8133777
Facsimile :
(971-4) 8133888
Email : info@lalsgroup.com
/ information@lalsgroup.com
Subject operates from a small suite of offices that are
rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
· Lal
Hari Ram Ganawani Indian Managing Director
· Jain
Kumar Lal Hari Ram Ganawani Indian Director
· Paradeep
Bala - Vice
President for Finance
· Parkash
Angar - Associate
Director
· Kamal
Hussain Kalwani - Financial
Controller
· Hera
Lal Amranani - Commercial
Manager
Date
of Establishment : 16th
December 2002
Legal
Form : Free
Zone Company - FZC
Trade
Licence No. :
01592, Saif Zone
Issued Capital : UAE
Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
· Lal
Hari Ram Ganawani
· Jain
Kumar Lal Hari Ram Ganawani
· Lals
Trading Co LLC
Dubai
· Lals International Ltd FZCO
Plot No. S 20125, Mazaya Centre
Street Road No. SW 301 G
Jebel Ali Free Zone
PO Box: 74944 & 74762
Dubai
Tel: (971-4) 8133777
Fax: (971-4) 8133888
Lic No. 7693
· Home R Us
Dubai
Tel:
(971-4) 2672222
Activities: Engaged in the import and distribution
of readymade garments, fashion accessories and furniture.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of 20 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 700,000,000 UAE Dh
715,000,000
Local sources consider subject’s financial condition to be
Good.
The above figures were provided by Mr Paradeep Bala, Vice
President for Finance
·
Mashreq Bank Plc
Deira
Branch
PO
Box: 1250
Dubai
Tel:
(971-4) 2229131 / 2221134
Fax:
(971-4) 2233784
Regular
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.65.02 |
|
UK Pound |
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.73.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
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|
|
|
Report Prepared
by : |
TRU |
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 |
|
|
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.