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Report No. : |
344888 |
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Report Date : |
16.10.2015 |
IDENTIFICATION DETAILS
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Name : |
QUEENS FASHION TRADING CO LLC |
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Registered Office : |
Yousuf Mohamed Bashoori Building, Murshid Bazaar, Al Bateen, PO Box No.: 51382, 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 : |
11.11.1982 |
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Com. Reg. No.: |
1050868 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the wholesale and retail of readymade garments
and footwear. |
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No. of Employees : |
20 |
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
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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 |
Company Name : QUEENS
FASHION TRADING CO LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Limited
Liability Company - LLC
Registration Date : 11th
November 1982
Commercial
Registration Number : 1050868,
Dubai
Trade Licence
Number : 219560
Chamber Membership
Number : 15859
Issued Capital : UAE Dh
200,000
Paid up Capital : UAE Dh
200,000
Total Workforce :
20
Activities :
Wholesale and retail of readymade garments and footwear
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
QUEENS FASHION TRADING CO LLC
Building : Yousuf Mohamed
Bashoori Building
Street : Murshid Bazaar
Area : Al Bateen
PO Box : 51382
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2253152
Facsimile : (971-4) 2256315
Mobile : (971-50) 5537378
Email : mohanmatlani@gmail.com / aljarn44@hotmail.com
Subject operates from
a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Name Nationality Position
·
Mohanlal
Mathlani Dayaldas Mathlani Indian Managing Director
·
Ibrahim
Abdullah Mohamed Abdullah Al Jarn Emirati Director
Date of Establishment : 11th
November 1982
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1050868,
Dubai
Trade Licence No. : 219560
(Expires 10/11/2015)
Chamber Member No. : 15859
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
·
Ibrahim
Abdullah Mohamed Abdullah Al Jarn 51%
·
Mohanlal
Mathlani Dayaldas Mathlani 49%
Activities: Engaged
in the wholesale and retail of readymade garments and footwear.
Import
Countries: Europe and the
Far East
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
15,700,000 UAE Dh
16,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints
regarding subject’s payments have been reported.
Please note that
the correct name of the subject is “Queens Fashion Trading Co LLC” and not
“Queens Fashion (Mohan Matlani)”.
Local sources
report that subject meets its payments in a timely manner and is considered to
be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.82 |
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UK Pound |
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.74.50 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
VNT |
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 |
-- |
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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.