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Report No. : |
344822 |
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Report Date : |
16.10.2015 |
IDENTIFICATION DETAILS
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Name : |
RAINBOW GENERAL TRADING CO LLC |
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Registered Office : |
New Industrial Area, New Sanaya, PO Box 2409, Ajman |
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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 : |
13.06.1989 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the supply of chemicals, colours, flavours and fragrances
to the food, textile, detergent, paper, paint and cosmetic industries
throughout the Gulf, Middle East and African markets. Subject also supplies
food ingredients like preservatives, stabilizers and emulsifiers. |
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No. of Employees : |
25 |
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) |
|
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.
|
Source
: CIA |
Company Name :
RAINBOW GENERAL TRADING CO LLC
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
13th June 1989
Trade Licence Number :
11611
Issued Capital :
UAE Dh 150,000
Paid up Capital :
UAE Dh 150,000
Total Workforce : 25
Activities :
Supply of chemicals, colours, flavours and fragrances.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Ahmed Sadiq, Finance
Manager
RAINBOW GENERAL TRADING CO LLC
Registered &
Physical Address
Location : New Industrial
Area, New Sanaya
PO Box : 2409
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7437739
Facsimile : (971-6)
7437740
Mobile : (971-50)
3600735 / 4813734 / (971-56) 2574683
Email : rainbow8@emirates.net.ae / rainbow8@rainbowchemicals.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Ajman.
Name Nationality Position
Abdul Rasheed Chughtai Pakistani Managing
Director
Talha Chughtai Pakistani Director
Hassan Abdullah Al Hamed Emirati Director
Ahmed Sadiq - Finance
Manager
Utall Vasu - Sales
Manager
Date of Establishment : 13th June
1989
Legal Form : Limited Liability
Company – LLC
Trade Licence No. : 11611
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of
Shareholder (s) Percentage
Hassan Abdullah Al Hamed 51%
Abdul Rasheed Chughtai ]
] 49%
Talha Chughtai ]
Rainbow Dye Technical Private Ltd
Karachi
Pakistan
Tel: (92-21) 2435375
Ajay’s International Trading FZE
Ajman Free Zone
PO Box: 2409
Ajman
Tel: (971-6) 7437739
Rainbow Emirates Chemicals
35 Circular Road
Lahore
Pakistan
Tel: (92-42) 8428979
Fax: (92-42) 37662624
Rainbow Chemicals Co LLC
PO Box: 440
Ruwi CBD Area, Building No. 45, 4th Floor
Muscat
Oman
Tel: (968) 2470746
Fax: (968) 24702654
Activities: Engaged in the supply of chemicals, colours, flavours and fragrances to
the food, textile, detergent, paper, paint and cosmetic industries throughout
the Gulf, Middle East and African markets. Subject also supplies food
ingredients like preservatives, stabilizers and emulsifiers.
Import Countries: United Kingdom, Italy, Iran and Pakistan
International Suppliers:
Kraft Food Ltd United Kingdom
Sensient Italy
Operating Trend: Steady
Subject has a workforce of 25 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 84,000,000 UAE Dh
96,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ahmed Sadiq, Finance Manager
Habib Bank Ltd
PO Box: 300
Sharjah
Tel: (971-6) 5686116
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.64.82 |
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|
1 |
Rs.100.41 |
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Euro |
1 |
Rs.74.50 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
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.