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Report No. : |
345006 |
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Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
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Name : |
BAHIJ READYMADE GARMENTS EST |
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Registered Office : |
Hussain Nesrulla Sons Bldg., Bur |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
30.11.1985 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of textiles, linens, readymade garments,
footwear, cosmetics, perfumes, jewellery, gifts and suitcases |
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No. of Employees : |
16 |
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 |
IDENTIFICATION & CONTACT DETAILS |
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1) Name (s): |
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Organization Official Name |
: |
BAHIJ READYMADE
GARMENTS EST |
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2) Registered Address: |
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Address |
: |
Hussain Nesrulla Sons Bldg., Bur Dubai (Textile Market) |
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PO Box |
: |
115817 Dubai |
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Phone (s) |
: |
(971-4) 3534215 |
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Facsimile |
: |
(971-4) 3532263 |
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Email |
: |
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Mobile |
: |
(971-50) 6256213 |
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Country |
: |
United Arab Emirates |
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3) Operational Address
& Contact Details: |
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Address |
: |
Shop No. (2) King Haji Ali Jaafar Musa sons - Bur - Dubai $
Hussain Nesrulla Sons Bldg., (Textile Market) Bur Dubai |
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PO Box |
: |
115817 Dubai |
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Phone (s) |
: |
(971-4) 3534215 |
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Facsimile |
: |
(971-4) 3532263 |
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Email |
: |
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Mobile |
: |
(971-50) 6256213 |
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Country |
: |
United Arab Emirates |
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LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS |
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Legal Form - Category |
: |
Limited Liability Company |
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Date of Registration |
: |
30th November 1985 |
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Trade License Number |
: |
202414 |
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Expiry Date |
: |
29/11/2015 |
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Commercial Registration Number |
: |
1162140, Dubai |
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OTHER REGISTRATION/ MEMBERSHIPS |
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Chamber Membership Number |
: |
4746 |
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KEY FACTS |
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Operational Status |
: |
Steady |
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Financial Condition |
: |
Fair |
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Primary Business Activity |
: |
Distributors of textiles, linens, readymade garments, footwear,
cosmetics, perfumes, jewellery, gifts and suitcases |
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Number of Employees |
: |
16 |
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Capital |
: |
UAE Dh 100,000 |
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CAPITAL DETAILS |
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Issued Capital: |
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NO OF SHARES |
VALUE OF SHARE |
AMOUNT |
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N/A |
N/A |
UAE Dh 100,000 |
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Paid Up Capital: |
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NO OF SHARES |
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AMOUNT |
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N/A |
N/A |
UAE Dh 100,000 |
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FINANCIAL DATA |
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Financial highlights provided by local sources are given below: |
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Currency: United Arab Emirates Dirham (UAE Dh) |
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Year Ending 31/12/13 |
Year Ending 31/12/14 |
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Total Sales |
UAE Dh 12,880,000 |
UAE Dh 13,210,000 |
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Local sources consider subject’s financial condition to be Fair. |
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The above financial figures are based on estimations by our
local sources. |
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BANKER |
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1 |
Name |
Emirates National Bank of Dubai |
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Address |
Al Souq Branch Dubai |
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Account No |
1011102879301 |
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IBAN No |
AE450260001011102879301 |
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SHAREHOLDERS |
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Sr.No |
Name of Shareholders |
Country |
No. of Shares |
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1 |
Ahmad Ali Jassim Mohamed Abdullah |
Emirati |
51% |
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2 |
Harish Kumar Aidasani |
Indian |
25% |
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3 |
Asha Aidasani |
Indian |
24% |
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Total Share |
100% |
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SENIOR MANAGEMENT |
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Sr.No |
Name |
Nationality |
Dsignation |
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1 |
Harish Kumar Aidasani |
Indian |
Managing Director |
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2 |
Asha Aidasani |
Indian |
Director |
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3 |
Ahmad Ali Jassim Mohamed Abdullah |
Emirati |
Director |
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INTERNATIONAL TRADE ACTIVITY MARKETS |
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Sr.No |
ACTIVITY CODE |
ACTIVITY |
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1 |
G513101 |
Textile Trading |
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2 |
G513102 |
Blankets , Towels & Linens Trading |
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3 |
G513107 |
Readymade Garments Trading |
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4 |
G513117 |
Shoe Trading |
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5 |
G513958 |
Perfumes & Cosmetics Trading |
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6 |
G513930 |
Imitation Jewellery Trading |
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7 |
G513931 |
Gifts Trading |
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8 |
G513945 |
Suitcases and Travel Requisites Trading |
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INTERNATIONAL TRADE ACTIVITY MARKETS |
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Sr.No |
Country |
Activity |
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1 |
Europe |
Import |
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2 |
GCC |
Import |
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PREMISES |
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Subject operates from a small suite of offices and a showroom
that are rented and located in the Central Business Area of Dubai |
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PAYMENT |
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No complaints regarding subject’s payments have been reported. |
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ADVERSE DATA |
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Performance Defaults |
: |
No record found |
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Payment Defaults |
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No record found |
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Adverse Press Coverage |
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No record found |
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Litigations |
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No record found |
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Former Business Relationships |
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No record found |
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INVESTIGATOR'S COMMENTS |
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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. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
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UK Pound |
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
TRU |
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.