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Report No. : |
346447 |
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Report Date : |
28.10.2015 |
IDENTIFICATION DETAILS
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Name : |
GULF CRESCENT
TRADING ESTABLISHMENT |
|
|
|
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Registered Office : |
Sheikh Hamdan Bin Mohamed Street Mina Warehouse Area 71436 Abu Dhabi |
|
|
|
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Country : |
United Arab
Emirates |
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|
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Date of Incorporation : |
20.10.1999 |
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|
|
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Com. Reg. No.: |
42038, Abu Dhabi |
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|
|
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Legal Form : |
Sole
Proprietorship |
|
|
|
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Line of Business : |
Subject is Engaged in
the import and distribution of furniture and carpets. |
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|
|
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No. of Employee : |
8 |
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 : |
Satisfactory |
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|
|
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Payment Behaviour : |
No complaints |
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|
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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 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 : GULF
CRESCENT TRADING ESTABLISHMENT
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 20th
October 1999
Commercial
Registration Number : 42038, Abu
Dhabi
Trade Licence
Number : 63283
Chamber Membership
Number : 79728
Invested Capital : UAE Dh 150,000
Total Workforce : 8
Activities :
Distributors of furniture and carpets.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Waheeb Yahya Omar Nazzal, Proprietor & General
Manager
GULF CRESCENT
TRADING ESTABLISHMENT
Street : Sheikh Hamdan Bin Mohamed
Street
Area : Mina Warehouse Area
PO Box : 71436
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6733100 / 6733113
Facsimile : (971-2) 6733117
Email : gulfcrst@emirate.net.ae
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Suburban Business Area of Abu Dhabi.
Name Nationality Position
·
Waheeb Yahya Omar Nazzal Jordanian Proprietor & General
Manager
·
Hamza Waheeb Yahya Omar Nazzal Jordanian Assistant General Manager
·
Nizam Eddine Prukat - Accountant
Date of Establishment : 20th
October 1999
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 42038, Abu
Dhabi
Trade Licence No. : 63283
Chamber Member No. : 79728
Invested Capital
: UAE Dh 150,000
Mr Waheeb Yahya Omar Nazzal is the sole proprietor of
the business. Mr Waheeb Yahya Omar Nazzal is a
Jordanian national who operates in Abu Dhabi under the local sponsorship of Mr Obaid Rashid Matar Al Khubaisi.
Activities: Engaged in the import and distribution of
furniture and carpets.
Import
Countries: Belgium, China
and Saudi Arabia
International
Suppliers:
·
Associated Weaver Belgium
·
IVC Belgium
· Al Soraiye Carpets Saudi Arabia
Operating Trend: Steady
Subject has a
workforce of 8 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 11,280,000 UAE Dh 11,635,000
Local sources
consider subject’s financial condition to be Fair.
·
Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box: 939
Abu Dhabi
Tel: (971-2) 6962222 / 6962222
Fax: (971-2) 6776499 / 6776499
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 business is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
-- |
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.