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Report No. : |
347315 |
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Report Date : |
29.10.2015 |
IDENTIFICATION DETAILS
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Name : |
DAISY FRUIT
TRADING COMPANY LLC |
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|
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Registered Office : |
Emirates Street,
Central Vegetables & Fruits Market, Ras Al Khor Area, P O Box: 294231
& 40658, 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 : |
15.09.1999 |
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Com. Reg. No.: |
53378, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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LINE OF BUSINESS : |
WHOLESALE AND RETAIL OF
VEGETABLES AND FRUIT. |
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No. of Employees : |
7 |
RATING & COMMENTS
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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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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 |
|
Insignificant |
A1 |
|
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 : DAISY
FRUIT TRADING COMPANY LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Limited
Liability Company - LLC
Registration Date : 15th
September 1999
Commercial
Registration Number : 53378,
Dubai
Trade Licence
Number : 514087
Chamber Membership
Number : 56208
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 7
Activities :
Wholesale and retail of vegetables and fruit
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Prijesh Poduval,
Financial Controller
DAISY FRUIT TRADING
COMPANY LLC
Street : Emirates Street
Area : Central Vegetables &
Fruits Market, Ras Al Khor Area
PO Box : 294231 & 40658
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3202437 / 3202436
Facsimile : (971-4) 3202435
Mobile : (971-50) 6248031
Email : daisyfru@emirates.net.ae
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
·
Pritesh
Anand Shejwal Indian Managing
Director
·
Zubeda
Abdul Aziz Indian Director
·
Juma
Salem Obaid Bin Suwaidan Emirati Director
·
Rajesh Adyadi - Sales
Manager
·
Prijesh Poduval - Financial
Controller
Date of Establishment : 15th
September 1999
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 53378, Dubai
Trade Licence No. : 514087
Chamber Member No. : 56208
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Juma
Salem Obaid Bin Suwaidan 51%
·
Pritesh
Anand Shejwal 25%
·
Zubeda
Abdul Aziz 24%
Activities: Engaged in the wholesale and retail of
vegetables and fruit.
Import
Countries: India and Sri
Lanka
International
Suppliers:
·
Bombay Fruits &
Vegetables Import & Export Pvt Ltd India
·
Zest Fruits Pty Ltd South
Africa
Operating Trend: Steady
Subject has a
workforce of 7 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 10,400,000 UAE Dh 11,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
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.65.04 |
|
|
1 |
Rs.99.58 |
|
Euro |
1 |
Rs.71.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
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|
|
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Report Prepared
by : |
NIT |
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 |
|
|
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 |
|
|
<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.
S