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Report No. : |
340724 |
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Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
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Name : |
ADMIRAL HARDWARE
LLC |
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Registered Office : |
Al Hawai Building, Shop No. 1 Deira 44541 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
30.10.2005 |
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Com. Reg. No.: |
76866, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Engaged in the import
and distribution of hardware, building materials and tools. |
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No. of Employee : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 |
|
Risk Category |
ECGC
Classification |
|
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 : ADMIRAL
HARDWARE LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 30th
October 2005
Commercial
Registration Number : 76866,
Dubai
Trade Licence
Number : 574511
Chamber Membership
Number : 102083
Issued Capital : UAE Dh
500,000
Paid up Capital : UAE Dh
500,000
Total Workforce : 12
Activities :
Distributors of hardware, building materials and tools.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
ADMIRAL HARDWARE
LLC
Building : Al Hawai Building, Shop
No. 1
Area : Deira
PO Box : 44541
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2289360 / 2247703
Facsimile : (971-4) 2289362 / 2247743
Mobile : (971-50) 6402960
Email : admiral.hardware@eim.ae
Please note that
subject’s previous address was, Sheikh Zayed Road, Al Quoz Industrial Area,
Dubai.
Subject operates
from a small offices and a showroom that are rented and located in the
Industrial Area of Dubai.
Name Nationality Position
·
Mahindra
Kumar Odhaviji Ashar Indian Managing
Director
·
Mulshand
Odhaviji Ashar Indian Director
·
Vallabhdas
Odhaviji Ashar Indian Director
·
Manish Ashar Indian Director
·
Khalid Mohamed
Hassan Masoud Emirati Director
·
Qutub Mohamed - Sales
Executive
Date of Establishment : 30th
October 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 76866, Dubai
Trade Licence No. : 574511
(Expires 29/10/2015)
Chamber Member No. : 102083
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
·
Khalid
Mohamed Hassan Masoud 51%
·
Mahindra
Kumar Odhaviji Ashar ]
]
·
Mulshand
Odhaviji Ashar ]
] 49%
·
Vallabhdas
Odhaviji Ashar ]
]
·
Manish Ashar ]
Activities: Engaged in the import and distribution of
hardware, building materials and tools.
Import
Countries: Europe and the
Far East.
Brand Names: STARRET, BOSCH,
DEWALT, STANLEY, SATA, FISCO, RIDGID, ZAMIL LADDER, LOUISVILLE
LADDER
Operating Trend: Steady
Subject has a
workforce of 12 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 11,200,000 UAE Dh 11,600,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Emirates
National Bank of Dubai
Baniyas Road
Deira
PO Box: 2923
Dubai
Tel: (971-4) 3160316
Fax: (971-4) 2264302
No complaints
regarding subject’s payments have been reported.
Please note that
the correct name of the subject is “Admiral Hardware LLC” and not “Adniral
Hardware LLC”.
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.66.37 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.75.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
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 |
|
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.