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MIRA INFORM REPORT
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Report No. : |
490167 |
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Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
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Name : |
APPAREL GROUP FZCO |
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Registered Office : |
Al Sharafi Building, Office No. 103, Khalid Bin Waleed Street, Bur
Dubai, PO Box 27401 & 261873, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
01.08.2005 |
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Legal Form : |
Free Zone Company – FZCO |
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Line of Business : |
Subject is engaged in the import and distribution of readymade
garments and clothing accessories. |
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No. of Employees : |
150 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced
in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low
oil prices have prompted the UAE to cut expenditures, including on some social
programs, but the UAE has sufficient assets in its sovereign investment funds
to cover its deficits. The government reduced fuel subsidies in August 2015,
and has announced plans to introduce excise and value-added taxes by January 1,
2018. The UAE's strategic plan for the next few years focuses on economic
diversification, promoting the UAE as a global trade and tourism hub,
developing industry, and creating more job opportunities for nationals through
improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name :
APPAREL GROUP FZCO
Also Known As :
APPAREL FZCO
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date :
1st August 2005
Trade Licence Number :
6331
Issued Capital :
UAE Dh 2,000,000
Paid up Capital :
UAE Dh 2,000,000
Total Workforce :
150
Activities :
Distributors of readymade garments and clothing accessories
Financial Condition :
Fair
Payments :
Regular
Operating Trend :
Steady
COMPANY
NAME
APPAREL GROUP FZCO
ALSO
KNOWN AS
APPAREL FZCO
ADDRESS
Registered &
Physical Address
Building : Al Sharafi
Building, Office No. 103
Street : Khalid Bin Waleed
Street
Area : Bur Dubai
PO Box :
27401 & 261873
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3358000
Mobile : (971-55)
2136047
Email : info@appareluae.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
Plot No. S21317, Jebel Ali South Zone 2 Office
& warehouse premises
PO Box: 261873
Dubai
United Arab Emirates
Tel: (971-4) 8136111
Fax: (971-4) 8864073
KEY
PRINCIPALS
Name Nationality Position
Nilesh Kumar Naval Meghji Ved
Indian Managing
Director
Ms Samia Ved Indian Director
Niraj Takchandani - Finance
Manager
Reema Bedi - Marketing
Manager
Viswaa Hariharan - Legal
Officer
Mohamed Abdullatif - Legal Officer
LEGAL
FORM & OWNERS
Date of Establishment : Subject's
operations date back to 1999, however it was registered on 1st
August 2005
Legal Form : Free Zone Company
– FZCO
Commercial Reg. No. : 1538, Dubai
Trade Licence No. : 6331
Chamber Member No. : 133437
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Name of
Shareholder (s) Percentage
Nilesh Kumar Naval Meghji Ved 95%
Ms Samia Ved 5%
AFFILIATED
COMPANIES
Apparel Group Management Office
Al Sharafi Building, Suite No. 102
Khalid Bin Waleed Street
Bur Dubai
PO Box: 1290 & 27401
Dubai
Tel: (971-4) 3358000 / 8136111
Fax: (971-4) 3344120
Apparel LLC
102 Al Sharafi Building
Office No. 102, 1st Floor
Khalid Bin Walid Street
Al Mankhool
PO Box: 27401
Dubai
United Arab Emirates
Apparel General Trading Company
Zawya Center, 5th Floor
Block 19, Area 146
Bin Khaldoun Street
Hawalli
Kuwait
Tel: (965) 22657351 / 22657371
Fax: (965) 22657361
Apparel Qatar WLL
313 Gulf Business Centre
Ibn Sena Road
Mumtaza
Doha
Qatar
Tel: (974) 44383810
Fax: (974) 44383873
Bahrain Apparel Trading WLL
PO Box: 18642
Manama
Bahrain
Tel: (973-17) 581706
Fax: (973-17) 581806
Apparel International LLC
PO Box: 1821
Muscat
Oman
Tel: (968) 24567428
Fax: (968) 24561873
Modern Fashion Trading Company
PO Box: 99987
Badriah Street
Olaya District
Riyadh 11625
Saudi Arabia
Tel: (966-1) 2170026
Fax: (966-1) 2170025
Apparel Sp Zoo
Ul Klobucka 25
02699 Warsaw
Poland
Tel: (4822) 5499049
Montreal Trading PTE
10 Genting Lane
08-00 Jay Gee House
Singapore 349583
Tel: (65) 68426358
Fax: (65) 68424694
Montreal Trading Sdn Bhd
G 340, Ground Floor Oval
One Utama Shopping Centre
1 Lebun Bandar Utama
47800 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Tel: (603) 77265110
OPERATIONS
Activities: Engaged in the import and distribution of readymade garments and
clothing accessories.
Import Countries: Europe, United States of America and the Far East
Brand Names: TOMMY HILFIGER, BIRKENSTOCK, NINE WEST, SKECHERS,
VON DUTCH, ALDO, BALLY,
DUNE, BENCH, INGLOT, KENNETH COLE, JEANSWEST, PEDRO, MOTIVI, SPRING,
NATURALIZER, ALAIN MANOUKIAN, BOSSINI and BOOKSPLUS
Operating Trend: Steady
Subject has a workforce of 150 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales UAE
Dh 199,000,000 UAE Dh
201,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.14 |
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1 |
INR 89.50 |
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Euro |
1 |
INR 79.43 |
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UAE Dh |
1 |
INR 17.48 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.