MIRA INFORM REPORT
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Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
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Name : |
TRADE LINE LLC |
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Registered Office : |
Al Ghurair
Centre, Tower A1, 8th Floor, Office No. 839, Al Rigga Street, Al
Muraqqabat, P O Box 55409, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.10.1989 |
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Com. Reg. No.: |
43778, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject operates through several divisions include Trading Division and Shipping & Chartering Division |
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No. of Employees
: |
75 persons |
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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Maximum Credit Limit : |
US$ 2,500,000 |
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Status : |
Good |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
SUMMARY
Company Name : TRADE LINE LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 17th October 1989
Commercial Registration Number : 43778, Dubai
Trade Licence Number : 221023
Chamber Membership Number : 17295
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 75
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,500,000
COMPANY NAME
TRADE LINE LLC
company ADDRESS
Registered &
Physical Address
Building : Al Ghurair Centre, Tower A1, 8th
Floor, Office No. 839
Street : Al Rigga Street
Area : Al Muraqqabat
PO Box : 55409
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2219086
Facsimile : (971-4) 2277693
Email : mail@tradelinellc.com
Premises
Subject operates
from a medium sized suite of offices that are leased and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Ahmed
Hussain Lafir Indian Managing
Director
·
Majid
Saif Ahmed Al Ghurair Emirati Director
·
Habib Ahmed Mubarak - Chief
Executive Officer
· Abu Bucker Hussain - Operations
Manager
· Hetaish Gupta - Trading
Manager
· Kamal Nassir - Finance
Manager
· D Suresh - Chartering
Manager
LEGAL FORM & OWNERS
Date of Establishment : 17th
October 1989
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 43778, Dubai
Trade Licence No. : 221023
(Expires 16/10/2012)
Chamber Member No. : 17295
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
·
Majid
Saif Ahmed Al Ghurair 51%
·
Ahmed
Hussain Lafir 49%
AFFILIATED COMPANIES
·
Lafttiz
Trading Co
No. 3 58th Alley, 4th
Floor
Asad Abadi Avenue
Tehran 14368
Iran
Tel: (98-21) 8059334
Fax: (98-21) 8030052
Email: lafttiz@lafttiz.com
·
Fairway
Trading Company (Pvt) Ltd
No. 300, Thambu Chetty Street
Chennai 600001
India
Tel: (91-44) 5220569 / 5230251
Fax:
(91-44) 5228428
Email: cma@vsnl.com
·
Trans
Gulf Aluminium Industries Co LLC
PO Box: 55409
Sheikh Zayed Road
Dubai
Tel: (971-4) 8801524
Fax: (971-4) 8801514
Email: alrod@emirates.net.ae
·
Al
Ghurair Iron & Steel LLC
Abu Dhabi
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
Trading Division
Engaged in the import and distribution of dry bulk commodity goods,
including agricultural feed products, fertilizers, chemical raw materials and
steel products.
Shipping & Chartering Division
Subject is also involved in shipping services, including the chartering
of commercial boats. Chartering a modest average of
80-100 vessels per year, both on Time-Charter and Voyage-charter, Tradeline has
built an enviable reputation as a highly professional and reliable charter
operator. The modern fleet operates with vessels of capacity ranging from
3000DWT to Cape-size (including tankers) and deal in cargoes such as Steel,
Coal, Animal feed, Fertilizers, Sugar, Grain, Scrap and project cargoes.
Subject’s fleet
includes:
Vessel Size Built Purchase Date Owners
M.V. Emirates Star 15,030 1980
2002 Thymus
Shipping
M.V.Regal Star 16,411 1984
2002 Thymus
Shipping
M.V.Kardaran Star
9,119 1983
2003 Stellar
Shipping LLC
M.V.North Star 42,219 1985
2004 Orient
Marine Ltd
M.V. Seven Star
6,146 1979
2005 Seven
Star Maritime Corp
M.V. Blue Star 25,694 1985
2005 Atlas
Shipping S.A
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 75 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/09: Year Ending
31/12/10:
Total Sales UAE Dh
311,500,000 UAE Dh
316,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel:
(971-4) 2229131 / 2221134
·
Banque
Cantonale Vaudoise
PO Box: 300-1001
Lausanne
Switzerland
Tel: (41-21) 2121000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Trade Line LLC was established
in 1989 and is engaged in the import and distribution of dry bulk commodity
goods. It also offers shipping services, chartering commercial boats.
The company is run
in a professional manner and is owned by the prominent Indian businessmen, Ahmed
Hussain Lafir, and his wealthy Emirati sponsor, Majid Saif Ahmed Al Ghurair.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a sound trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.67 |
|
UK Pound |
1 |
Rs.82.53 |
|
Euro |
1 |
Rs.69.13 |
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 |
|
<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.