MIRA INFORM REPORT

 

 

Report Date :           

31.05.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

AL RAD INTERNATIONAL TRADING EST

 

 

Registered Office :

NRE Building, Office No. 705, Ground Floor, Rolla Street, P O Box 21357, Sharjah

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

16.10.1994

 

 

Com. Reg. No.:

18479, Sharjah

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of general foodstuff products, kitchen utensils and stationery

 

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

 

Maximum Credit Limit :

US$ 200,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

 Bottom of Form

SUMMARY

 

Company Name                                     : AL RAD INTERNATIONAL TRADING EST

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 16th October 1994

Commercial Registration Number            : 18479, Sharjah

Trade Licence Number                            : 18479

Membership Number                              : 35514

Invested Capital                                     : UAE Dh 100,000

Total Workforce                                     : 10

Activities                                               : Distributors of general foodstuff products, kitchen utensils and

stationery.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

Person Interviewed                                 : Niraj Ganag, Finance Manager

 

COMPANY NAME

 

AL RAD INTERNATIONAL TRADING EST

 

 

company ADDRESS

 

Registered & Physical Address

Building             : NRE Building, Office No. 705, Ground Floor

Street               : Rolla Street

PO Box             : 21357

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5624227 / 5583387 / 5583324

Facsimile          : (971-6) 5624223

Mobile               : (971-50) 6566987 / 5592862

Email                : alrad@emirates.net.ae

 

Premises

Subject operates from a small suite of offices that are rented and located in the Industrial Area of Sharjah.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Naser Square                                                                                    Sales Office

     Dubai

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Sheikh Fahim Mohamed Khalid Bin Al Qassimi                                   Proprietor

 

·       Vinit Brijmohan Aggrawal                                                                   General Manager

 

·       Niraj Ganag                                                                                      Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th October 1994

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 18479, Sharjah

 

Trade Licence No.       : 18479 (Expires 15/10/2011)

 

Membership No.          : 35514

 

Invested Capital           : UAE Dh 100,000

 

Sheikh Fahim Mohamed Khalid Bin Al Qassimi is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Al Fahim Investment Co

PO Box: 30444

Sharjah

Tel: (971-6) 5623666

 

·       White Impex General Trading LLC

PO Box: 64927

Dubai

Tel: (971-4) 2351356

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products, kitchen utensils and stationery.

 

Import Countries: Europe and the Far East

 

International Suppliers:

 

·       Super Intex                           India

·       Varun Incorporation Ltd          China

 

Operating Trend: Steady

 

Subject has a workforce of 10 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 17,600,000                   UAE Dh 20,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figure was provided by Mr Niraj Ganag, Finance Manager

 

 

BANKERS

 

·       Standard Chartered Bank

       Al Boorj Avenue

PO Box: 5

Sharjah

     Tel: (971-6) 5357788

     Fax: (971-6) 5543604

Acc No. 02-5712440-01

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              December 2006

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the business is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.10

UK Pound

1

Rs.74.27

Euro

1

Rs.64.35

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.