MIRA INFORM REPORT

 

 

Report Date :           

04.11.2011

 

IDENTIFICATION DETAILS

 

Name :

AL WAHDANIA GENERAL TRADING CO LLC

 

 

Registered Office :

Al Salemiyah Tower, 13th Floor, Office No. 1301, Baniyas Road, Rigga Al Bateen, P O Box 29011,Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

04.03.1996

 

 

Com. Reg. No.:

46696, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of general foodstuffs

 

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$ 300,000

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

SUMMARY

 

Company Name                                     : AL WAHDANIA GENERAL TRADING CO LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Start Date                                             : 1982

Registration Date                                   : 4th March 1996

Commercial Registration Number            : 46696, Dubai

Trade Licence Number                            : 240940

Chamber Membership Number                : 37592

Issued Capital                                        : UAE Dh 3,000,000

Paid up Capital                                      : UAE Dh 3,000,000

Total Workforce                                     : 65

Activities                                               : Distributors of general foodstuffs.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 300,000

 

COMPANY NAME

 

AL WAHDANIA GENERAL TRADING CO LLC

 

 

Company ADDRESS

 

Registered & Physical Address

Building             : Al Salemiyah Tower, 13th Floor, Office No. 1301

Street               : Baniyas Road

Area                 : Rigga Al Bateen

PO Box             : 29011

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2224998 / 2713220

Facsimile          : (971-4) 2227929 / 2713477

Email                : wahdania@emirates.net.ae

 

Premises

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Dubai.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       PO Box: 20024                                                                                 Sales office premises

Ajman

     Tel: (971-6) 7465968

     Fax: (971-6) 7465782

 

·       Fujairah Free Trading Area, Phase II, Plot No. 106/108             Warehouse premises

Fujairah

 

·       Ras Al Khaimah                                                                                Warehouse premises

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Rashid Murad Taher Al Balooshi                       Emirati                        Managing Director

 

·       Mrs Fatima Mohamed Ismail                            Emirati                        Director

 

·       Aziz Helmy                                                          -                            General Manager

 

·       Mohamed Yousef                                                 -                            Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1982, however it was registered on 4th March 1996.

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 46696, Dubai

 

Trade Licence No.       : 240940

 

Chamber Member No. : 37592

 

Issued Capital              : UAE Dh 3,000,000

 

Paid up Capital            : UAE Dh 3,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Mrs Fatima Mohamed Ismail                                           51%

 

·       Rashid Murad Taher Al Balooshi                                      49%

 

 

AFFILIATED COMPANIES

 

·       Al Wahdania Al Trading

     Ajman

 

·       ATC Ltd

Fujairah

 

·       Al Wahdania General Trading Co LLC

PO Box: 20024

Ajman

Tel: (971-6) 7465968

Fax: (971-6) 7465782

    

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs , including rice, tea, sugar and pulses.

 

The company also deals in tobacco and cigarettes.

 

Import Countries: Europe, Mexico and India.

 

International Suppliers:

 

·         Montana Cigarettes              Mexico

·         Taher Tea                            United Arab Emirates

·         Mehr Cigarettes                   United Arab Emirates

 

Operating Trend: Steady

 

Subject has a workforce of 65 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 27,150,000                   UAE Dh 28,800,000

 

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

 

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

 

·       The Standard Chartered Bank

Khalid Bin Waleed Street

Mankhool Branch

PO Box: 999

Dubai

Tel: (971-4) 2520455

 

·       Abu Dhabi Commercial Bank

Al Rigga Road

PO Box: 5550

Dubai

Tel: (971-4) 2958888 / 3228141

Fax: (971-4) 2959310 / 3279632

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                  October 2004                March 2006                  March 2008

Credit amount                            100,000             69,000                          100,000

Amount overdue             0                                  0                                  0

Payment terms                          60 days                         60 days                         60 days

Payment Method                       Letters of Credit             Letters of Credit             Letters of Credit

Paying record                            No Complaints               No Complaints               No Complaints

Currency                                   US Dollars                     Pounds Sterling             Euros

 

 

GENERAL COMMENTS

 

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.49.37

UK Pound

1

Rs.78.50

Euro

1

Rs.67.59

 

 

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.