MIRA INFORM REPORT

 

 

Report Date :           

03.08.2011

 

IDENTIFICATION DETAILS

 

Name :

MIAD GENERAL TRADING LLC

 

 

Registered Office :

Fish Roundabout, Salahuddine Street, P O Box 13635, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.11.1998

 

 

Com. Reg. No.:

43043, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and distribution of general foodstuff products

 

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

 

SUMMARY

 

Company Name                                     : MIAD GENERAL TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 29th November 1998

Commercial Registration Number            : 43043, Dubai

Trade Licence Number                            : 508958

Chamber Membership Number                : 52574

Issued Capital                                        : UAE Dh 3,000,000

Paid up Capital                                      : UAE Dh 3,000,000

Total Workforce                                     : 35

Activities                                               : Import and distribution of general foodstuff products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

Person Interviewed                                 : Mohamed Bagher Ahmed Ainehchi, Managing Director

 

COMPANY NAME

 

MIAD GENERAL TRADING LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Fish Roundabout

Street               : Salahuddine Street

PO Box             : 13635

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2549494

Facsimile          : (971-4) 2549512

Mobile               : (971-50) 6455020

Email                : miadgt@emirates.net.ae

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Al Ghaz Building                                                                               Rented showroom premises

Nasr Square

Bur Dubai

Dubai

Tel: (971-4) 2233290 / 2237850

Fax: (971-4) 2218569

 

·       Al Fahimi Building                                                                             Rented office premises

Al Ras Street

Dubai

Tel: (971-4) 2252090

Fax: (971-4) 2254019

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Mohamed Bagher Ahmed Ainehchi                   Iranian             Managing Director

 

·       Abdullah Mohamed Abdullah Al Ailie                 Emirati                        Director

 

·       C K Nizar Eddine                                                   -                          Sales Manager

 

·       Iraj Abdo                                                                -                          Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 29th November 1998

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 43043, Dubai

 

Trade Licence No.       : 508958 (Expires 24/11/2011)

 

Chamber Member No. : 52574

 

Issued Capital              : UAE Dh 3,000,000

 

Paid up Capital            : UAE Dh 3,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Abdullah Mohamed Abdullah Al Ailie                                51%

 

·       Mohamed Bagher Ahmed Ainehchi                                  49%

 

 

AFFILIATED COMPANIES

 

·       Mawaheb General Trading LLC

PO Box: 13635

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products, including tea and rice.

 

Import Countries: Europe and the Far East

 

International Suppliers:

 

·       Western Grain Cleaning & Processing            Canada

·       Pilgrims Pride                                               United States of America

·       Tyson Foods                                     United States of America

·       Forterra Limited                                             New Zealand

·       Arla Foods                                                    Denmark

·       Chaiyaporn International                                 Thailand

·       Allana Sons                                                  India

 

Brand Names: MIAD

 

Operating Trend: Steady

 

Subject has a workforce of 35 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 15,000,000                   UAE Dh 16,175,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              July 2007                                  September 2008

Credit amount                                        150,000                         150,000

Amount overdue                         0                                              0

Payment terms                                      60 days                                     60 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               US Dollars                                 US Dollars

 

 

GENERAL COMMENTS

 

Established in 1998, subject is involved in the import and distribution of general foodstuff products, including tea, coffee and edible oils.

 

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.44.23

UK Pound

1

Rs.72.09

Euro

1

Rs.62.99

 

 

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.