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Report Date : |
20.02.2012 |
IDENTIFICATION DETAILS
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Name : |
TOOLS WAY TRADING LLC |
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Registered Office : |
Al Wasef Building, Shop No. 13 Nasser Square,
Deira PO Box 26923 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
18.03.2003 |
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Com. Reg. No.: |
95644, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and distribution of building materials, construction equipment and scaffolding |
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No. of Employees : |
9 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Satisfactory |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : TOOLS WAY TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 18th March 2003
Commercial Registration Number : 95644, Dubai
Trade Licence Number : 543042
Chamber Membership Number : 76144
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 9
Activities : Import and distribution of building materials, construction equipment and scaffolding
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
Person Interviewed : Gagang Deet Singh, Managing Director
TOOLS WAY TRADING LLC
Building : Al Wasef Building, Shop No. 13
Area : Nasser
Square, Deira
PO Box : 26923
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2270363
Facsimile : (971-4)
2270364
Mobile : (971-50)
8522556
Email : toolsway@emirates.net.ae
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Please note that subject’s previous address was, Al Ghurair Building,
Nasser Square, Deira, Dubai.
Branch Office (s)
Location Description
· Al Awir Area, Ras
Al Khor Rented
warehouse premises
Dubai
Tel:
(971-4) 3207883
Name Nationality Position
· Gagang Deet Singh Indian Managing Director
· Najat Ismail
Mohamed Haji Al Balooshi Emirati Director
Date of
Establishment : 18th
March 2003
History : Subject began in 2003
as a Sole Proprietorship, however in April 2011 it changed legal form
and became a
Limited Liability Company.
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 95644, Dubai
Trade Licence No. : 543042 (Expires 11/03/2012)
Chamber Member No. : 76144
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Najat Ismail
Mohamed Haji Al Balooshi 51%
· Gagang Deet Singh 49%
Activities: Engaged in the import and distribution of building materials,
construction equipment and scaffolding.
Import Countries: Europe and GCC countries
Operating Trend: Steady
Subject has a workforce of 9 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh 9,600,000 UAE Dh 11,300,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Gagang Deet Singh, Managing
Director
·
Habib Bank AG Zurich
Baniyas Road
PO Box: 3306
Dubai
Tel: (971-4) 2214535
No complaints regarding subject’s payments have been reported.
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.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
RATING EXPLANATIONS
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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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.