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Report Date : |
24.11.2012 |
IDENTIFICATION DETAILS
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Name : |
FOOD GRAINS
TRADING LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
29.11.2003 |
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Com. Reg. No.: |
76460, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of
general foodstuffs and beverages. |
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No. of Employees : |
5 |
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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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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 |
United Arab Emirates - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income
and a sizable annual trade surplus. Successful efforts at economic
diversification have reduced the portion of GDP based on oil and gas output to
25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has
undergone a profound transformation from an impoverished region of small desert
principalities to a modern state with a high standard of living. The government
has increased spending on job creation and infrastructure expansion and is
opening up utilities to greater private sector involvement. In April 2004, the
UAE signed a Trade and Investment Framework Agreement with
|
Source : CIA |
Company Name : FOOD GRAINS TRADING
LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date : 29th
November 2003
Commercial
Registration Number : 76460,
Trade Licence
Number : 550987
Chamber Membership
Number : 82465
Issued Capital : UAE Dh
900,000
Paid up Capital : UAE Dh
900,000
Total Workforce : 5
Activities :
Distributors of general foodstuffs and beverages.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Armar Iqbal, Financial Controller
FOOD GRAINS TRADING
LLC
Building :
Street :
Area : Deira
PO Box : 121248
Town :
Country :
Telephone : (971-4) 3863576
Facsimile : (971-4) 3863576
Email : eass@eim.ae
/ foodgraintrd@gmail.com
Please note that
subject’s previous address was, Al Mankhool Building, Suite No. 602,
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Naseeb
Ahmed Indian Managing
Director
·
Hussain
Murad Ibrahim Albalooshi Emirati Director
·
Armar Iqbal - Financial
Controller
·
Suhail Jawan - Sales
Executive
Date of Establishment : 29th
November 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 76460,
Trade Licence No. : 550987
(Expires 18/11/2013)
Chamber Member No. : 82465
Issued Capital : UAE Dh 900,000
Paid up Capital : UAE Dh 900,000
·
Hussain
Murad Ibrahim Albalooshi 51%
·
Naseeb
Ahmed 49%
Activities: Engaged in the import and distribution of
general foodstuffs and beverages.
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 5 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh 10,790,000 UAE
Dh 15,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Armar Iqbal,
Financial Controller
·
Citibank
Bur
PO Box: 749
Tel: (971-4) 2522100
Fax: (971-4) 2524942
·
HSBC
Bank
Deira Souk Branch
PO Box: 66
Tel: (971-4) 2535000 / 3531000
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.55.34 |
|
|
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.