MIRA INFORM REPORT

 

 

Report Date :

24.11.2012

 

IDENTIFICATION DETAILS

 

Name :

TOSKA GENERAL TRADING LLC

 

 

Registered Office :

Business Avenue Building, 7th Floor, Office No. 706 Al Ittihad Street Deira PO Box 184465 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

21.12.2006

 

 

Com. Reg. No.:

1003276, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Import and distribution of chemicals and raw materials.

 

 

No. of Employees :

12

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

 

 

 

 

SUMMARY

 

Company Name                         : TOSKA GENERAL TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 21st December 2006

Commercial Registration Number            : 1003276, Dubai

Trade Licence Number                            : 589499

Chamber Membership Number                : 113954

Issued Capital                                        : UAE Dh 3,000,000

Paid up Capital                                      : UAE Dh 3,000,000

Total Workforce                                     : 12

Activities                                               : Import and distribution of chemicals and raw materials.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Babu M Vachri, Commercial Manager

 

 

 

COMPANY NAME

 

TOSKA GENERAL TRADING LLC

 

 

compANY ADDRESS

 

Registered & Physical Address

Building             : Business Avenue Building, 7th Floor, Office No. 706

Street               : Al Ittihad Street

Area                 : Deira

PO Box             : 184465

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 2959863

Facsimile          : (971-4) 2980894

Email                : toskagt@emirates.net.ae

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Parviz Moghadasi                                            Iranian             Managing Director

 

·       Ahmed Al Hashimi                                          Emirati                        Director

 

·       Babu M Vachri                                                     -                            Commercial Manager

 

·       Babu Sandana                                                     -                            Finance Manager

 

·       Rahi Mahmoud                                                     -                            Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st December 2006

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 1003276, Dubai

 

Trade Licence No.       : 589499 (Expires 21/12/2012)

 

Chamber Member No. : 113954

 

Issued Capital              : UAE Dh 3,000,000

 

Paid up Capital            : UAE Dh 3,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Ahmed Al Hashimi                                                         51%

 

·       Parviz Moghadasi                                                           49%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of chemicals and raw materials.

 

Import Countries: India and China.

 

Operating Trend: Steady

 

Subject has a workforce of 12 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

Balance Sheet                                                                         31/12/10                        31/12/09

 

Assets

Non-current assets

Vehicles and equipment                                                 111,444             61,417

 

Current assets

Other receivables and prepayments                                 31,164,745                    30,890,930

Due from related party                                                    -                                   7,813,152

Bank balances and cash                                                22,184,831                    52,030,099

                                                                                    53,349,576                    90,734181

 

Total assets                                                                  53,461,020                    90,795,598

 

Equity and Liabilities

Equity

Share capital                                                                 3,000,000                      3,000,000

Statutory reserve                                                            1,051,613                      560,185

Retained earnings                                                          5,378,169                      5,041,658

Total equity                                                                   9,429,782                      8,601,843

 

Liabilities

Non-current liabilities

Employee’s end of service benefits                                  34,267                          18,383

 

Current liabilities

Due to customers                                                          43,938,971                    82,124,152

Accrued expenses                                                         58,000                          51,220

                                                                                    43,996,971                    82,175,372

Total liabilities                                                                44,031,238                    82,193,755

Total equity and liabilities                                                53,461,020                    90,795,598

 

Statement of Income

 

Rendering of services                                                     6,183,081                      5,092,247

General and administrative expenses                               (1,219,595)                    (963,218)

Depreciation                                                                  (49,208)                        (42,641)

Profit for the year                                                           4,914,278                      4,086,388

 

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

 

 

BANKERS

 

·       Bank Melli Iran

Deira Branch

PO Box: 1894

Dubai

Tel: (971-4) 2268207

Fax: (971-4) 2269157 / 2267096

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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.55.34

UK Pound

1

Rs.88.30

Euro

1

Rs.71.37

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.