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Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
AL AQILI GROUP LLC |
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|
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Registered Office : |
Oud Metha Tower,
10th Floor, Oud Metha Road, Karama Area, P O Box 1496, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
17.07.1993 |
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Com. Reg. No.: |
41019, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject operates through several divisions · Al Aqili Trading Division · Al Aqili Manufacturing Division · Al Aqili Services Division |
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No. of Employees : |
950 employees |
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 |
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Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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) |
|
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 |
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 |
Company Name : AL AQILI GROUP LLC
Also Known As : AL AQILI GROUP OF COMPANIES
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 17th July 1993
Commercial Registration Number : 41019, Dubai
Trade Licence Number : 231398
Chamber Membership Number : 27773
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 950
Activities : Subject operates through several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Atif Othman, Legal Advisor
AL AQILI GROUP LLC
AL AQILI GROUP OF
COMPANIES
Registered &
Physical Address
Building : Oud Metha Tower, 10th
Floor
Street : Oud Metha Road
Area : Karama Area
PO Box : 1496
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3248000
Facsimile : (971-4) 3248080
Mobile : (971-50) 6783197
Email : aqili@emirates.net.ae / info@aqili.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Position
·
Mohamed
Saleh Al Aqili Managing
Director
·
Mohamed
Saeed Al Aqili Director
·
Mohamed
Yusuf Director
·
Sikander
Khan Director
·
Mansour
Khodjasteh General
Manager
·
Osama
Al Sayyad Commercial
Manager
·
M
Gottam Sales
Manager
·
Tawfiq
Ibrahim Public
Relations Manager
·
Mohamed
Barakat Administration
Manager
·
Guttam
Manoj Finance
Manager
·
Atif
Othman Legal
Advisor
Date of Establishment : 17th
July 1993
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 41019, Dubai
Trade Licence No. : 231398 (Expires 16/06/2013)
Chamber Member No. : 27773
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s)
·
Mohamed
Saleh Al Aqili
·
Mohamed
Saeed Al Aqili
Subject is a member of the
Al Aqili Group of Companies, which was established in 1976 and is now an
international business house, which pursues business activities primarily in the
Gulf, Iran, Turkey, Central Asia and the Indian Sub-Continent through its
strong presence and extensive network of alliances.
The Al Aqili family has a long tradition of
business activities in trading, manufacturing and services, spanning over fifty
years. Founded by Mr Mohamed Saleh Al Aqili, the Group metamorphosed when the
current Vice Chairman and C.E.O. Mr. Mohammed Saeed Al Aqili took over the
reins. The Group has since
then grown into a large diversified organization.
The Al Aqili Group of Companies
consists of the following concerns:
·
Aqili
Flooring LLC
Pyramids Centre, 3rd Floor, Office No. 310
Umm Hureir Road
Oud Metha
PO Box: 31558
Dubai
Tel: (971-4) 3377717
Fax: (971-4) 3370379
Email: aqili@emirates.net.ae
· Aqili Information
Systems LLC
PO Box: 33152
Dubai
Tel: (971-4)
3557664
Fax: (971-4)
3592119
Email: ais@emirates.net.ae
·
Aqili Technical & Industrial Services
PO Box: 1496
Dubai
Tel: (971-4) 3965566
Fax: (971-4) 3964289
Email: tom@aqili.com
·
Dubai Gulf Centre Trading
PO Box: 1496
Dubai
Tel: (971-4)
3965566
Fax: (971-4) 3963469
Email: ykoohiji@aqili.com
·
Falcon Industries LLC
PO Box: 10706
Dubai
Tel: (971-4) 2858890
Fax: (971-4) 2863132
Email: gcsci@emirates.net.ae
·
Gulf Soap & Chemical Industries LLC
PO Box: 10706
Dubai
Tel: (971-4)
2858110
Fax: (971-4)
2852292
Email: gcsci@emirates.net.ae
·
Koohiji Group
PO Box: 51304
Dubai
Tel: (971-4)
3524162
Fax: (971-4)
3525645
Email: koohiji@emirates.net.ae
·
Middle East Abrasives
PO Box: 62140
Dubai
Tel: (971-4)
3241400
Fax: (971-4)
3241213
Email: raja@emirates.net.ae
·
Secure Transport
PO Box: 29310
Dubai
Tel: (971-4)
2825376
Fax: (971-4)
2827692
Email: secure@emirates.net.ae
·
Maqilies
LLC
PO Box: 1496
Dubai
·
New
National Marketing & Trading LLC
PO Box: 24842
Dubai
Tel: (971-4) 3475252
Fax: (971-4) 3472257
Email: namartod@emirates.net.ae
Activities: Subject’s activities are performed through
the following divisions:
·
Al
Aqili Trading Division
Engaged
in the import and distribution of air conditioning equipment, automotive spare parts,
cigarettes and tobacco, domestic appliances, floor coverings and general
foodstuff products.
·
Al
Aqili Manufacturing Division
Engaged
in the manufacture of automotive spare parts, blast cleaning equipment,
printing inks, soaps, detergents and personal hygiene products.
·
Al
Aqili Services Division
Providers of air transportation services, freight forwarding,
warehousing and re-distribution, computer consultancy
and software solutions, marine bunkering, petroleum services and
oilfield consultancy.
Import
Countries: Europe, GCC
countries, Turkey and the Far East
International
Suppliers:
·
Al
Moraj Turkey
·
Pedigri
Industries India
·
Maqilies Lebanon
Brand Names: BRITISH AMERICAN TOBACCO,
UNILEVER, MOTOROLA, PANASONIC, ENERGIZER,
WRIGLEY'S, AMERICANA FOOD PRODUCTS,
CALIFORNIA GARDEN, SAVOLA EDIBLE OIL,
GULFA, JERGENS and SUPERMAX.
Subject has a
workforce of approximately 950 employees.
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel:
(971-4) 2535000
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.38 |
|
UK Pound |
1 |
Rs.83.99 |
|
Euro |
1 |
Rs.67.99 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.