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Report Date : |
07.09.2012 |
IDENTIFICATION DETAILS
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Name : |
AL SHIHHE GENERAL TRADING CO |
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Registered Office : |
Ali & Murshid As Shihhe Building, 1st Floor Street No.
17/28 Umm Ramool, Rashidiya PO Box1061 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 : |
04.10.1977 |
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Com. Reg. No.: |
46154, Dubai |
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Legal Form : |
General Partnership |
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Line of Business : |
Distributors of frozen foodstuff products. |
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No. of Employees : |
25 |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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UAE |
A2 |
A2 |
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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 |
UAE - 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 SHIHHE GENERAL TRADING CO
Country of Origin : Dubai, United Arab Emirates
Legal Form : General Partnership
Registration Date : 4th October 1977
Commercial Registration Number : 46154, Dubai
Trade Licence Number : 203695
Chamber Membership Number : 564
Partners Capital : UAE Dh 3,000,000
Total Workforce : 25
Activities : Distributors of frozen foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sajo Sebastian, Financial Controller
AL SHIHHE GENERAL TRADING CO
Building : Ali &
Murshid As Shihhe Building, 1st Floor
Street : Street No.
17/28
Area : Umm Ramool,
Rashidiya
PO Box : 1061
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2859943
Facsimile : (971-4)
2850608
Mobile : (971-55)
4331366
Email : shihhe@emirates.net.ae
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Dubai.
Name Nationality Position
· Ali Mohamed Ahmad
Al Shihhe Emirati Managing
Partner
· Murshid Mohamed
Ahmed Al Shihhe Emirati Partner
· Monail Kanan - General
Manager
· Sejo Sabastian - Accounts
Manager
· Suresh Kumar - Sales
Manager
Date of
Establishment : 4th
October 1977
Legal Form : General Partnership
Commercial Reg.
No. : 46154, Dubai
Trade Licence No. : 203695 (Expires 10/02/2014)
Chamber Member No. : 564
Partners Capital : UAE Dh 3,000,000
· Ali Mohamed Ahmad
Al Shihhe 50%
· Murshid Mohamed
Ahmed Al Shihhe 50%
· Al Shihhe Industry
Co LLC
Murshid
& Ali Ash Shahi Building
Umm
Ramool
PO
Box: 1061
Dubai
Tel:
(971-4) 2857143
Fax:
(971-4) 2852403
Email:
alshihhe@eim.ae
Activities: Engaged in the import and distribution of frozen foodstuff products,
including meat, poultry and fish.
Import Countries: Brazil and Australia
International
Suppliers:
· AGC International Brazil
· Allegero Australia
Brand Names: FLATCHER, TOMEX
Operating Trend: Steady
Subject has a workforce of 25 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 45,000,000 UAE Dh
46,300,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial Bank of Dubai
Mankhool Street
PO Box: 2668
Dubai
Tel: (971-4)
3523355
Fax: (971-4)
3527655 / 2524796
No complaints regarding subject’s payments have been reported.
Local sources report that subject meets its payments in a timely manner
and is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.97 |
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1 |
Rs.89.02 |
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Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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.