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Report Date : |
14.09.2012 |
IDENTIFICATION DETAILS
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Name : |
ABDUL RAHIM ALI MUHAMMAD & SONS LLC |
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Registered Office : |
Murshid Bazaar, Deira PO Box 4167 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 : |
01.01.1963 |
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Com. Reg. No.: |
42943, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Wholesale and retail of textiles, readymade garments and household linens. |
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No. of Employees : |
6 |
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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 : ABDUL RAHIM ALI MUHAMMAD & SONS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 1st January 1963
Commercial Registration Number : 42943, Dubai
Trade Licence Number : 205020
Chamber Membership Number : 377
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Activities : Wholesale and retail of textiles, readymade garments and household linens.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ABDUL RAHIM ALI MUHAMMAD & SONS LLC
Location : Murshid
Bazaar, Deira
PO Box : 4167
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2222718
/ 2263718
Facsimile : (971-4)
2253747
Mobile : (971-50)
6457361
Email : aramsdxb@eim.ae
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dubai.
Name Nationality Position
· Mohamed Iqbal
Abdul Rahim Pakistani Managing
Director
· Mohamed Hussain
Abdul Rahim Pakistani Director
· Mohamed
Farooq Abdul Rahim Pakistani Director
· Abdul Rahim Obaid
Khalifa Hussain Emirati Director
Date of Establishment : 1st January 1963
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 42943, Dubai
Trade Licence No. : 205020 (Expires 25/01/2013)
Chamber Member No. : 377
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Abdul Rahim Obaid
Khalifa Hussain 51%
· Mohamed Iqbal
Abdul Rahim 25%
· Mohamed Hussain
Abdul Rahim 12%
· Mohamed
Farooq Abdul Rahim 12%
Activities: Engaged in the wholesale and retail of textiles, readymade garments and
household linens.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 6 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 10,450,000 UAE Dh
11,800,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel: (971-4) 2222241
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.44 |
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1 |
Rs.89.31 |
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Euro |
1 |
Rs.71.61 |
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 |
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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.