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Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
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Name : |
MGC INTERNATIONAL GENERAL TRADING LLC |
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Registered Office : |
Deira, PO Box 93216 &
48446, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
09.03.2011 |
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Com. Reg. No.: |
1072674, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Providers of international shipping and freight forwarding services. |
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No. of Employees : |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 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 :
MGC INTERNATIONAL GENERAL TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date :
9th March 2011
Commercial Registration Number :
1072674, Dubai
Trade Licence Number :
650998
Chamber Membership Number :
191175
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
35
Activities :
Providers of international shipping and freight forwarding services.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
MGC INTERNATIONAL GENERAL TRADING LLC
Location : Deira
PO Box : 93216 &
48446
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2724405
/ 2297552
Facsimile : (971-4)
2724406 / 2297553
Mobile : (971-55)
4103301
Email : mgc@mgcintl.com / info@mgcintl.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Dubai.
Name Nationality Position
· Adel Abdul Rahman
Mohamed Ali Albalooshi Emirati Managing Director
· Faisal Ghulam
Mohamed Amarji British Director
· Arfan Ismail
Yousuf British Director
· Zulfiqar Ahmed
Mian Allah Ditta Pakistani Director
Date of
Establishment : 9th
March 2011
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1072674, Dubai
Trade Licence No. : 650998 (Expires 08/03/2014)
Chamber Member No. : 191175
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Adel Abdul Rahman
Mohamed Ali Albalooshi 51%
· Faisal Ghulam
Mohamed Amarji 25%
· Arfan Ismail
Yousuf 12%
· Zulfiqar Ahmed
Mian Allah Ditta 12%
Activities: Engaged in the provision of international shipping and freight
forwarding services. Subject’s services
include customs brokerage and clearance, air freight, sea freight,
container movement and RO/RO
handling.
Subject has a workforce of 35 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.
·
Mashreq Bank
Al Khaleej Road
Dubai
Acc No. 0948041820
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.54.33 |
|
UK Pound |
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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 |
|
-- |
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.