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Report Date : |
05.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MIR GENERAL CONTRACTING & MAINTENANCE CO
LLC |
|
|
|
|
Registered Office : |
Ahmed Hassan
Building, Al Falah Street, P O Box185, Abu Dhabi |
|
|
|
|
Country : |
United Arab Emirates |
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|
|
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Date of Incorporation : |
03.05.1980 |
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|
|
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Com. Reg. No.: |
16574, Abu Dhabi |
|
|
|
|
Legal Form : |
Limited Liability
Company |
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|
|
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Line of Business : |
General construction contractors |
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|
|
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No. of Employees : |
50 |
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 |
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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 |
|
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 : MIR GENERAL CONTRACTING & MAINTENANCE CO LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 3rd May 1980
Commercial Registration Number : 16574, Abu Dhabi
Trade Licence Number : 1020757
Chamber Membership Number : 2975
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 50
Activities : General construction contractors
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
MIR GENERAL
CONTRACTING & MAINTENANCE CO LLC
Registered &
Physical Address
Building : Ahmed Hassan Building
Street : Al Falah Street
PO Box : 185
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6352348
Facsimile : (971-2) 6334013
Email : mir_cont@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
Name Nationality Position
·
Mir
Zaman Abdullah Pakistani Managing
Director
·
Salem
Saeed Abdulaziz Al Hosani Emirati Director
Date of Establishment : 3rd
May 1980
Legal Form :
Limited
Liability Company – LLC
Commercial Reg. No. : 16574, Abu
Dhabi
Trade Licence No. : 1020757
(Expires 06/05/2013)
Chamber Mem. No. : 2975
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s) Percentage
·
Salem
Saeed Abdulaziz Al Hosani 51%
·
Mir
Zaman Abdullah 49%
Activities: Engaged as general construction
contractors, specialising in steel, project contracting and general building
maintenance services.
Subject has a
workforce of 50 employees.
Companies
registered in Abu Dhabi, 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.
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
Iban No. AE2003520000000157793257
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.54.65 |
|
UK Pound |
1 |
Rs.82.41 |
|
Euro |
1 |
Rs.70.08 |
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.