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Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
AL AJNAHA INDUSTRIAL EQUIPMENT & SPARE
PARTS EST |
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|
|
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Registered Office : |
Mubarik Bin Saif
Building, M-3, Khalifa Street, P O Box 70247, Abu Dhabi |
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Country : |
United Arab Emirates |
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|
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
05.02.1989 |
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Com. Reg. No.: |
11172, Abu Dhabi |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of industrial equipment and machinery |
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No. of Employees : |
04 |
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 |
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
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 country 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. 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 AJNAHA INDUSTRIAL EQUIPMENT & SPARE PARTS EST
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 5th February 1989
Commercial Registration Number : 11172, Abu Dhabi
Trade Licence Number : 1014320
Chamber Membership Number : 11486
Invested Capital : UAE Dh 150,000
Total Workforce : 4
Activities : Distributors of industrial equipment and machinery.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Masood Ahmed Khan, Financial Controller
AL AJNAHA
INDUSTRIAL EQUIPMENT & SPARE PARTS EST
Registered &
Physical Address
Building : Mubarik Bin Saif Building, M-3
Street : Khalifa Street
PO Box : 70247
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6777836
Facsimile : (971-2) 6777846
Mobile : (971-50) 8264417
Email : shaukatali@alajnaha.com / alajnaha@eim.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Abu Dhabi.
Name Position
·
Abdullah Abdulrahim Mohamed Al Qubaisi Proprietor
& General Manager
·
Masood Ahmed Khan Financial Controller
Date of Establishment : 5th
February 1989
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 11172, Abu
Dhabi
Trade Licence No. : 1014320
(Expires 07/11/2013)
Chamber Member No. : 11486
Invested Capital
: UAE Dh 150,000
Mr Abdullah
Abdulrahim Mohamed Al Qubaisi
is the sole proprietor of the business.
·
Rig
Zone
Zamzama Building
5C –1st Floor
6 Commercial Lane
Pakistan
Tel: (92-21) 358713234
Activities: Engaged in the import and distribution of
industrial equipment and machinery, including drilling equipment, pipes, pumps, valves, refinery and
petrochemical equipment, mechanical and electrical supplies and fire and safety protection products.
Import Countries: United Kingdom, Italy, Ukraine, Sweden,
Denmark, Germany, Canada and the United States of America.
International
Suppliers:
·
No Fire
Technologies United States of
America
·
Isotherm United
States of America
·
Hi
Torque United
States of America
·
IMR Inc United
States of America
·
Mascoat United
States of America
·
Inline
Services Inc United
States of America
·
Petroseal Italy
·
UAS Ukraine
·
Todo Sweden
·
Asbro Denmark
·
Hi
Point Canada
·
Hermos Germany
·
MKT Germany
·
RSS
System Germany
·
Vaporol United
Kingdom
·
Hold
Tight United
Kingdom
Operating Trend: Steady
Subject has a
workforce of 4 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Revenue UAE Dh 12,900,000 UAE Dh 14,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.17 |
|
UK Pound |
1 |
Rs.82.99 |
|
Euro |
1 |
Rs.70.62 |
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.