MIRA INFORM REPORT

 

 

Report Date :

27.04.2013

 

IDENTIFICATION DETAILS

 

Name :

MILAD GENERAL TRADING COMPANY LLC

 

 

Registered Office :

Industrial Area No. 11, P O Box  21034, Sharjah

 

 

Country :

United Arab Emirates  

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

11.01.1993

 

 

Com. Reg. No.:

23443, Sharjah

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject operates several divisions include :-

·         Marble Trading Division

·         Marble Magic - Marble Restoration Division

·         Calcined Lime Trading Division

 

 

No. of Employees :

18

 

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

 

 

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

SUMMARY

 

Company Name                                    : MILAD GENERAL TRADING COMPANY LLC

Country of Origin                                   : Sharjah, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 11th January 1993

Commercial Registration Number           : 23443, Sharjah

Trade Licence Number                           : 116065

Chamber Membership Number               : 31034

Issued Capital                                       : UAE Dh 1,000,000

Paid up Capital                                     : UAE Dh 1,000,000

Total Workforce                                     : 18

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Radkha Rao, Financial Manager

 

 

 

COMPANY NAME

 

MILAD GENERAL TRADING COMPANY LLC

 

 

Company ADDRESS

 

Registered & Physical Address

Location           : Industrial Area No. 11

PO Box            : 21034

Town                : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5345587

Facsimile          : (971-6) 5345602

Mobile              : (971-50) 6452132

Email                : al-milad@almilad.ae

 

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                    Position

·       Rajev Shri Vastva                                            Indian                                    Managing Director

·       Qaysar Abdel Majid Luqman                           Emirati                        Director

·       N Thomas                                                           -                            General Manager

·       Radkha Rao                                                        -                            Financial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th January 1993

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 23443, Sharjah

 

Trade Licence No.        : 116065 (Expires 08/01/2014)

 

Chamber Member No.  : 31034

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                               Percentage

·       Qaysar Abdel Majid Luqman                                          51%

·       Rajev Shri Vastva                                                          49%

 

 

AFFILIATED COMPANIES

 

·       Rocmet Corporation FZC

     Hamriyah Free Zone

     Sharjah

     United Arab Emirates

     Tel: (971-6) 5260488

     Fax: (971-6) 5260489

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

Marble Trading Division

As exclusive agents for Dubai and Northern Emirates for International Marble Company L.L.C. Sultanate of Oman, Milad General Trading Company L.L.C. have been supplying Desert Rose and Desert Oasis range of marble in light pink and beige colors to meet the entire requirements of the construction industry in this area.  Milad General Trading Company LLC holds stocks of over 25,000 square meters of Desert Rose and Desert Oasis in its warehouses in Sharjah and caters to large construction projects with a consistently uniform product. 

Milad General Trading also stocks Crema Marfil, Dark Emperador and Rosa Alicante obtained from reputed companies in Spain.

 

Recently Milad General Trading Company LLC have increased their product range to include products of Tekmar, Turkey.

 

Al Milad General Trading Company L.L.C. supply to:

Marble Magic - Marble Restoration Division

We grind and polish all types of marble, granite and all other types of Natural stone with or without stainless steel or brass inserts assuring our clients homogenous sparkling floors.  We specialize in providing highest quality of finish for hotels, offices, boutique shops and luxury homes. 

 

We remove lippage between tiles, resolve joints and corners to ensure complete makeover using our state-of-the-art diamond technology to give long lasting naturally sparkling floors.

Calcined Lime Trading Division

 

Subject’s are authorized agents of Ras Al Khaimah Lime Company “NOORA” for the sales of Calcined Lime also known as Quick Lime (Calcium Oxide, CaO) to the steel industry in India.

 

Import Countries: India and Spain

 

Operating Trend: Steady

 

Subject has a workforce of 18 employees.

 

 

FINANCIAL DATA

 

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 42,280,000                   UAE Dh 44,504,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Radkha Rao, Financial Manager

 

 

BANKERS

 

·       Habib Bank Ltd

PO Box: 300

Sharjah

Tel: (971-6) 5356116

Fax: (971-6) 5526473

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.54.29

UK Pound

1

Rs.83.88

Euro

1

Rs.70.68

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.