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Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRADE LINE LLC |
|
|
|
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Registered Office : |
Al Ghurair Centre, Tower A1, 8th Floor, Office No. 839 Al
Rigga Street Al Muraqqabat PO Box 55409 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
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|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
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Date of Incorporation : |
17.10.1989 |
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Com. Reg. No.: |
43778, Dubai |
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|
|
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Legal Form : |
Limited Liability Company - LLC |
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|
|
|
Line of Business : |
Subject operates several divisions like Trading
Division, Shipping & Chartering Division |
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|
|
|
No. of Employees : |
25 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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) |
|
UAE |
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 : TRADE LINE LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 17th October 1989
Commercial Registration Number : 43778, Dubai
Trade Licence Number : 221023
Chamber Membership Number : 17295
Issued Capital : UAE Dh 35,000,000
Paid up Capital : UAE Dh 35,000,000
Total Workforce : 25
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jaffar Ali Mohamed, Financial Controller
TRADE LINE LLC
Building : Al Ghurair
Centre, Tower A1, 8th Floor, Office No. 839
Street : Al Rigga
Street
Area : Al
Muraqqabat
PO Box : 55409
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2219086
/ 2243870
Facsimile : (971-4)
2277693
Email : mail@tradelinellc.com
/ trading@tradelinellc.ae
Subject operates from a medium sized suite of offices that are leased
and located in the Central Business Area of Dubai.
Name Nationality Position
· Ahmed Hussain
Lafir Indian Managing
Director
· Majid Saif Ahmed
Al Ghurair Emirati Director
·
Habib Ahmed Mubarak - Chief
Executive Officer
·
Abu Bucker Hussain - Operations
Manager
·
Hetaish Gupta - Trading
Manager
·
Kamal Nassir - Finance
Manager
·
Shashi Kumar - Chartering
Manager
·
Jaffar Ali Mohamed - Financial
Controller
Date of
Establishment : 17th
October 1989
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 43778, Dubai
Trade Licence No. : 221023 (Expires 09/10/2013)
Chamber Member No. : 17295
Issued Capital : UAE Dh 35,000,000
Paid up Capital : UAE Dh 35,000,000
· Majid Saif Ahmed
Al Ghurair 51%
· Ahmed Hussain
Lafir
49%
· Lafttiz Trading Co
No. 3 58th
Alley, 4th Floor
Asad Abadi Avenue
Tehran 14368
Iran
Tel: (98-21)
8059334
Fax: (98-21)
8030052
Email: lafttiz@lafttiz.com
· Fairway Trading Company
(Pvt) Ltd
No. 300, Thambu
Chetty Street
Chennai 600001
India
Tel: (91-44)
5220569 / 5230251
Fax: (91-44) 5228428
Email: cma@vsnl.com
· Trans Gulf
Aluminium Industries Co LLC
PO Box: 55409
Sheikh Zayed Road
Dubai
Tel:
(971-4) 8801524
Fax:
(971-4) 8801514
Email: alrod@emirates.net.ae
· Al Ghurair
Iron & Steel LLC
Abu Dhabi
Activities: Subject’s operations are performed through the following divisions:
Engaged in the
import and distribution of dry bulk commodity goods, including agricultural
feed products, fertilizers, chemical raw materials and steel products as well
as coal and minerals such as iron ore, chrome ore, nickel ore and limestone.
Subject is also
involved in shipping services, including the chartering of commercial boats.
Chartering a modest average of 80-100 vessels per year, both on Time-Charter
and Voyage-charter, Tradeline has built an enviable reputation as a highly
professional and reliable charter operator. The modern fleet operates with
vessels of capacity ranging from 3000DWT to Cape-size (including tankers) and
deal in cargoes such as Steel, Coal, Animal feed, Fertilizers, Sugar, Grain,
Scrap and project cargoes.
Subject’s
fleet includes:
Vessel Size Built Purchase Date Owners
M.V.
Emirates Star 15,030 1980 2002 Thymus Shipping
M.V.Regal
Star 16,411 1984 2002 Thymus
Shipping
M.V.Kardaran
Star
9,119 1983
2003 Stellar
Shipping LLC
M.V.North
Star 42,219 1985 2004 Orient
Marine Ltd
M.V.
Seven Star 6,146 1979
2005 Seven
Star Maritime Corp
M.V.
Blue Star 25,694 1985 2005 Atlas Shipping S.A
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 25 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 Sales UAE
Dh 486,700,000 UAE Dh
500,400,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Jaffar Ali Mohamed, Financial
Controller
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
·
Banque Cantonale Vaudoise
PO Box: 300-1001
Lausanne
Switzerland
Tel: (41-21)
2121000
No complaints regarding subject’s payments have been reported.
Trade Line LLC was established in 1989 and is engaged in the import and
distribution of dry bulk commodity goods. It also offers shipping services,
chartering commercial boats.
The company is run in a professional manner and is owned by the
prominent Indian businessmen, Ahmed Hussain Lafir, and his wealthy Emirati
sponsor, Majid Saif Ahmed Al Ghurair.
During the course of this investigation nothing detrimental was
uncovered regarding the manner in which payment obligations are fulfilled. The
operating history is clear and the financial situation is satisfactory. As such
we are of the opinion that the subject is a sound trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.