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Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
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Name : |
AL FAIDAN TRADING LLC |
|
|
|
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Registered Office : |
Mussafah
Industrial Area, Plot No. 295, P O Box
53106, Abu Dhabi |
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|
|
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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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|
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Date of Incorporation : |
30.06.2001 |
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Com. Reg. No.: |
47828, Abu Dhabi |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor of industrial garments,
readymade garments, textiles, socks and rice |
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|
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No. of Employees : |
06 |
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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|
|
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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 |
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 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 FAIDAN TRADING LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 30th June 2001
Commercial Registration Number : 47828, Abu Dhabi
Trade Licence Number : 1039144
Chamber Membership Number : 89707
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 6
Activities : Distributors of industrial garments, readymade garments, textiles, socks
and rice.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Anwar Malik, Sales Manager
AL FAIDAN TRADING
LLC
Registered &
Physical Address
Location : Mussafah Industrial Area, Plot No.
295
PO Box : 53106
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5527601
Facsimile : (971-2) 5527602
Mobile : (971-50) 2342410 / 2653413 / 2652413
Email : alfaidan@emirates.net.ae / sales@alfaidan.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Abu Dhabi.
Name Nationality Position
·
Sulaiman
Shariyar Sayed Hassan Pakistani Managing Director
·
Saleh
Salem Al Hadarm Emirati Director
·
Mohamed
Sayed Mohamed Anwar - Administration
Manager
·
Syed
Ajmal Shah Gillani - Marketing
Manager
·
Iftikhar Ali
- Financial
Controller
·
Anwar Malik
- Sales
Manager
Date of Establishment : 30th
June 2001
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 47828, Abu
Dhabi
Trade Licence No. : 1039144
(Expires 03/07/2014)
Chamber Mem. No. : 89707
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s) Percentage
·
Saleh
Salem Al Hadarm 51%
·
Sulaiman
Shariyar Sayed Hassan 49%
Activities: Engaged in the import and distribution of
industrial garments, readymade garments, textiles, socks and rice.
Import
Countries: Europe and the
Far East.
Brand Names: SUPERBRAND
Operating Trend: Steady
Subject has a
workforce of 6 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 8,750,000 UAE Dh 9,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Anwar Malik, Sales Manager.
·
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
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.68.36 |
|
UK Pound |
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
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.