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Report Date : |
06.12.2013 |
IDENTIFICATION DETAILS
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Name : |
LAND STAR GENERAL TRADING LLC |
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Registered Office : |
Juma Masjid Road, Bur Dubai, PO Box : 44635, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
02.11.2002 |
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Com. Reg. No.: |
73701, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the wholesale and retail of textiles and
readymade garments |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company Name :
LAND STAR GENERAL TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
2nd November 2002
Commercial Registration Number :
73701, Dubai
Trade Licence Number :
539197
Chamber Membership Number :
72981
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
5
Activities :
Wholesalers and retailers of textiles and readymade garments
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Asef Abdul Ghaffar, Director
LAND STAR GENERAL
TRADING LLC
Registered &
Physical Address
Street : Juma Masjid
Road
Area : Bur Dubai
PO Box : 44635
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3536355
Facsimile : (971-4)
3536356 / 3535156
Mobile : (971-50)
8425546
Email : landstar_uae@hotmail.com
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dubai.
Name Nationality Position
Altaf Ahmad Padila Pakistani Managing
Director
Anwar Abdul Ghaffar Pakistani Director
Asef Abdul Ghaffar Pakistani Director
Mohamed Saif Juma Al Falasi Emirati Director
Date of Establishment : 2nd November 2002
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 73701, Dubai
Trade Licence No. : 539197 (Expires 01/11/2014)
Chamber Member No. : 72981
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Mohamed Saif Juma Al Falasi 51%
Altaf Ahmad Padila 17%
Anwar Abdul Ghaffar 16%
Asef Abdul Ghaffar 16%
Activities: Engaged in the
wholesale and retail of textiles and readymade garments.
Import Countries: Europe
and the Far East
International
Suppliers:
·
Arman Arts Textile Co Pakistan
Operating Trend: Steady
Subject has a workforce of 5 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 5,280,000 UAE Dh
5,700,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Asef Abdul Ghaffar, Director
Middle East Bank Ltd
Arbift Tower
Baniyas Street
PO Box: 5547
Dubai
Tel: (971-4) 2220121
No complaints regarding subject’s payments have been reported.
Local sources report that subject meets its payments in a timely manner and
is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.101.08 |
|
Euro |
1 |
Rs.84.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.