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Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
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Name : |
SAHAR ENTERPRISES LLC |
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Registered Office : |
Al Kabeer Building Al Qusais Street PO Box 7329 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 : |
03.02.1979 |
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Com. Reg. No.: |
41978, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacturers of general foodstuff products. |
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No. of Employees : |
110 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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With Financials |
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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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
UAE |
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 |
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 UAE 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. The economy is expected to continue a slow rebound. 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 : SAHAR ENTERPRISES LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd February 1979
Commercial Registration Number : 41978, Dubai
Trade Licence Number : 206423
Chamber Membership Number : 5170
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 110
Activities : Manufacturers of general foodstuff products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Venish Shukla, Financial Manager
SAHAR ENTERPRISES LLC
Building : Al Kabeer
Building
Street : Al Qusais
Street
PO Box : 7329
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2671122
/ 2671577 / 2671977
Facsimile : (971-4)
2671918
Email : alkabeer@emirates.net.ae
/ info@al-kabeer.com
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Suburban Business Area of Dubai.
Name Nationality Position
· Suresh Chandra
Subberwal Indian Managing
Director
· Ahmed Sarfraz Khan Indian Director
· Atwal Subberwal Indian Director
· Ibrahim Abdullah
Mohamed Al Abdooli Emirati Director
· Ashraf Ibrahim - General Manager
· Venish Shukla - Financial
Manager
Date of
Establishment : 3rd
February 1979
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 41978, Dubai
Trade Licence No. : 206423 (Expires 09/02/2013)
Chamber Member No. : 5170
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Ibrahim Abdullah
Mohamed Al Abdooli 51%
· Suresh Chandra
Subberwal 39%
· Ahmed Sarfraz Khan 5%
· Atwal Subberwal 5%
· Al Sabah Food LLC
Abu
Dhabi
United
Arab Emirates
Tel:
(971-2) 6733006
Fax:
(971-2) 6733043
· Sahar Food
Industry LLC
Dubai
· Cascade Marine
Food LLC
Sharjah
Activities: Engaged in the manufacture and distribution of general foodstuff
products, including fresh and frozen meat and poultry.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of 110 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 439,148,647 UAE Dh
457,778,098
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Venish Shukla, Financial Manager
·
ABN Amro Bank
Deira Branch
PO Box: 2567
Dubai
Tel: (971-4)
3512200
No complaints regarding subject’s payments have been reported.
Credit amount 74,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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.