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Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
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Name : |
TOSKA GENERAL TRADING LLC |
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Registered Office : |
Business Avenue Building, 7th Floor, Office No. 706 Al Ittihad
Street Deira PO Box 184465 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.12.2006 |
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Com. Reg. No.: |
1003276, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and distribution of chemicals and raw materials. |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Report : |
US$ 350,000 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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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 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 $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
Source
: CIA
Company Name : TOSKA GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 21st December 2006
Commercial Registration Number : 1003276, Dubai
Trade Licence Number : 589499
Chamber Membership Number : 113954
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 12
Activities : Import and distribution of chemicals and raw materials.
Financial Condition : Good
Recommended Credit Limit : US$ 350,000
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Babu M Vachri, Commercial Manager
TOSKA GENERAL TRADING LLC
Building : Business
Avenue Building, 7th Floor, Office No. 706
Street : Al Ittihad
Street
Area : Deira
PO Box : 184465
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2959863
Facsimile : (971-4)
2980894
Email : toskagt@emirates.net.ae
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of Dubai.
Name Nationality Position
· Parviz Moghadasi Iranian Managing
Director
· Ahmed Al Hashimi Emirati Director
· Babu M Vachri - Commercial
Manager
· Babu Sandana - Finance Manager
· Rahi Mahmoud - Administration
Manager
Date of
Establishment : 21st
December 2006
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 1003276, Dubai
Trade Licence No. : 589499
Chamber Member No. : 113954
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
· Ahmed Al Hashimi 51%
· Parviz Moghadasi 49%
Activities: Engaged in the import and distribution of chemicals and raw
materials.
Import Countries: India and China.
Operating Trend: Steady
Subject has a workforce of 12 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Balance Sheet 31/12/10 31/12/09
Assets
Non-current assets
Vehicles and equipment 111,444 61,417
Current assets
Other receivables and prepayments 31,164,745 30,890,930
Due from related party - 7,813,152
Bank balances and cash 22,184,831 52,030,099
53,349,576 90,734181
Total assets 53,461,020 90,795,598
Equity and Liabilities
Equity
Share capital 3,000,000 3,000,000
Statutory reserve 1,051,613 560,185
Retained earnings 5,378,169 5,041,658
Total equity 9,429,782 8,601,843
Liabilities
Non-current liabilities
Employee’s end of service benefits 34,267 18,383
Current liabilities
Due to customers 43,938,971 82,124,152
Accrued expenses 58,000 51,220
43,996,971 82,175,372
Total liabilities 44,031,238 82,193,755
Total equity and liabilities 53,461,020 90,795,598
Statement of Income
Rendering of services 6,183,081 5,092,247
General and administrative expenses (1,219,595) (963,218)
Depreciation (49,208) (42,641)
Profit for the year 4,914,278 4,086,388
Local sources consider subject’s financial condition to be Good.
·
Bank Melli Iran
Deira Branch
PO Box: 1894
Dubai
Tel: (971-4) 2268207
Fax: (971-4) 2269157 / 2267096
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.53.83 |
|
|
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.70.38 |
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.