MIRA INFORM REPORT

 

 

Report Date :

17.01.2013

 

IDENTIFICATION DETAILS

 

Name :

AL SABBAH TRADING & IMPORTING EST

 

 

Registered Office :

Plot No. 6,  Street No. 9, Mazyad Camp, Al Khair District, PO Box 15915, Al Ain

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

13.05.1989

 

 

Com. Reg. No.:

7971

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject’s operations are performed through the following divisions:

Fast Moving Consumer Goods Division, Contract Division, Construction Material Division, Mechanical Division

 

 

No. of Employees :

100

 

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

 

 

Payment Behaviour :

No Complaints

 

 

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

(31.03.2012)

Current Rating

(30.06.2012)

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 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

 

 

 

SUMMARY

 

Company Name                                     : AL SABBAH TRADING & IMPORTING EST

Country of Origin                                    : Al Ain, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 13th May 1989

Commercial Registration Number                        : 7971, Al Ain

Trade Licence Number                            : 1108311

Chamber Membership Number                : 3499

Invested Capital                                     : UAE Dh 100,000

Total Workforce                                     : 100

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

AL SABBAH TRADING & IMPORTING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Plot No. 6

Street               : Street No. 9

Area                 : Mazyad Camp, Al Khair District

PO Box             : 15915

Town                 : Al Ain

Country             : United Arab Emirates

 

Telephone         : (971-3) 7825825 / 7825676 / 7825656 / 7216916

Facsimile          : (971-3) 7825948 / 7824338 / 7824342

Mobile               : (971-55) 7003876

Email                : sales@alsabbah.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Al Ain.

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Dr J R Gangramani                                                                                 Proprietor & General Manager

 

Mohamed Butti Al Rumaithy                                                                   Local Sponsor

 

Anoop Raghunath                                                                                  Business Development Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th May 1989

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 7971, Al Ain

 

Trade Licence No.       : 1108311 (Expires 04/04/2013)

 

Chamber Member No. : 3499

 

Invested Capital           : UAE Dh 100,000

 

Dr J R Gangramani is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

Al Sabbah Electromechanical Contracting Est

 

Al Faraa General Contracting Co LLC

 

Al Faraa Properties

 

Al Faraa Steel Structures

 

Al Faraa Precast

 

Al Faraa Interiors and Joinery

 

Unibeton Ready Mix

 

Belgium Aluminium & Glass Industries

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

Fast Moving Consumer Goods Division

 

Engaged in the import and distribution of fast moving consumer goods including sugar, rice oil and milk powder.

 

Contract Division

 

Engaged in the import and distribution of sanitary ware, light fixtures, ceramic, tiles, porcelain and ironmongery.

 

Construction Material Division

 

Engaged in the import and distribution of construction materials, including steel bars, plywood, MDF, wire, nails, construction chemicals, cement and personal protective equipment.

 

Mechanical Division

 

Engaged in the import and distribution of batteries, tyres, power tools, fasteners and insulation materials.

 

Import Countries:         Europe and the Far East.

 

Operating Trend:         Steady

 

Subject has a workforce of 100 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:              Year Ending 31/12/11:

 

Total Sales                                UAE Dh 61,000,000                   UAE Dh 64,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Dubai Islamic Bank

PO Box: 1232

Al Ain

Tel: (971-3) 7644111

Fax: (971-3) 7511311

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the business is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.54

UK Pound

1

Rs.87.69

Euro

1

Rs.72.85

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.