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Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SHIPPING WORLD LLC |
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Registered Office : |
Al Hamriyah Port,
Al Khaleej Street, Al Hamriyah Port Area, P O Box 63030, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.02.1997 |
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Com. Reg. No.: |
51601, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
provision of cargo
loading and unloading services, fuel and foodstuff supply, sea freight and
passenger charters and ship management |
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No. of Employees : |
40 |
RATING & COMMENTS
|
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 |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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 : SHIPPING WORLD LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 27th February 1997
Commercial Registration Number : 51601, Dubai
Trade Licence Number : 245440
Chamber Membership Number : 42619
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 40
Activities : Providers of shipping services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
SHIPPING WORLD LLC
Registered &
Physical Address
Building : Al Hamriyah Port
Street : Al Khaleej Street
Area : Al Hamriyah Port Area
PO Box : 63030
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2692002
Facsimile : (971-4) 2696556
Mobile : (971-50) 6456820
Email : shpworld@emirates.net.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Al Hamriyah
Port Area of Dubai.
Name Nationality Position
·
Abdul
Fattah Moinuddin Ahmad Pakistani Managing
Director
·
Septin
Ahsan Fatah Pakistani Director
·
Obaid
Ulfattah Abdulfattah Pakistani Director
·
Jamal
Abdullah Mohamed Akram Emirati Director
Date of Establishment : 27th
February 1997
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 51601, Dubai
Trade Licence No. : 245440
(Expires 26/02/2014)
Chamber Member No. : 42619
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Jamal
Abdullah Mohamed Akram 51%
·
Abdul
Fattah Moinuddin Ahmad 20%
·
Septin
Ahsan Fatah 19%
·
Obaid
Ulfattah Abdulfattah 10%
Activities: Engaged in the provision of cargo loading
and unloading services, fuel and foodstuff supply, sea freight and passenger
charters and ship management.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 40 employees.
Companies
registered in Dubai, United Arab Emirates are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
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.59.79 |
|
UK Pound |
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
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.