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Report Date : |
22.07.2013 |
IDENTIFICATION DETAILS
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Name : |
AL SHIHAB AL THAHABI TECHNICAL TRADING CO LLC |
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Registered Office : |
Al Durra Tower, 9th Floor, Office No. 901 Corniche Road
Buhaira, Al Majaz PO Box 30681 Sharjah |
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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 : |
12.03.2003 |
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Com. Reg. No.: |
44569, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of industrial machinery and related spare parts, remote control devices, raw material chemicals for the food and paint industries, construction plastic and other speciality chemicals. |
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No. of Employees : |
13 |
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) |
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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 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 : AL SHIHAB AL THAHABI TECHNICAL TRADING CO LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 12th March 2003
Commercial Registration Number : 44569, Sharjah
Trade Licence Number : 519185
Chamber Membership Number : 57825
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 13
Activities : Distributors of industrial machinery and related spare parts, remote control devices, raw material chemicals for the food and paint industries, construction plastic and other speciality chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rago Narandan, Finance Manager
AL SHIHAB AL THAHABI TECHNICAL
TRADING CO LLC
Building : Al Durra
Tower, 9th Floor, Office No. 901
Street : Corniche
Road
Area : Buhaira, Al
Majaz
PO Box : 30681
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5568301
Facsimile : (971-6) 5568302
Email : sales@thahabi.ae / thahabi@emirates.net.ae
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Sharjah.
Branch Offices
Location Description
· Industrial Area
No. 10 Office premises
Sharjah
Tel: (971-6)
5350689 / 5349065
Name Nationality Position
· Khalid Mohamed Abdullah Ahmed Emirati Managing
Director
· Nadeem Mumtaz Quraishi Pakistani Director
· Rahim Karim Jamal - General
Manager
· Rago Narandan - Finance
Manager
· Samil Majeed - Administrative
Officer
Date of
Establishment : 12th
March 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 44569, Sharjah
Trade Licence No. : 519185
Chamber Member No. : 57825
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
· Khalid Mohamed Abdullah Ahmed 51%
· Nadeem Mumtaz Quraishi 49%
Activities: Engaged in the import and distribution of industrial machinery and related spare parts, remote control
devices,
raw
material chemicals for the food and paint industries, construction plastic and
other speciality chemicals.
Import Countries: Austria, Sweden, Hong Kong and the United States
of America
International Suppliers:
·
Next
Generation Recycling Maschinen GmbH (NGR) Austria
· Westerlins Maskinfabrik AB Sweden
· Cathay Colour Hong
Kong
· Jang Bunzlures Austria
Operating Trend: Steady
Subject has a workforce of 13 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 36,750,000 UAE Dh
40,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Rago Narandan, Finance Manager
·
Abu Dhabi Commercial Bank
Mina Road
PO Box: 4377
Sharjah
Tel: (971-6)
5737000
Fax: (971-6)
5725331
No complaints regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
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 |
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-- |
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.