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Report Date : |
30.07.2013 |
IDENTIFICATION DETAILS
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Name : |
TARIQ INTERNATIONAL LTD FZC |
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Registered Office : |
ENOC -49, Ajman Free Zone, PO Box : 150153, Ajman |
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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 : |
27.11.2002 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Distributors of diesel generators, lighting towers, air compressors,
crawler cranes, mobile cranes, wheel loaders, telescopic handlers, concrete
pumps, vibratory rollers and mattresses. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 |
|
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 :
TARIQ INTERNATIONAL LTD FZC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
27th November 2002
Trade Licence Number :
1060
Chamber Membership Number :
31701
Issued Capital :
UAE Dh 500,000
Paid up Capital :
UAE Dh 500,000
Total Workforce :
6
Activities :
Distributors of diesel generators, lighting towers, air compressors, crawler
cranes, mobile cranes, wheel loaders, telescopic handlers, concrete pumps,
vibratory rollers and mattresses.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Shahbaz Hussain, Managing Director
TARIQ INTERNATIONAL LTD FZC
Registered Address
Location : ENOC -49,
Ajman Free Zone
PO Box : 150153
Town : Ajman
Country : United Arab
Emirates
Physical Address
Location : Al Quoz
Industrial Area
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3236230
Facsimile : (971-4)
3236235
Mobile : (971-50)
6354140
Email : shahbaz@tariqinternational.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Dubai.
Branch Office (s)
Location Description
Sharjah Rented
warehouse premises
Tel: (971-6) 5430665
Fax: (971-6) 5430449
Name Position
Shahbaz Hussain Managing
Director
Ashfaq Hussain Director
Date of Establishment : 27th
November 2002
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 1060
Chamber Member No. : 31701
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of
Shareholder (s)
Shahbaz Hussain
Ashfaq Hussain
Activities: Engaged in the import and distribution of diesel generators, lighting
towers, air compressors, crawler cranes,
mobile cranes, wheel loaders, telescopic handlers, concrete pumps, vibratory
rollers and mattresses.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 6 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 11,650,000 UAE Dh
12,105,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
HSBC Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
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.59.29 |
|
|
1 |
Rs.91.18 |
|
Euro |
1 |
Rs.78.71 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.