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Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
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Name : |
AL NAGHAM
LEATHERS TRADING LLC |
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|
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Registered Office : |
Arcade Building, Office
No. 208, Al Garhoud Area, Al Garhoud Area, 32205 Dubai |
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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 : |
27.02.1995 |
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Com. Reg. No.: |
44398, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of
tanned leathers and hides. |
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No. of Employees : |
9 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 (31.03.2012) |
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 |
Company Name : AL NAGHAM
LEATHERS TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Limited
Liability Company - LLC
Registration Date : 27th
February 1995
Commercial
Registration Number : 44398,
Dubai
Trade Licence
Number : 237079
Chamber Membership
Number : 33281
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 9
Activities :
Distributors of tanned leathers and hides.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Waqas
Ali, Financial Controller
AL NAGHAM LEATHERS
TRADING LLC
Building : Arcade Building, Office No. 208
Street : Al Garhoud Street
Area : Al Garhoud Area
PO Box : 32205
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2594642
Facsimile : (971-4) 2594643
Mobile : (971-50) 6442485
/ 6251768
Email : info@alnaghamleathers.com
/ tanoskin@emirates.net.ae
Please note that subject’s
previous address was, Ghanim Bin Abdulla Bin Saeed Alfalasi Building, Al
Maktoum Street, Rigga Al Bateen, Dubai.
Subject operates
from a small suite of offices that are rented and located in the Suburban
Business Area of Dubai.
Name Nationality Position
·
Mohamed
Ajaz Ali Mohamed Pakistani
Managing
Director
·
Mohamed
Amin Ali Mohamed Pakistani Director
·
Talal
Mohamed Ali Ahmad Bu Debs Emirati Director
·
Waqas Ali - Financial
Controller
Date of Establishment : 27th
February 1995
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 44398, Dubai
Trade Licence No. : 237079
(Expires 26/02/2014)
Chamber Member No. : 33281
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Talal
Mohamed Ali Ahmad Bu Debs 51%
·
Mohamed
Ajaz Ali Mohamed 25%
·
Mohamed
Amin Ali Mohamed 24%
·
33 Green
Technologies LLC
Dubai
Tel: (971-4) 2594642
Fax: (971-4) 2594643
Activities: Engaged in the import and distribution of
tanned leathers and hides.
Import
Countries: Kenya, Somalia,
Senegal, Mali, Saudi Arabia, Iran, Syria, Egypt and Sudan.
Operating Trend: Steady
Subject has a
workforce of 9 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 15,750,000 UAE Dh 17,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Waqas Ali, Financial Controller
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
·
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.54.26 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.