|
Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
MIAD GENERAL TRADING LLC |
|
|
|
|
Registered Office : |
Technic Building,
2nd Floor, Office No. 703, Salahuddine Street, Fish Roundabout, Deira,
P O Box 13635, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.11.1998 |
|
|
|
|
Com. Reg. No.: |
43043, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
importer and distributor of general foodstuff products, edible oils, cheese, milk powder, butter, sugar and rice. |
|
|
|
|
No. of Employees : |
30 |
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 – 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 |
|
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 : MIAD GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 29th November 1998
Commercial Registration Number : 43043, Dubai
Trade Licence Number : 508958
Chamber Membership Number : 52574
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 30
Activities : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Bagher Ahmed Ainehchi, Managing Director
MIAD GENERAL
TRADING LLC
Registered &
Physical Address
Building : Technic Building, 2nd
Floor, Office No. 703
Street : Salahuddine Street
Area : Fish Roundabout, Deira
PO Box : 13635
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2549494 / 2252096 / 2252090
Facsimile : (971-4) 2549512 / 2254019 / 2268348
Mobile : (971-50) 6455020
Email : miadgt@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office (s)
Location Description
·
Al Ghaz Building Rented
showroom premises
Nasr Square
Bur Dubai
Dubai
Tel: (971-4) 2233290
/ 2237850
Fax: (971-4) 2218569
·
Al
Fahimi Building Rented
office premises
Al Ras Street
Dubai
Tel: (971-4) 2252090
Fax: (971-4) 2254019
Name Nationality Position
·
Mohamed
Bagher Ahmed Ainehchi Iranian Managing
Director
·
Abdullah
Mohamed Abdullah Al Ailie Emirati Director
·
C K Nazar Eddine - General
Manager
·
Iraj
Abdo - Administration
Manager
·
Hussain
Ali Safraz - Sales
Manager
Date of Establishment : 29th
November 1998
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 43043, Dubai
Trade Licence No. : 508958
Chamber Member No. : 52574
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
·
Abdullah
Mohamed Abdullah Al Ailie 51%
·
Mohamed
Bagher Ahmed Ainehchi 49%
·
Mawaheb
General Trading LLC
PO Box: 13635
Dubai
Activities: Engaged in the import and distribution of general
foodstuff products, edible oils, cheese, milk powder,
butter, sugar and rice.
Import
Countries: Europe and the
Far East
International
Suppliers:
·
Western
Grain Cleaning & Processing Canada
·
Pilgrims
Pride United
States of America
·
Tyson Foods United
States of America
·
Forterra
Limited New
Zealand
·
Arla
Foods Denmark
·
Chaiyaporn
International Thailand
· Allana Sons India
Brand Names: MIAD
Operating Trend: Steady
Subject has a
workforce of 30 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
22,460,000 UAE Dh
24,000,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr Mohamed Bagher Ahmed Ainehchi, Managing Director
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars 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.63.65 |
|
UK Pound |
1 |
Rs.101.16 |
|
Euro |
1 |
Rs.85.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
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.