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Report Date : |
19.11.2013 |
IDENTIFICATION DETAILS
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Name : |
MOHAMED SHARIF
NAMWAR GENERAL TRADING LLC |
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Registered Office : |
Al Suq Al Kabir
Street, Al Bateen, Deira, P O Box 108, Dubai |
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Country : |
United Arab Emirates |
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|
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
17.05.1976 |
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Com. Reg. No.: |
41662, Dubai |
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Legal Form : |
Limited Liability
Company – LLC |
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LINE OF BUSINESS : |
WHOLESALERS AND RETAILERS OF
KITCHENWARE, STAINLESS STEEL, CROCKERY, COOKWARE AND CUTLERY. |
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No. of Employees : |
16 |
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 |
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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 : MOHAMED
SHARIF NAMWAR GENERAL TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date : 17th
May 1976
Commercial
Registration Number : 41662,
Dubai
Trade Licence
Number : 207420
Chamber Membership
Number : 1831
Issued Capital : UAE Dh
3,000,000
Paid up Capital : UAE Dh
3,000,000
Total Workforce : 16
Activities :
Wholesalers and retailers of kitchenware, stainless steel, crockery,
cookware and cutlery.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sharif Mohamed
Mohamed Sharif, General Manager
MOHAMED SHARIF
NAMWAR GENERAL TRADING LLC
Street : Al Suq Al Kabir Street
Area : Al Bateen, Deira
PO Box : 108
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2263810
Facsimile : (971-4) 2253722
Mobile : (971-50) 6579640
Email : mshn_gt@hotmail.com
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Name Nationality Position
·
Mohamed
Mohamed Sharif Namwar Iranian Managing Director
·
Mohamed
Ali Mohamed Sharif Namwar Iranian Director
·
Zaman
Mohamed Siddiq Al Khaja Emirati Director
·
Sharif Mohamed
Mohamed Sharif - General
Manager
Date of Establishment : 17th
May 1976
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 41662, Dubai
Trade Licence No. : 207420
(Expires 12/04/2014)
Chamber Member No. : 1831
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
·
Zaman
Mohamed Siddiq Al Khaja 51%
·
Mohamed
Mohamed Sharif Namwar 25%
·
Mohamed
Ali Mohamed Sharif Namwar 24%
·
Namwair
General Trading LLC
Dubai
Activities: Engaged in the wholesale and retail of
kitchenware, stainless steel, crockery, cookware and cutlery.
Import
Countries: India and China.
International
Suppliers:
·
Saneet Steel India
·
Shangai
Light China
Operating Trend: Steady
Subject has a
workforce of 16 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 10,350,000 UAE Dh 11,200,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Sharif Mohamed Mohamed Sharif, General Manager
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
No complaints
regarding subject’s payments have been reported.
Local informants spoke
to Mr. Sharif Mohamed Mohamed Sharif, General Manager who confirmed that the
subject’s line of business is the wholesale and retail of kitchenware,
stainless steel, crockery, cookware and cutlery and not diamonds.
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.62.63 |
|
|
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.84.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.