MIRA
INFORM REPORT
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Report Date : |
23.11.2013 |
IDENTIFICATION DETAILS
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Name : |
ATLAS WORLD WIDE GENERAL TRADING LLC |
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Registered Office : |
Nasir Ahmed Nasir Lootah Building, Suite No. 311, Khalid Bin Waleed
Road, Umm Hurair, 1st PO Box: 117059, 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 : |
28.02.2007 |
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Com. Reg. No.: |
1006009, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of automotive spare parts, recycled materials,
machines and die casting equipment. |
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No. of Employees : |
2 |
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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United Arab Emirates |
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 |
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.
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Source
: CIA |
SUMMARY
Company Name :
ATLAS WORLD WIDE GENERAL TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
28th February 2007
Commercial Registration Number :
1006009, Dubai
Trade Licence Number :
591945
Chamber Membership Number :
116159
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
2
Activities :
Distributors of automotive spare parts, recycled materials, machines and die casting equipment.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Person Interviewed :
Waqar Khan, Sales Manager
COMPANY NAME
ATLAS WORLD WIDE GENERAL TRADING LLC
ADDRESS
Registered &
Physical Address
Building : Nasir Ahmed
Nasir Lootah Building, Suite No. 311
Street : Khalid Bin
Waleed Road
Area : Umm Hurair,
1st
PO Box : 117059
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3570774
Facsimile : (971-4)
3570775
Mobile : (971-50) 6529802
Email : wagar@atlasworldwide.info
/ atlaswwt@eim.ae
/ atlasworldwide@eim.ae
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Ali Ibrahim Ali Hassan Badi Emirati Managing
Director
Waqar Khan - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 28th
February 2007
Legal Form : Limited Liability Company - LLC
Commercial Reg. No. : 1006009, Dubai
Trade Licence No. : 591945 (Expires 24/02/2014)
Chamber Member No. : 116159
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Ali Ibrahim Ali Hassan Badi 51%
Atlas Venture Ltd 49%
Jebel Ali Free Zone
Dubai
OPERATIONS
Activities: Engaged in the import and
distribution of automotive spare parts, recycled materials, machines and die
casting equipment.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 2 employees.
FINANCIAL DATA
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 12,000,000 UAE Dh
12,850,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Citibank
Khalid Bin Waleed Street
Bur Dubai
PO Box: 749
Dubai
Tel: (971-4) 2522100
Fax: (971-4) 2524942
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.02 |
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|
1 |
Rs.102.04 |
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Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.