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Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
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Name : |
AL REMAL TILES AND MARBLE CO LLC |
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Registered Office : |
Industrial Area No. 15, PO Box 41301, Sharjah |
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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 : |
02.03.1999 |
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Com. Reg. No.: |
33580, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import, cutting and processing of tiles and marble |
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No. of Employees : |
25 |
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) |
|
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 |
UAE 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 |
Company Name :
AL REMAL TILES AND MARBLE CO LLC
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
2nd March 1999
Commercial Registration Number :
33580, Sharjah
Trade Licence Number :
500495
Chamber Membership Number :
44083
Issued Capital :
UAE Dh 200,000
Paid up Capital :
UAE Dh 200,000
Total Workforce :
25
Activities :
Cutting and processing of tiles and marble
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
AL REMAL TILES AND MARBLE CO LLC
Location : Industrial
Area No. 15
PO Box : 41301
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5353489
/ 5353961 / 5342489
Facsimile : (971-6)
5342403
Email : al_remal@emirates.net.ae
Subject operates from a medium sized suite of offices and a warehouse that
are rented and located in the Industrial Area of Sharjah.
Name Nationality Position
· Ali Dawoud Al Zamd Jordanian Managing
Director
· Hassan Salim Emirati Director
· Mohamed Rafiq - Sales
Manager
Date of
Establishment : 2nd
March 1999
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 33580, Sharjah
Trade Licence No. : 500495
Chamber Member No. : 44083
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
· Ali Dawoud Al Zamd
· Hassan Salim
Activities: Engaged in the import, cutting and processing of tiles and marble.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 25 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 10,600,000 UAE Dh 10,850,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
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.62.44 |
|
UK Pound |
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
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 |
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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 |
|
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 |
---- |
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%)