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Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
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Name : |
AL NASHEET TRADING LLC |
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Registered Office : |
Plot No. 258, Al Saja
Industrial Area, PO Box 73303, 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 : |
04.07.2011 |
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Com. Reg. No.: |
82763, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of base oil, lubricants and greases |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
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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.
|
Source
: CIA |
Company Name :
AL NASHEET TRADING LLC
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
4th July 2011
Commercial Registration Number :
82763, Sharjah
Trade Licence Number :
613965
Chamber Membership Number :
97591
Issued Capital :
UAE Dh 150,000
Paid up Capital :
UAE Dh 150,000
Total Workforce :
8
Activities :
Distributors of base oil, lubricants and greases
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Person Interviewed :
Amir Javid, Financial Manager
AL NASHEET TRADING LLC
Registered &
Physical Address
Building : Plot No. 258
Area : Al Saja
Industrial Area
PO Box : 73303
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5262770
Facsimile : (971-6)
5262780
Email : sales.mattachem@hotmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Industrial Area of Sharjah.
Name Nationality Position
Amtiaz Ahmed
Pakistan
Managing Director
Omar Mohamed Emirati Director
Amir Javid - Financial
Manager
Date of Establishment : 4th
July 2011
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 82763, Sharjah
Trade Licence No. : 613965
Chamber Member No. : 97591
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of
Shareholder (s) Percentage
Omar Mohamed 51%
Amtiaz Ahmed 49%
Matta Chemicals FZE
Hamriyah Free Zone
Sharjah
Activities: Engaged in the
import and distribution of base oil, lubricants and greases.
Import Countries: Europe
and the Far East.
Subject has a workforce of 8 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12:
Total Sales UAE
Dh 850,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Amir Javid, Financial Manager
Mashreq Bank Plc
Al Boorj Avenue
Sharjah
Tel: (971-6) 5351366 / 5354873
Fax: (971-6) 5372903
No complaints regarding subject’s payments have been reported.
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.65.86 |
|
UK Pound |
1 |
Rs.102.52 |
|
Euro |
1 |
Rs.87.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
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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 |
|
<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.