|
Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
MORNING RISE GENERAL TRADING |
|
|
|
|
Registered Office : |
Al Naba Area, PO Box 2770,
Sharjah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
15.01.1995 |
|
|
|
|
Com. Reg. No.: |
26381, Sharjah |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Subject operates a general trade licence, enabling it to distribute
general merchandise. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit
not recommended |
|
Status : |
Trade license expired |
|
Payment Behaviour : |
-- |
|
Litigation : |
-- |
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 |
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.
|
Source : CIA |
Company Name :
MORNING RISE GENERAL TRADING
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
15th January 1995
Commercial Registration Number :
26381, Sharjah
Trade Licence Number :
181818
Chamber Membership Number :
35954
Invested Capital :
UAE Dh 50,000
Activities :
General trade licence
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
MORNING RISE GENERAL TRADING
Location : Al Naba Area
PO Box : 2770
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5510274
Facsimile : (971-6)
5510274
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Sharjah.
Name Nationality Position
· Ashwaq Ali Rashid
Huamaid Emirati Proprietor
& General Manager
Date of
Establishment : 15th
January 1995
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 26381, Sharjah
Trade Licence No. : 181818 (Expired 12/01/2010)
Chamber Member No. : 35954
Invested Capital : UAE Dh 50,000
Mr Ashwaq Ali Rashid Huamaid is the sole proprietor of the business.
Activities: Subject operates a general trade licence, enabling it to distribute
general merchandise.
Companies registered in Sharjah are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside 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.
Please note that we were unable to contact the subject directly during
our investigation. Local informants report that the subject’s trade licence
number expired on 12th January 2010 and has not been renewed.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
UK Pound |
1 |
Rs.100.46 |
|
Euro |
1 |
Rs.84.65 |
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.