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Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
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Name : |
A & F GENERAL TRADING LLC |
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Registered Office : |
Abdulrahim Building,
Shop No.3, Al Ras Market, Deira, P O Box 126304,
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 : |
26.12.2010 |
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Com. Reg. No.: |
1069249, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor of general foodstuff
products, specialising in rice, oil and sugar |
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No. of Employees : |
06 |
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 |
|
High |
B2 |
|
Very High |
C1 |
|
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 : A & F GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 26th December 2010
Commercial Registration Number : 1069249, Dubai
Trade Licence Number : 647788
Chamber Membership Number : 188888
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : Distributors of general foodstuff products.
Activities : 6
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Feroz Ali Mustafa Ghulam, Managing Director
A & F GENERAL
TRADING LLC
Registered &
Physical Address
Building : Abdulrahim Building, Shop No.3
Area : Al Ras Market, Deira
PO Box : 126304
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2354973 / 2718144
Facsimile : (971-4) 2354974 / 2718077
Mobile : (971-50) 3023485 / 4984874
Email : info@fscdubai.com / ferozsingh@hotmail.com / feroz_singh@hotmail.com
Premises
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
·
Feroz
Ali Mustafa Ghulam Pakistani Managing
Director
·
Ashok
Kumar Thekamdas Pakistani Director
·
Tariq
Obaid Ahmed Al Meqrani Emirati Director
·
Waqar
Ahmed - Accountant
·
Ahmed
Feras - Sales
Manager
Date of Establishment : 26th
December 2010
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1069249,
Dubai
Trade Licence No. : 647788
(Expires 25/12/2013)
Chamber Member No. : 188888
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Tariq
Obaid Ahmed Al Meqrani 51%
·
Feroz
Ali Mustafa Ghulam 25%
·
Ashok
Kumar Thekamdas 24%
Activities: Engaged in the import and distribution of
general foodstuff products, specialising in rice, oil and sugar.
Import
Countries: Europe and the
Far East.
International Suppliers:
· Venond Rice Mill India
· Aroma Trading Ltd India
Brand Names: GOLDEN GIFT, RESHAM, SUPER GOLDEN, GOLDEN
and INDUS.
Subject has a
workforce of 6 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 Revenue UAE Dh 8,200,000 UAE Dh 9,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Feroz Ali Mustafa Ghulam, Managing Director
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
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.63.38 |
|
UK Pound |
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.59 |
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 |
|
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.