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Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
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Name : |
ARFAN SHAHZAD
TRADING CO LLC |
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Registered Office : |
Industrial Area
No. 4, 39486 & 3122 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 : |
23.01.1997 |
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Com. Reg. No.: |
29534, Sharjah |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Engaged in the
import and distribution of handmade carpets and rugs. |
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|
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No. of Employees : |
6 |
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 : ARFAN
SHAHZAD TRADING CO LLC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 23rd
January 1997
Commercial Registration
Number : 29534, Sharjah
Trade Licence
Number : 121641
Chamber Membership
Number : 39142
Issued Capital : UAE Dh
500,000
Paid up Capital : UAE Dh
500,000
Total Workforce : 6
Activities :
Distributors of handmade carpets and rugs
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Irfan Shahzad,
Managing Director
ARFAN SHAHZAD
TRADING CO LLC
Location : Industrial Area No. 4
PO Box : 39486 & 3122
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5321640 / 5322605
Facsimile : (971-6) 5322607
Mobile : (971-50) 6463884
Email : irfancarpets@hotmail.com
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
·
Irfan
Shahzad Pakistani Managing
Director
·
Abdul
Qadir Hashim Emirati Director
·
Waqas
Tahir - Sales
Executive
Date of Establishment : 23rd
January 1997
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 29534,
Sharjah
Trade Licence No. : 121641
Chamber Member No. : 39142
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
·
Abdul
Qadir Hashim 51%
·
Irfan
Shahzad 49%
Activities: Engaged in the import and distribution of
handmade carpets and rugs.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
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 Sales UAE Dh 11,820,000 UAE Dh 12,135,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Citibank
Al Wahda Street
PO Box: 346
Sharjah
Tel: (971-6) 5722533
Fax: (971-6) 5373378
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.61.78 |
|
|
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.