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Report Date : |
21.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
CITY HOME
FOODSTUFF TRADING LLC |
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|
|
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Registered Office : |
Vegetables &
Fruits Market, Building 11-A, Office No. M9, Emirates Street, Area: Al Awir,
PO Box: 89896 & 91095, 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 : |
29.03.2004 |
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Com. Reg. No.: |
76327, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Distributors of
general foodstuff products and beverages. |
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No. of Employees : |
8 |
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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|
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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 : CITY HOME
FOODSTUFF TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 29th
March 2004
Commercial
Registration Number : 76327,
Dubai
Trade Licence
Number : 555252
Chamber Membership
Number : 85861
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 8
Activities :
Distributors of general foodstuff products and beverages.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Chandra Kant,
Financial Controller
CITY HOME FOODSTUFF
TRADING LLC
Building : Vegetables & Fruits Market,
Building 11-A, Office No. M9
Street : Emirates Street
Area : Al Awir
PO Box : 89896 & 91095
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3202786 / 3338090 / 7347322
Facsimile : (971-4) 3202786
Mobile : (971-55) 2546001
Email : cityonion786@yahoo.com
Subject operates from
a small suite of offices and a warehouse that are owned and located in the
Central Business Area of Dubai.
Name Nationality Position
·
Mohamed
Assif Ismail Pakistani Managing Director
·
Haji
Jawid Haji Ismail Pakistani Director
·
Abdullah
Obaid Ali Mohamed Ahli Emirati Director
·
Chandra
Kant - Financial
Controller
·
Mohamed
Shuhaib - Sales
Executive
Date of Establishment : 29th
March 2004
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 76327, Dubai
Trade Licence No. : 555252
(Expires 27/03/2014)
Chamber Member No. : 85861
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Abdullah
Obaid Ali Mohamed Ahli 51%
·
Mohamed
Assif Ismail 25%
·
Haji
Jawid Haji Ismail 24%
Activities: Engaged
in the import and distribution of general foodstuff products and beverages.
Import
Countries: Europe and the Far East.
International
Suppliers:
·
T KV
Marketing India
Operating Trend: Steady
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 31/12/11: Year Ending
31/12/12:
Total Sales UAE Dh 8,800,000 UAE Dh 9,275,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject meets its payment obligations in a timely manner and the business
is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.99.90 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.