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Report Date : |
12.08.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Fardan Abdullah Fardan Warehouse, Sheikh Zayed Road, AI Quoz Industrial Area No. 3, P O Box 37013, Dubai |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.04.1996 |
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Com. Reg. No.: |
68938 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Subject is engaged in the import and distribution of general
foodstuffs and beverages. |
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No. of Employees : |
17 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
SUMMARY
Company Name :
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
16th April 1996
Commercial Registration Number :
68938, Dubai
Trade Licence Number :
241565
Chamber Membership Number :
38277
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
17
Activities :
Distributors of general foodstuffs and beverages
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
AL BOUSI FOODSTUFF TRADING CO LLC
ADDRESS
Registered &
Physical Address
Building : Fardan
Abdullah Fardan Warehouse
Street : Sheikh Zayed
Road
Area : Al Quoz
Industrial Area No. 3
PO Box : 37013
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3476481
Facsimile : (971-4)
3479635 / 3476480
Mobile : (971-50)
5674712
Email : albousi@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Vanitha Kishor Bhatia Indian Managing
Director
Kishor Kharbchand Bhatia Indian Director
Khalfan Mohamed Khamis Bin Natoof Al Falasi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 16th
April 1996
Legal Form :
Limited
Liability Company - LLC
Commercial Reg. No. : 68938, Dubai
Trade Licence No. : 241565 (Expires
15/04/2015)
Chamber Member No. : 38277
Issued Capital : UAE Dh 300,000
Paid up Capital :
UAE
Dh 300,000
Name of
Shareholder (s) Percentage
Khalfan Mohamed Khamis Bin Natoof Al Falasi 51%
Vanitha Kishor Bhatia 25%
Kishor Kharbchand Bhatia 24%
OPERATIONS
Activities: Engaged in the import and distribution of general foodstuffs and
beverages.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 17 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales UAE
Dh 12,280,000 UAE Dh
12,540,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Union National Bank
Baniyas Street
PO Box: 6811
Dubai
Tel: (971-4) 2211188
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.12 |
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|
1 |
Rs.102.54 |
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Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.