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Report Date : |
19.08.2014 |
IDENTIFICATION DETAILS
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Name : |
LONG WAY AUTO HEAVY SPARE TRADING |
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Registered Office : |
Warehouse No. 1 Industrial Area |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
29.10.2009 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of heavy trucks,
spare parts and accessories |
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No. of Employees |
10 |
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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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UAE |
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 |
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
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Source
: CIA |
Company Name :
LONG WAY AUTO HEAVY SPARE TRADING
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 29th October 2009
Trade Licence Number : 602666
Chamber Membership Number : 91260
Invested Capital : UAE Dh 75,000
Total Workforce : 10
Activities : Distributors of heavy trucks, spare parts and accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Bilal Hussain, Sales Manager
LONG WAY AUTO HEAVY SPARE TRADING
Building : Warehouse
No. 1
Area : Industrial
Area No. 8
PO Box : 36958
Town : Sharjah
Country :
Telephone : (971-6) 5313337
/ 5341211
Facsimile : (971-6)
5313737
Email : bilalhussain312@gmail.com
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Sharjah.
Name Position
· Ms Mona Ahmed Saleh Mohamed Matar Proprietor
· Bilal Hussain Sales
Manager
· Zahid Rasool Accounts
Manager
Date of
Establishment : 29th
October 2009
Legal Form : Sole
Proprietorship
Trade Licence No. : 602666
Chamber Member No. : 91260
Invested Capital : UAE Dh 75,000
Ms Mona Ahmed Saleh Mohamed Matar is the sole proprietor of the business.
Activities: Engaged in the import and distribution of heavy trucks, spare parts and
accessories.
Import Countries: Europe and the
Brand Names: MERCEDES, MAN, SCANIA and VOLVO
Operating Trend: Steady
Subject has a workforce of 10 employees.
Financial highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales UAE
Dh 8,700,000 UAE Dh
9,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Sharjah Islamic Bank
PO Box: 4
Sharjah
Tel:
(971-6) 5547747
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.06 |
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1 |
Rs.101.84 |
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Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
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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 |
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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.