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Report Date : |
01.12.2014 |
IDENTIFICATION DETAILS
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Name : |
ATARID AUTO SPARE
PARTS TRADING CO LLC |
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Registered Office : |
Abdullah Essa Al Helo Building, Ground Floor, Shop No. 8, Al Rigga Road,
Deira, 29350, Dubai |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
29.05.2000 |
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Com. Reg. No.: |
58925, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the wholesale and retail of automotive accessories and
spare parts, including brake pads, discs and filters. |
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No of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 : ATARID AUTO SPARE PARTS TRADING CO
LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
29th May 2000
Commercial Registration Number :
58925, Dubai
Trade Licence Number :
518876
Chamber Membership Number :
58800
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
12
Activities :
Wholesale and retail of auto accessories and spare parts.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Girish Babu, Sales Manager
ATARID AUTO SPARE PARTS TRADING CO LLC
Building : Abdullah
Essa Al Helo Building, Ground Floor, Shop No. 8
Street : Al Rigga
Road
Area : Deira
PO Box : 29350
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2240304
Facsimile : (971-4)
2240435
Mobile : (971-50)
6582113
Email : atariddxb@yahoo.com
/ atariddx@eim.ae
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
· Kunnappilly
Padmanbhan Venu Indian Managing
Director
· Ahmad Salem
Khalfan Khalaf
Emirati Director
· Shaju George - Commercial
Manager
· Girish Babu - Sales
Manager
· K P Mini - Financial
Controller
Date of
Establishment : 29th
May 2000
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 58925, Dubai
Trade Licence No. : 518876
Chamber Member No. : 58800
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Ahmad Salem
Khalfan Khalaf 51%
· Kunnappilly
Padmanbhan Venu 49%
· Truck People
General Trading LLC
Dubai
Tel: (971-4)
2347550
· Cetrol Lubricants LLC
Ajman
Activities: Engaged in the wholesale and retail of automotive accessories and spare
parts, including brake pads,
discs and filters.
Import Countries: India, China and Europe.
Brand Names: TOYOTA, MITSUBISHI,
NISSAN, ATRAD, HONDA, SUBARU, SUZUKI, ISUZU, ATARID, SK and
LANDROVER
Operating Trend: Steady
Subject has a workforce of 12 employees.
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 9,550,000 UAE Dh
9,920,000
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 (NBD)
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222241
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.61.97 |
|
|
1 |
Rs.97.37 |
|
Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
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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 |
|
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.