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Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
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Name : |
MULTI TRADE
LIMITED FZC |
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Registered Office : |
Block M2-03, Saif Zone, 7852, Sharjah |
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Country : |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
04.08.1996 : |
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Com. Reg. No.: |
00143, Sharjah |
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Legal Form : |
Free Zone Company
- FZC |
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Line of Business : |
Engaged in the import and distribution of general foodstuffs,
including rice, sugar, maize and lentils. Subject also distributes cement,
chemicals, lubricants, plastics and natural rubber. |
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No of Employees : |
56 |
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) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
Company Name : MULTI TRADE LIMITED FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 4th
August 1996
Commercial
Registration Number : 00143,
Sharjah
Industrial Licence
Number : 7218
Issued Capital : UAE Dh
500,000
Paid up Capital : UAE Dh
500,000
Total Workforce : 56
Activities :
Distributors of general foodstuffs, cement, chemicals, lubricants, plastics and
natural rubber.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Nadeem Ameer, Financial Controller
MULTI TRADE
LIMITED FZC
Location : Block M2-03,
Saif Zone
PO Box : 7852
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5570135
Facsimile : (971-6)
5570136
Mobile : (971-50)
6510798 / 3089425
Email : multi@multitradegroup.com
/ monleey@emirates.net.ae
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Saif Zone Area of Sharjah.
Name Position
· Iftikhar Ahmed
Bhutt Managing
Director
· Asif Iftikhar
Ahmed Bhutt Director
· Nadeem Ameer Financial
Controller
· Anthony D’Souza Commercial
Manager
Date of
Establishment : 4th
August 1996
Legal Form : Free Zone Company
- FZC
Commercial Reg.
No. : 00143, Sharjah
Industrial Licence No. : 7218
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
· Iftikhar Ahmed
Bhutt
· Asif Iftikhar
Ahmed Bhutt
· Multi Industries
FZC
Sharjah
· UAE Mobiles FZC
Sharjah
· Multi Commodities
FZC
Sharjah
Activities: Engaged in the import and distribution of general foodstuffs, including
rice, sugar, maize and lentils.
Subject also distributes cement, chemicals, lubricants, plastics and
natural rubber.
Import Countries: Saudi Arabia, Qatar, Belgium, Italy and Pakistan
International
Suppliers:
·
SABIC Saudi Arabia
·
Borouge Pte Ltd United Arab Emirates
·
QAPCO Qatar
·
RAVACO Distribution Belgium
·
Versalis Italy
·
Maple Leys Cement Co Pakistan
·
Telraja International Pakistan
·
Abdul Raouf Trading Co Pakistan
·
Tasnee Co Saudi
Arabia
·
Exxon Mobile Saudi
Arabia
·
Green Star Polymer Co Abu
Dhabi
Operating Trend: Steady
Subject has a workforce of 56 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 30/06/13: Year Ending
30/06/14:
Total Sales UAE
Dh 84,143,251 UAE Dh
89,038,452
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Nadeem Ameer, Financial Controller
·
National Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel:
(971-6) 5547747
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.62.14 |
|
|
1 |
Rs.97.05 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
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.