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Report Date : |
06.12.2014 |
IDENTIFICATION DETAILS
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Name : |
OFION TRADING LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
21.04.2002 |
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Com. Reg. No.: |
59060, |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Import and
Distribution of Packaging Materials and Tobacco. |
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No. of Employees : |
8 |
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 |
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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 |
Company Name : OFION TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Limited
Liability Company - LLC
Registration Date : 21st April
2002
Commercial
Registration Number : 59060,
Dubai
Trade Licence Number :
533321
Chamber Membership
Number : 68391
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 8
Activities :
Distributors of packaging materials and tobacco.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Amir Ali, Financial
Controller
OFION TRADING LLC
Building : Buhailba Building, Office No. 203, 2nd
Floor
Street : Muraqqabat
Street
Area : Deira
PO Box : 63851
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2688821 / 2722237
Facsimile : (971-4) 2629800 / 2727233
Email : info@ofion.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Offices
Location Description
·
DIP 1,
Office No. 5 Office
and warehouse premises
Green Community
Dubai
Tel: (971-4) 8856377
Fax: (971-4) 8856707
Name Nationality Position
·
Zafar Ghaffar Adam Gee Canadian Managing
Director
·
Abdul Ghaffar Adam Gee Canadian Director
·
Salim Ghaffar Adam Gee Canadian Director
·
Asim Ahmad Mahmood Alali Emirati Director
·
Amir Ali - Financial
Controller
·
Salman Sayed - Sales
Manager
Date of Establishment : 21st April
2002
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 59060, Dubai
Trade Licence No. : 533321 (Expires 14/04/2015)
Chamber Member No. : 68391
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Asim Ahmad Mahmood Alali 51%
·
Zafar Ghaffar Adam Gee 25%
·
Abdul Ghaffar Adam Gee 12%
·
Salim Ghaffar Adam Gee 12%
·
Ofion Home Textile Trading LLC
Textile City
Dubai
Tel: (971-4) 2765502
Activities: Engaged in the import and distribution of
packaging materials and tobacco. Subject’s products include
shrink films, self adhesive
labels, tape and cut rag tobacco from Zimbabwe.
Import
Countries: Europe,
Pakistan, Zimbabwe and China.
International Suppliers:
·
Packages Ltd Pakistan
·
Benkert Group Germany
·
Benkert Minfeng Ltd China
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 31/12/12: Year
Ending 31/12/13:
Total Sales UAE Dh
52,650,000 UAE Dh
55,000,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr Amir Ali, Financial
Controller
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints regarding
subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and the
company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.85 |
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|
1 |
Rs.96.73 |
|
Euro |
1 |
Rs.76.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
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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 |
|
|
-- |
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.