MIRA INFORM REPORT
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Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
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Name : |
TAJ AL MULOOK GENERAL TRADING LLC |
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Registered Office : |
Plot No. B-802, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.06.1989 |
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Com. Reg. No.: |
45718, |
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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
industrial chemicals and related raw materials for paints, adhesives,
plastics, fibreglass, construction chemicals, detergents and pharmaceuticals. |
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No. of Employees : |
34 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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.
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Source
: CIA |
Company Name : TAJ AL MULOOK GENERAL TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
18th June 1989
Commercial Registration Number :
45718, Dubai
Trade Licence Number :
219992
Chamber Membership Number :
16282
Issued Capital :
UAE Dh 3,000,000
Paid up Capital :
UAE Dh 3,000,000
Total Workforce :
34
Activities :
Import and distribution of industrial chemicals and related raw materials
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed : P
TAJ AL MULOOK GENERAL TRADING LLC
Registered &
Physical Address
Building : Plot No.
B-802
Street : Sheikh Zayed
Road
Area : Al Quoz Industrial
Area No. 3, Al Barsha
PO Box : 51688
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3475588
Facsimile : (971-4)
3475537
Mobile : (971-50)
7542172 / 6249344
Email : almulook@emirates.net.ae
/ info@tajchem.com
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Dubai.
Name Nationality Position
Arfan Siddiq Mulla Indian Managing
Director
Abdul Qader Mohamed Moosa Indian Director
Ahmed Nader Shaikh Bin Yousuf
Emirati Director
Rafiq Quraishi - Finance
Manager
Raheel Ahmed - Sales
Manager
P S Appanna - Administration
Manager
Yasser Maiman
- Marketing
Manager
Date of Establishment : 18th June 1989
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 45718, Dubai
Trade Licence No. : 219992 (Expires 06/06/2014)
Chamber Member No. : 16282
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of
Shareholder (s) Percentage
Ahmed Nader Shaikh Bin Yousuf 51%
Arfan Siddiq Mulla 25%
Abdul Qader Mohamed Moosa 24%
TAM House
Riyadh
Saudi Arabia
Tel: (966-50) 1410601
Activities: Engaged in the import and distribution
of industrial chemicals and related raw materials for paints, adhesives,
plastics, fibreglass, construction chemicals, detergents and pharmaceuticals.
Import Countries: United
States of America, Europe and the Far East.
International Suppliers:
Schulke & Mayr Germany
Munzing Chemie Germany
Terhal Germany
Waardals Norway
Synthron France
Sanwa Chemicals Singapore
Sun Ace Kakoh Singapore
Operating Trend: Steady
Subject has a workforce of 34 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales UAE
Dh 271,670,000 UAE Dh
282,158,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr P S Appanna, Administration
Manager
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
HSBC Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
No complaints regarding subject’s payments have been reported.
Date of transaction March
2007
Credit amount 34,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Established in 1989, subject is owned and managed by Mr Arfan Siddiq
Mulla and Mr Abdul Qader Mohamed Moosa who are Indian nationals operating in
Dubai under the local sponsorship of Mr Ahmed Nader Shaikh Bin Yousuf.
The company is run in a professional manner and has made considerable
progress in the local chemicals market, growing at a rate of 15 percent per
annum.
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.62.18 |
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|
1 |
Rs.103.38 |
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Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
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Report Prepared
by : |
NNA |
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.