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Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
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Name : |
AHMED ABDULLAH SADEGH TRADING CO LLC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
07.02.1996 |
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Com. Reg. No.: |
46208, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the wholesale and retail of dried food products
including grain, rice and spices. |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
UAE |
A2 |
A2 |
|
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 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 : AHMED ABDULLAH SADEGH TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 7th February 1996
Commercial Registration Number : 46208, Dubai
Trade Licence Number : 240631
Chamber Membership Number : 37129
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 20
Activities : Wholesale and retail of dried food products including grain, rice and spices
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
AHMED ABDULLAH SADEGH TRADING CO LLC
Building : Akhoond
Awadhi Stores Building
Street : Murshid
Bazaar
Area : Al Bateen,
Al Ras, Deira
PO Box : 56032
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2252365
/ 2252235
Facsimile : (971-4)
2252342
Subject operates from a small suite of offices and a showroom with
storage facilities that are rented and located in the Central Business Area of
Dubai.
Name Nationality Position
· Ahmed Abdullah
Sadegh Fardh Iranian Managing Director
· Ghulam Reza
Zebullah Fardh Iranian Director
· Sadegh Ahmed
Sadegh Fardh Iranian Director
· Taleb Ahmed Sadegh
Fardh Iranian Director
· Ali Ghulam Abbas
Al Ali Emirati Director
Date of
Establishment : 7th February
1996
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 46208, Dubai
Trade Licence No. : 240631 (Expires 06/02/2014)
Chamber Member No. : 37129
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
· Ali Ghulam Abbas
Al Ali 51%
· Ahmed Abdullah
Sadegh Fardh 35%
· Ghulam Reza
Zebullah Fardh
5%
· Sadegh Ahmed
Sadegh Fardh 5%
· Taleb Ahmed Sadegh
Fardh 4%
Activities: Engaged in the wholesale and retail of dried food products including
grain, rice and spices.
Import Countries: China, Malaysia and Iran.
Subject has a workforce of 20 employees.
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel: (971-4) 2535000
No complaints regarding subject’s payments have been reported.
Credit amount 139,680 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Canadian
Dollars US Dollars
Please note that we were unable to contact the subject directly during
our investigation.
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.62.99 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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 |
|
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 |
|
<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.