.
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Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
AL MEHTAB TRADING
CO LLC |
|
|
|
|
Registered Office : |
113/30 |
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
18.07.1979 |
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|
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Com. Reg. No.: |
41899, |
|
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|
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Legal Form : |
Limited Liability
Company - LLC |
|
|
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Line of Business : |
Engaged in the
import and distribution of scrap metal, chemicals, urea, sulphur as well as
spices and pulses. |
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|
|
|
No. of Employees : |
18 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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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 – December 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 : AL MEHTAB TRADING CO LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 18th
July 1979
Commercial
Registration Number : 41899,
Dubai
Trade Licence
Number : 204294
Chamber Membership
Number : 5893
Issued Capital : UAE Dh
600,000
Paid up Capital : UAE Dh
600,000
Total Workforce : 18
Activities :
Distributors of scrap metal, chemicals, urea, sulphur as well as spices and
pulses.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Wilson
Mutilal, General Manager
AL MEHTAB TRADING
CO LLC
Building : 113/30 Abdulkarim Captain
Building
Street : Sikkat Al Khail Street (Al Ras
Road)
Area : Al Ras, Deira
PO Box : 6354
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2262145 / 2262281
Facsimile : (971-4) 2263369
Mobile : (971-50) 3785370 / 5484972
Email : almehtab@emirates.net.ae / info@almehtab.ae / trade@almehtab.ae
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Dubai.
Branch Offices
Location Description
·
Emirates
Tower, 29th Floor Office
premises
Sheikh Zayed Road
Dubai
Tel: (971-4) 3270555
Fax: (971-4) 3587676
Name Nationality Position
·
Jagjit
Singh Kochar Indian Managing Director
·
Gurji
Singh Kochar Indian Director
·
Rubinder
Kaur Kochar Indian Director
·
Juma
Abdullah Mohamed Ahli Emirati Director
·
Wilson
Mutilal - General
Manager
Date of Establishment : 18th
July 1979
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 41899, Dubai
Trade Licence No. : 204294
(Expires 23/01/2015)
Chamber Member No. : 5893
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
·
Juma
Abdullah Mohamed Ahli 51%
·
Jagjit
Singh Kochar 25%
·
Gurji
Singh Kochar 12%
·
Rubinder
Kaur Kochar 12%
·
Mehtab JB Properties LLC
Dubai
·
Mehtab Metal Trading LLC
Dubai
Activities: Engaged in the import and distribution of
scrap metal, chemicals, urea, sulphur as well as spices and pulses.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 18 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
209,000,000 UAE Dh
250,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures were
provided by Mr Wilson Mutilal, General Manager
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
·
Abu Dhabi Commercial Bank
Al
Rigga Road
PO Box: 5550
Dubai
Tel: (971-4) 2958888 / 3228141
Fax: (971-4) 2959310 / 3279632
·
Emirates
National Bank of Dubai
Al Ras Branch
Deira
Dubai
Tel: (971-4) 2214535
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.62.98 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
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.