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Report Date : |
20.06.2014 |
IDENTIFICATION DETAILS
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Name : |
MIAN INTERNATIONAL GENERAL TRADING FZC |
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Registered Office : |
Amber Gem Tower, Office No. M02, Khalifa Street, Ajman Free Zone, PO Box : 4196, Ajman |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.11.1999 |
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Com. Reg. No.: |
16762 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Subject is engaged in the import and distribution of electrical
appliances, air conditioning systems and readymade garments |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 :
MIAN INTERNATIONAL GENERAL TRADING FZC
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
27th November 1999
Commercial Registration Number :
16762
Trade Licence Number :
23813
Membership Number :
361
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
8
Activities :
Distributors of electrical appliances, air conditioning systems and ready
made garments.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohsin Ali, Sales Manager
MIAN INTERNATIONAL GENERAL TRADING FZC
Registered &
Physical Address
Building : Amber Gem Tower, Office No. M02
Street : Khalifa Street
Area :
Ajman Free Zone
PO Box :
4196
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7424309
Facsimile : (971-6) 7424903
Mobile :
(971-55) 5522606 / (971-50) 5743874
Email :
miadxb@gmail.com
/ miadubai@eim.ae
Please note that subject’s previous address was, Ajman Free Zone, Office
No. 62, Block A, Ajman.
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Ajman Free Zone.
Name Nationality Position
Mohamed Azhar Anjum Pakistani Managing Director
Othman Mohamed Ashraf Tajeddine Pakistani Director
Nosheen Mohamed Ashraf Tajeddine Pakistani Director
Mohamed Ashraf Tajeddine Pakistani Director
Sajid Ali - Finance
Manager
Mohsin Ali - Sales
Manager
Date of Establishment : 27th November 1999
Legal Form : Free Zone Company
– FZC
Commercial Reg. No. : 16762
Trade Licence No. : 23813
Membership No. : 361
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s)
Mohamed Azhar Anjum
Othman Mohamed Ashraf Tajeddine
Nosheen Mohamed Ashraf Tajeddine
Mohamed Ashraf Tajeddine
MIA Corporation
Islamabad
Pakistan
Activities: Engaged in the import and
distribution of electrical appliances, air conditioning systems and readymade
garments.
Import Countries: Europe
and the Far East.
International Suppliers:
Acson Malaysia
McQuay Malaysia
Airsol China
Marley Italy
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 32,157,465 UAE Dh
34,805,347
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohsin Ali, Sales
Manager
HSBC Bank Middle East
Main Branch
Ajman
Tel: (971-6) 5537222
Fax: (971-6) 5537880
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.60.00 |
|
|
1 |
Rs.102.05 |
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Euro |
1 |
Rs.81.71 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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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 |
-- |
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.