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Report Date : |
12.03.2014 |
IDENTIFICATION DETAILS
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Name : |
YOUSIF GENERAL CONTRACTING EST |
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Registered Office : |
Main Street, Industrial Area, PO Box : 15981 & 18941, Al Ain |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
18.06.1980 |
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Com. Reg. No.: |
2367 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged as construction and maintenance
contractors. |
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No. of Employees : |
350 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 :
YOUSIF GENERAL CONTRACTING EST
Country of Origin :
Al Ain, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
18th June 1980
Commercial Registration Number :
2367
Trade Licence Number :
1103587
Chamber Membership Number :
1289
Invested Capital :
UAE Dh 3,000,000
Total Workforce :
350
Activities :
Construction and maintenance contractors
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
YOUSIF GENERAL
CONTRACTING EST
Registered &
Physical Address
Street : Main Street
Area : Industrial
Area
PO Box : 15981 &
18941
Town : Al Ain
Country : United Arab
Emirates
Telephone : (971-3) 7377200
Facsimile : (971-3)
7377202 / 7377203
Email : yousifgc@emirates.net.ae
Premises
Subject operates from a large suite of offices that are rented and located
in the Industrial Area of Al Ain.
Name Position
Suhail Salem Al Amri Proprietor
Mooas Mahmoud Nassar General
Manager
Mahmoud Shehiri Purchasing
Manager
Mohamed Rateb Finance
Manager
Arkan Hareb Project
Manager
Date of Establishment : 18th June 1980
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 2367
Trade Licence No. : 1103587 (Expires 23/12/2014)
Chamber Member No. : 1289
Invested Capital : UAE Dh 3,000,000
Mr Suhail Salem Al Amri is the sole proprietor of the business.
Al Mutarid Maintenance & Contracting Est
PO Box: 18941
Al Ain
Activities: Engaged as construction and maintenance
contractors. Subject’s main client is the Ministry of Defence.
Subject has a workforce of approximately 350 employees.
Companies registered in Al Ain are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
Abu Dhabi Commercial Bank
Main Branch
PO Box: 15180
Al Ain
Tel: (971-3) 7660000
Fax: (971-3) 7511455
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.70 |
|
|
1 |
Rs.100.97 |
|
Euro |
1 |
Rs.84.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.