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Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
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Name : |
AUSTIN GENERAL
TRADING LLC |
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Registered Office : |
Al Yarmook Area, P O
Box 63678, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
23.02.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· importer and distributor of chemicals, mining and energy products, pharmaceuticals, cosmetics, personal care as well as polymer products. Subject also operates a plant with a capacity of 20000
Mt/Ann Petroleum Jelly, 3000 Mt/Ann Paraffin (solid and liquid), and 840
Mt/Ann foots oil annually. |
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No of Employees : |
20 |
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 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 : AUSTIN GENERAL TRADING LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 23rd February 2009
Trade Licence Number : 571202
Chamber Membership Number : 87882
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 20
Activities : Distributors of chemicals, mining and energy products,
pharmaceuticals, cosmetics, personal care as well as polymer products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Mohamed Redha Gambari, Managing Director
AUSTIN GENERAL
TRADING LLC
Registered &
Physical Address
Location : Al Yarmook Area
PO Box : 63678
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5635070
Facsimile : (971-6) 5635070
Mobile : (971-50) 1443860
Email : info@austinpetrochem.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Sharjah.
Name Nationality Position
·
Mohamed Redha Gambari American Managing
Director
·
Mohamed Shareef Hassan Emirati Director
Date of Establishment : 23rd
February 2009
Legal Form :
Limited Liability Company -
LLC
Trade Licence No. : 571202
Chamber Member No. : 87882
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Mohamed Shareef Hassan 51%
·
Mohamed Redha Gambari 49%
·
Zomorod
Carpet
Deira Tower
Nasser Square
Dubai
Tel: (971-4) 2384010 / 2525091 / 2384020 / 2384020
Fax: (971-4) 2384030
Activities: Engaged in the import and distribution of
chemicals, mining and energy products, pharmaceuticals,
cosmetics, personal care as
well as polymer products.
Subject also operates a plant with a capacity of 20000 Mt/Ann Petroleum Jelly, 3000 Mt/Ann Paraffin (solid and liquid), and 840 Mt/Ann foots oil annually.
Import
Countries: Russia, Canada
and Germany.
International
Suppliers:
·
ZBO
Drill Industries Russia
·
Discovery
Drill Manufacturer Canada
·
Prakla
Bohrtechnik Germany
Subject has a
workforce of 20 employees.
Companies
registered in Sharjah, 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.
·
Emirates
National Bank of Dubai
PO Box: 21850
Sharjah
Tel: (971-6) 5738888
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.59.73 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.