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Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Arcade Building, Office No. 208, Al Garhoud Street, Al Garhoud Area 32205 & 53443 Dubai |
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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 : |
27.02.1995 |
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Com. Reg. No.: |
44398 |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Engaged in the
import and distribution of tanned leather and hides |
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No of Employees : |
9 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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.
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Source
: CIA |
Company Name : AL NAGHAM LEATHER TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 27th February 1995
Commercial Registration Number : 44398, Dubai
Trade Licence Number : 237079
Chamber Membership Number : 33281
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 9
Activities : Distributors of tanned leather and hides.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL NAGHAM LEATHER
TRADING LLC
Building : Arcade Building, Office No. 208
Street : Al Garhoud Street
Area : Al Garhoud Area
PO Box : 32205 & 53443
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2594642
Facsimile : (971-4) 2594643
Mobile : (971-50) 6442485 / 6251768
Email : info@alnaghamleathers.com
/ tanoskin@emirates.net.ae
Subject operates
from a small suite of offices that are rented and located in the Suburban
Business Area of Dubai.
Name Nationality Position
·
Mohamed
Ajaz Ali Mohamed Pakistani
Managing
Director
·
Mohamed
Amin Ali Mohamed Pakistani Director
·
Talal
Mohamed Ali Ahmad Bu Debs Emirati Director
·
Nabila
Arif - Accountant
Date of Establishment : 27th
February 1995
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 44398, Dubai
Trade Licence No. : 237079
(Expires 26/02/2015)
Chamber Member No. : 33281
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Talal
Mohamed Ali Ahmad Bu Debs 51%
·
Mohamed
Ajaz Ali Mohamed 25%
·
Mohamed
Amin Ali Mohamed 24%
·
33 Green
Technologies LLC
Dubai
Tel: (971-4) 2594642
Fax: (971-4) 2594643
Activities: Engaged in the import and distribution of
tanned leather and hides.
Import
Countries: Kenya, Somalia,
Senegal, Mali, Saudi Arabia, Iran, Syria, Egypt, Tunisia and Sudan.
International
Suppliers:
·
Societe Fadhloune Dedcuri Tunisia
·
Al Badayea Est Saudi
Arabia
·
Asia Way Trading United
Arab Emirates
Operating Trend: Steady
Subject has a
workforce of 9 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 17,000,000 UAE Dh 18,225,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
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. 58.74 |
|
|
1 |
Rs. 98.77 |
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Euro |
1 |
Rs. 80.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
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|
|
|
Report Prepared
by : |
DPT |
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 |
|
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 |
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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.