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Report Date : |
22.05.2014 |
IDENTIFICATION DETAILS
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Name : |
MIRAJKAR GENERAL
TRADING CO LLC |
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|
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Registered Office : |
Onion Storage
Building, Shop No. 8, Central Fruits & Vegetables Market, Al Aweer, P O
Box 294380, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.03.2002 |
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Com. Reg. No.: |
58867, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of metal products,
including tin, lead and aluminium ingots, copper rods, zinc and silicon
steel. |
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No of Employees : |
12 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 – 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 : MIRAJKAR GENERAL TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 27th March 2002
Commercial Registration Number : 58867, Dubai
Trade Licence Number : 532842
Chamber Membership Number : 68144
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 12
Activities : Distributors of metal products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
MIRAJKAR GENERAL
TRADING CO LLC
Registered &
Physical Address
Building : Onion Storage Building, Shop No.
8
Area : Central Fruits &
Vegetables Market, Al Aweer
PO Box : 294380
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3202814
Facsimile : (971-4) 3202813 / 2368600
Mobile : (971-50) 7287989 / (971-55)
5544775
Email : mirajkar@emirates.net.ae
Premises
Subject operates from
a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Name Nationality Position
·
Suhail Abdul Qadir Mirajkar Indian Managing
Director
·
Adil
Mirajkar Anwar Indian Director
·
Nasser
Mirajkar Anwar Indian Director
·
Sami
Abdul Qadir Mirajkar Indian Director
·
Abdullah
Ali Ahmed Saleh Emirati Director
Date of Establishment : 27th
March 2002
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 58867, Dubai
Trade Licence No. : 532842
Chamber Member No. : 68144
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Abdullah
Ali Ahmed Saleh 51%
·
Suhail Abdul
Qadir Mirajkar 13%
·
Adil
Mirajkar Anwar 12%
·
Nasser
Mirajkar Anwar 12%
·
Sami
Abdul Qadir Mirajkar 12%
Activities: Engaged in the import and distribution of
metal products, including tin, lead and aluminium ingots, copper rods, zinc and
silicon steel.
Import
Countries: China and India
Subject has a
workforce of 12 employees.
Companies
registered in Dubai, 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.
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
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.58.72 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.80.57 |
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 |
|
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.