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Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALSAA PETROLEUM
AND SHIPPING FZC |
|
|
|
|
Registered Office : |
Nakheel Road, Ras
Al Khaimah Free Zone, P O Box 10335, Ras Al Khaimah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
11.10.2002 |
|
|
|
|
Com. Reg. No.: |
530 |
|
|
|
|
Legal Form : |
Free Zone Company |
|
|
|
|
Line of Business : |
importer and distributor of petroleum products and
gasoil |
|
|
|
|
No of Employees : |
08 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 : ALSAA PETROLEUM AND SHIPPING FZC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 11th October 2002
Commercial Registration Number : 530
Trade Licence Number : 5000343
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 8
Activities : Distributors of petroleum products and gasoil.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ALSAA PETROLEUM AND
SHIPPING FZC
Registered Address
Street : Nakheel Road
Area : Ras Al Khaimah Free Zone
PO Box : 10335
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2274646
Facsimile : (971-7) 2274649
Physical Address
Location : Office No. 702, Reef Tower,
Jumeirah Lakes Towers
PO Box : 124024
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3996656 / 2241686 / 2230969
Facsimile : (971-4) 3996657 / 2234599
Email : info@alsaagroup.com
Please note that
subject’s previous address was, Suite 9C, Dubai Creek Tower, Dubai.
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Imran
Asghar Pakistani Managing
Director
·
Nanan
Asghar Pakistani Director
Date of Establishment : 11th
October 2002
Legal Form :
Free Zone Company – FZC
Commercial
Reg. No. : 530
Trade Licence No. : 5000343
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s)
·
Imran
Asghar
·
Nanan
Asghar
·
Alsaa
Trade LLC
Dubai
·
OMI
Petroleum FZE
Activities: Engaged in the import and distribution of
petroleum products and gasoil.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 8 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.
·
BNP
Paribas
PO Box: 7233
Dubai
Tel: (971-4) 4248200
Fax: (971-4) 4257813
No complaints
regarding subject’s payments have been reported.
Local sources report
that payment obligations are met in a generally timely manner and the operating
history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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 |
|
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.