MIRA INFORM REPORT

 

 

Report Date :

22.11.2014

 

IDENTIFICATION DETAILS

 

Name :

MONTIAGO GENERAL TRADING LLC

 

 

Registered Office :

U-Bora Tower, Suite No. 904 Business Bay PO Box 8645 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

09.02.2014

 

 

Com. Reg. No.:

1130251, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Subject is engaged in the import and distribution of steel, metals, pharmaceuticals, chemicals, textiles, garments, ores, minerals, electronics, petroleum products and agro produce.

 

 

No. of Employees :

05

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Business

Payment Behaviour :

Unknown

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UAE - 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

SUMMARY

 

Company Name                                    : MONTIAGO GENERAL TRADING LLC

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 9th February 2014

Commercial Registration Number           : 1130251, Dubai

Trade Licence Number                           : 703253

Chamber Membership Number               : 229969

Issued Capital                                       : UAE Dh 300,000

Paid up Capital                                     : UAE Dh 300,000

Total Workforce                                     : 5

Activities                                               : Distributors of steel, metals, pharmaceuticals, chemicals, textiles, garments, ores, minerals, electronics, petroleum products and agro produce.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Mercy Mhlada, Personal Assistant

 

 

 

COMPANY NAME

 

MONTIAGO GENERAL TRADING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : U-Bora Tower, Suite No. 904

Area                 : Business Bay

PO Box            : 8645

Town                : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 2776325 / 3862780

Facsimile          : (971-4) 2776340 / 3862781

Mobile              : (971-50) 6539993

Email                : mail@montiago.ae / mercy@montiago.ae

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                                Position

 

·       Rupin Hemant Banker Hemant Dhirajlal Banker            Indian                                       Managing Director

 

·       Abdullah Hassan Ahmad Ali                                      Emirati                                      Director

 

·       Mercy Mhlada                                                                -                                          Personal Assistant

 

·       Vanadit Tulos                                                                -                                          Accountant

 

·       Partik Shah                                                                    -                                          Operations Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 9th February 2014

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 1130251, Dubai

 

Trade Licence No.        : 703253 (Expires 08/02/2015)

 

Chamber Member No.  : 229969

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                           Percentage

 

·       Abdullah Hassan Ahmad Ali                                                  51%

 

·       Rupin Hemant Banker Hemant Dhirajlal Banker                        49%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of steel, metals, pharmaceuticals, chemicals, textiles, garments, ores, minerals, electronics, petroleum products and agro produce.

 

Import Countries: Europe and the Far East

 

International Suppliers:

 

·       Maple Wood Trade Pvt Ltd               India

·       Terapolis Asia Ltd                             China

·       Everst Metal FZE                              Sharjah

·       Ukwala FZE                                      Ras Al Khaimah

 

Subject has a workforce of 5 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       Sharjah Islamic Bank

Al Boorj Avenue

     PO Box: 4

     Sharjah

     Tel: (971-6) 5547747

 

·       Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

Tel: (971-4) 2229131 / 2221134

 

 

PAYMENT HISTORY

 

UNKNOWN

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.97.01

Euro

1

Rs.77.62

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.