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Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
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Name : |
AL MILAD GENERAL TRADING COMPANY LLC |
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Registered Office : |
Industrial Area No. 11, PO Box 21034, Sharjah |
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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 : |
11.01.1993 |
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Com. Reg. No.: |
23443 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject’s
operations are performed through the following divisions: ·
Marble Trading Division ·
Marble Magic - Marble Restoration Division · Calcined Lime Trading Division |
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No of Employees : |
18 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 :
AL MILAD GENERAL TRADING COMPANY LLC
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
11th January 1993
Commercial Registration Number :
23443, Sharjah
Trade Licence Number :
116065
Chamber Membership Number :
31034
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
18
Activities :
Operations are performed through subjects divisions (see below for details)
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Sanjiv Rajev Vastva, Business Development Manager
AL MILAD GENERAL TRADING COMPANY LLC
Registered &
Physical Address
Location : Industrial
Area No. 11
PO Box : 21034
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5345587
Facsimile : (971-6)
5345602
Mobile : (971-50)
6452132 / (971-55) 8790205
Email : al-milad@almilad.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Sharjah.
Name Nationality Position
Rajev Shri Vastva Indian Managing Director
Qaysar Abdel Majid Luqman Emirati Director
Ninan Thomas - General
Manager
Sanjiv Rajev Vastva - Business Development Manager
Abdul Baqi - Accounts Manager
Date of Establishment : 11th
January 1993
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 23443, Sharjah
Trade Licence No. : 116065
Chamber Member No. : 31034
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
Qaysar Abdel Majid Luqman 51%
Rajev Shri Vastva 49%
Rocmet Corporation FZC
Hamriyah Free Zone
PO Box: 42399
Sharjah
United Arab Emirates
Tel: (971-6) 5260488
Fax: (971-6) 5260489
Mob: (971-52) 8249688
Activities: Subject’s operations are performed through the following divisions:
Marble Trading
Division
As exclusive agents for Dubai and Northern
Emirates for International Marble Company L.L.C. Sultanate of Oman, Milad General
Trading Company L.L.C. have been supplying Desert Rose and Desert Oasis range
of marble in light pink and beige colors to meet the entire requirements of the
construction industry in this area. Milad General Trading Company LLC
holds stocks of over 25,000 square meters of Desert Rose and Desert Oasis in
its warehouses in Sharjah and caters to large construction projects with a
consistently uniform product.
Milad General Trading also stocks Crema
Marfil, Dark Emperador and Rosa Alicante obtained from reputed companies in
Spain.
Recently Milad General Trading Company LLC
have increased their product range to include products of Tekmar, Turkey.
Al Milad General Trading Company L.L.C.
supply to:
Marble fabricators
Marble stockists and traders
Building contractors
Clients/Owners of the buildings.
Marble Magic - Marble Restoration Division
We grind and polish all types of marble, granite and all other types of Natural stone with or without stainless steel or brass inserts assuring our clients homogenous sparkling floors. We specialize in providing highest quality of finish for hotels, offices, boutique shops and luxury homes.
We remove lippage between tiles, resolve joints and corners to ensure
complete makeover using our state-of-the-art diamond technology to give long
lasting naturally sparkling floors.
Calcined Lime Trading Division
Subject’s are authorized agents of Ras Al Khaimah Lime Company “NOORA” for the sales of Calcined Lime also known as Quick Lime (Calcium Oxide, CaO) to the steel industry in India.
Import Countries: India, Italy, Oman and Spain
International
Suppliers:
Oman International Marble Oman
Lavantina Italy
Centra Italia Marmi Italy
Gomez Raio Italy
Operating Trend: Steady
Subject has a workforce of 18 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 44,504,000 UAE Dh
45,860,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Sanjiv Rajev Vastva, Business
Development Manager
Habib Bank Ltd
PO Box: 300
Sharjah
Tel: (971-6) 5356116
Fax: (971-6) 5526473
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.61.23 |
|
|
1 |
Rs.98.67 |
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Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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 |
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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 |
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<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.