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Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
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Name : |
ASAHANA TRADERS LLC |
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Registered Office : |
Abdur Rahman Mohamed Taher Building, Naif Street, Deira, 40275, 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 : |
09.06.2004 |
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Com. Reg. No.: |
68104, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the import and distribution of building
materials, tools, hardware, paint, construction chemicals, workshop
equipment, adhesives, safety products, metal products and spices and seeds. |
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No of Employees : |
5 |
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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 :
ASAHANA TRADERS LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date :
9th June 2004
Commercial Registration Number :
68104, Dubai
Trade Licence Number :
557922
Chamber Membership Number :
88213
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
5
Activities :
Distributors of building materials, tools, hardware, paint, construction
chemicals, workshop equipment, adhesives,
safety products, metal products and spices and seeds.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Martosa Dohadwala, Commercial Manager
ASAHANA TRADERS
LLC
Building :
Abdur Rahman Mohamed Taher Building
Street : Naif Street
Area : Deira
PO Box : 40275
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2234423
Facsimile : (971-4)
2234554
Mobile : (971-50)
2243352 / 3527758
Email : asahana@asahana.com
/ asahanatraders@gmail.com
/ asahana@emirates.net.ae
Subject operates from a small suite of offices and a warehouse that are rented
and located in the Central Business Area of Dubai.
Name Nationality Position
· Hasaneen
Shujauddin Ameeji Indian Managing Director
· Shujauddin G M
Ameeji Indian Director
· Murshid Mohamed
Ahmed Al Shihhe Emirati Director
· Martosa Dohadwala - Commercial
Manager
· Mohamed Latha - Financial
Controller
Date of
Establishment : 9th
June 2004
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 68104, Dubai
Trade Licence No. : 557922 (Expires 04/06/2015)
Chamber Member No. : 88213
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Murshid Mohamed
Ahmed Al Shihhe 51%
· Shujauddin G M
Ameeji 25%
· Hasaneen
Shujauddin Ameeji 24%
Activities: Engaged in the import and
distribution of building materials, tools, hardware, paint, construction
chemicals, workshop equipment, adhesives, safety products, metal products and
spices and seeds.
Import Countries: India,
Sri Lanka, China and Italy.
International Suppliers:
· Mohan Jute Co Ltd India
· Shigian Huaze Co Ltd India
· Ravi Industries Sri Lanka
· Warna Export Sri Lanka
· Qingdeo Delex
Hardware China
· Euromax Italy
Operating Trend: Steady
Subject has a workforce of 5 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 8,375,000 UAE Dh
8,900,000
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
Acc No.
0201-02-20311
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.61.35 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
-- |
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.