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Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
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Name : |
ANWAR AL BASHAIER
BUILDING MATERIAL TRADING EST |
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Registered Office : |
Industrial Area No. 2, 24428 & 30940, Sharjah |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
14.06.1997 |
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Com. Reg. No.: |
30203, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the wholesale and retail of general building
materials, hardware, safety cover rolls and jute. |
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No of Employees : |
20 |
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 |
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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 : ANWAR AL BASHAIER BUILDING
MATERIAL TRADING EST
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
14th June 1997
Commercial Registration Number :
30203, Sharjah
Trade Licence Number :
12226
Chamber Membership Number :
39940
Invested Capital :
UAE Dh 100,000
Total Workforce :
20
Activities :
Wholesale and retail of general building materials, hardware, safety cover
rolls and jute.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
P D Dhenish, Finance Manager
ANWAR AL BASHAIER
BUILDING MATERIAL TRADING EST
Location : Industrial
Area No. 2
PO Box : 24428 &
30940
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5424462
/ 5398944 / 5398945 / 5420454
Facsimile : (971-6)
5424480
Mobile : (971-50) 2166379
Email : bashaier@emirates.net.ae
Subject operates from a medium sized suite of offices that are rented and
located in the Industrial Area of Sharjah.
Branch Office (s)
Location Description
· BMW Road Rented
showroom premises
Industrial Area
No. 2
Sharjah
Tel: (971-6)
5431635
Name Nationality Position
· Mohamed Asghar Pakistani Proprietor
& General Manager
· Ifikhar Ahmed - Assistant
General Manager
· Mohamed Taher - Sales
Manager
· P D Dhenish - Finance
Manager
Date of
Establishment : 14th
June 1997
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 30203, Sharjah
Trade Licence No. : 12226
Chamber Member No. : 39940
Invested Capital : UAE Dh 100,000
Mr Mohamed Asghar is the sole proprietor of the business. Mr Mohamed Asghar
is a Pakistani national who operates in Sharjah under the local sponsorship of
Abdul Qader Asakr Ismail.
· Water Seal Co LLC
Sharjah
Tel: (971-6)
5614181
Activities: Engaged in the wholesale and
retail of general building materials, hardware, safety cover rolls and jute.
Import Countries: India,
China, Pakistan and Europe
International Suppliers:
· Farooq Garments Pakistan
·
Mohan Jute India
Operating Trend: Steady
Subject has a workforce of 20 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 18,475,000 UAE Dh
20,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr P D Dhenish, Finance Manager
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222555
Fax:
(971-4) 2221110
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.98.21 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SMN |
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.