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Report No. : |
315353 |
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Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
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Name : |
AL NOOR AL
MUSTAQEEM GENERAL TRADING LLC |
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Registered Office : |
Mohamed Ismail Al Afghani Building, 2nd Floor, Office No. 205, Al Ras Street, Al Ras, Deira, P O Box: 64397, Dubai |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.02.2003 |
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Com. Reg. No.: |
61647, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and
Distribution of General Foodstuffs, Corrugated Sheets, Building Materials,
Electronics and Satellite Dishes. |
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No. of Employees : |
11 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 NOOR AL MUSTAQEEM
GENERAL TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 1st
February 2003
Commercial Registration
Number : 61647, Dubai
Trade Licence Number :
541718
Chamber Membership
Number : 75062
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 11
Activities :
Distributors of general foodstuffs, corrugated sheets, building materials,
electronics and satellite dishes.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Elias, Financial Controller
AL NOOR AL
MUSTAQEEM GENERAL TRADING LLC
Building : Mohamed Ismail Al
Street : Al Ras
Street
Area : Al Ras,
Deira
PO Box : 64397
Town : Dubai
Country :
Telephone : (971-4) 2290774
Facsimile : (971-4) 2290775
Mobile : (971-55) 2441720 / 9783196 / 971-50 4567620
Email : mustaqim@emirates.net.ae / sales@almustaqeem.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Mohamed
Hussain Dablai Somalian Managing Director
·
Ahmad
Abdullah Ahmad Al Mulla Emirati Director
·
Ahmed
Mohamed Hassan - General
Manager
·
Mohamed Elias - Financial
Controller
Date of Establishment : 1st
February 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 61647, Dubai
Trade Licence No. : 541718 (Expires 28/01/2016)
Chamber Member No. : 75062
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Ahmad
Abdullah Ahmad Al Mulla
51%
·
Mohamed
Hussain Dablai 49%
·
Fortec Electric
India
·
Eurostar
India
·
Al Noor Al Mustageem Co Ltd
Mombasa
Kenya
·
Al Noor Al Mustaqeem Co Ltd
Mogadishu
Somalia
Activities: Engaged in the import and distribution of
general foodstuffs, corrugated sheets, building materials,
electronics and satellite dishes.
Import
Countries: Netherlands,
Turkey, Malaysia, Indonesia, China, India, Pakistan, Gulf Regions, and Brazil
International
Suppliers:
·
Louis Dreyfus Commodities
MEA Dubai
·
Amira C Food International DMCC Dubai
·
Renish Petroleum FZE Sharjah
· Ezz Dee Intrade Sdn Bhd Malaysia
Operating Trend: Steady
Subject has a
workforce of 11 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year
Ending 31/12/14:
Total Sales UAE Dh
22,370,000 UAE Dh
25,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mohamed Elias,
Financial Controller
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel:
(971-4) 2222241
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
|
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Report Prepared
by : |
NIT |
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 |
-- |
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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.