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Report No. : |
315365 |
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Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
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Name : |
MIAD GENERAL TRADING LLC |
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Registered Office : |
Technic Building, 2nd Floor, Office No. 703, Salahuddine
Street, Fish Roundabout, Deira, PO Box 13635, Dubai |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
29.11.1998 |
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Com. Reg. No.: |
43043 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of general foodstuff products,
edible oils, cheese, milk powder, butter, sugar and rice. |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 :
MIAD GENERAL TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
29th November 1998
Commercial Registration Number :
43043, Dubai
Trade Licence Number :
217089
Chamber Membership Number :
52574
Issued Capital :
UAE Dh 3,000,000
Paid up Capital :
UAE Dh 3,000,000
Total Workforce :
30
Activities :
Distributors of general foodstuff products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Bozar Jamhar, Finance Manager
MIAD GENERAL TRADING LLC
Registered &
Physical Address
Building : Technic
Building, 2nd Floor, Office No. 703
Street : Salahuddine
Street
Area : Fish
Roundabout, Deira
PO Box : 13635
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2549494
/ 2252090
Facsimile : (971-4)
2549512 / 2254019 / 2268348
Mobile : (971-50)
6455020 / (971-55) 2575751
Email : miadgt@emirates.net.ae
/ mgtacct@eim.ae
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
Al Fahimi Building Rented
office premises
Al Ras Street
Dubai
Tel: (971-4) 2252090
Fax: (971-4) 2254019
Name Nationality Position
Mohamed Bagher Ahmed Ainehchi Iranian Managing Director
Abdullah Mohamed Abdullah Al Ailie Emirati Director
C K Nazar Eddine - General
Manager
Iraj Abdo - Administration
Manager
Hussain Ali Safraz - Sales
Manager
Bozar Jamhar - Finance Manager
Mazhar Mohamed - Sales
Executive
Date of Establishment : 29th
November 1998
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 43043, Dubai
Trade Licence No. : 217089 (Expires
14/06/2015)
Chamber Member No. : 52574
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of
Shareholder (s) Percentage
Abdullah Mohamed Abdullah Al Ailie 51%
Mohamed Bagher Ahmed Ainehchi 49%
Mawaheb General Trading LLC
PO Box: 13635
Dubai
Activities: Engaged in the import and distribution of general foodstuff products,
edible oils, cheese, milk powder, butter, sugar and rice.
Import Countries: Europe, Brazil, Thailand, India, New Zealand, Canada
and the United States of America.
International Suppliers:
Western Grain Cleaning & Processing Canada
Pilgrims Pride United
States of America
Tyson Foods United
States of America
Forterra Limited New
Zealand
Arla Foods Denmark
Chaiyaporn International Thailand
Allana Sons India
Arla Food Denmark
Fontera New
Zealand
BRF Global Brazil
Brand Names: MIAD
Operating Trend: Steady
Subject has a workforce of 30 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 30,000,000 UAE Dh
35,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Bozar Jamhar, Finance Manager
HSBC Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
No complaints regarding subject’s payments have been reported.
Date of transaction July
2007 September
2008
Credit amount 150,000 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars US
Dollars
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
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
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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 |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.