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Report No. : |
316536 |
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Report Date : |
09.04.2015 |
IDENTIFICATION DETAILS
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Name : |
AL AHMADI GENERAL
TRADING LLC |
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Registered Office : |
Villa No 33, Al Rashidiya Area, P O Box: 45545, Ajman |
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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 : |
25.07.1995 |
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Com. Reg. No.: |
10420, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distribution of
Scrap, Ferrous and Non Ferrous Metal and Steel. |
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No. of Employees : |
57 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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) |
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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 AHMADI
GENERAL TRADING LLC
Country of Origin : Ajman,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 25th
July 1995
Commercial
Registration Number : 10420,
Ajman
Chamber Membership
Number : 9624
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 57
Activities :
Distribution of scrap, ferrous and non ferrous metal and steel.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Asif,
Accountant
AL AHMADI GENERAL
TRADING LLC
Location : Villa No 33, Al Rashidiya Area
PO Box : 45545
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7433669 / 7425464
Facsimile : (971-6) 7433668
Email : ahmadi@eim.ae
/ asif@ahamdi.ae
Please note that
subject’s previous registered address was, New Industrial Area, Ajman.
Physical Address
Location : Industrial Area No. 10
PO Box : 33184
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5350830
Facsimile : (971-6) 5350831
Mobile : (971-50) 5672254
Subject operates
from a large suite of offices and a warehouse that are owned and located in the
Industrial Area of Sharjah.
Name Nationality Position
·
Faisal
Kutti Kolan Indian Managing
Director
·
Sheikh
Majid Al Nuaimi Emirati Director
·
Abdulrahman
Kutti Kolan Indian General
Manager
·
Abu
Baker Al Siddiq - Financial
Manager
·
Mohamed
Asif - Accountant
Date of Establishment : 25th
July 1995
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 10420, Ajman
Chamber Member No. : 9624
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Sheikh
Majid Al Nuaimi 51%
·
Faisal
Kutti Kolan 49%
·
Al
Ahmad Steel Trading LLC
Industrial Area No. 10
Sharjah
PO Box: 33184
Tel: (971-6) 5350830
Fax: (971-6) 5350831
·
Jaber Al Jalaf Al Muhairi Scrap Trading
Abu Dhabi
Tel: (971-2) 5513327
·
Wali Metal Trading
Manama
Bahrain
Tel: (973-33) 5134625
Activities: Engaged in the import and distribution of
scrap, ferrous and non ferrous metal and steel.
Import
Countries: Europe and the
Far East.
Local Suppliers:
·
Emirate Techno Casting LLC
·
Emirate Techno Casting FZE
Operating Trend: Steady
Subject has a
workforce of 57 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
241,000,000 UAE Dh
250,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
HSBC
Bank Middle East
Main Branch
Ajman
Tel: (971-6) 5537222
Fax: (971-6) 5537880
No complaints
regarding subject’s payments have been reported.
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the company
is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.92.53 |
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Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.