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Report No. : |
334229 |
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Report Date : |
04.08.2015 |
IDENTIFICATION DETAILS
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Name : |
SHARJAH COLD STORE |
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Registered Office : |
Al Wahda Street, Industrial Area No. 1, PO Box 39540, Sharjah |
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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 : |
18.12.2005 |
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Com. Reg. No.: |
540233 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Operators of a cold store as well as importers and distributors of
general foodstuff products, including poultry, meat, dairy, sea food, fruits
and vegetables, as well as dry foods. |
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No. of Employees : |
8 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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 and
ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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.
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Source
: CIA |
Company Name :
SHARJAH COLD STORE
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
18th December 2005
Commercial Registration Number :
540233, Sharjah
Trade Licence Number :
540233
Chamber Membership Number : 71036
Invested Capital :
UAE Dh 100,000
Total Workforce :
8
Activities :
Operators of a cold store as well as importers and distributors of
general foodstuff products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
SHARJAH COLD STORE
Registered &
Physical Address
Street : Al Wahda
Street
Location : Industrial
Area No. 1
PO Box :
39540
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5330577
/ 5335780
Facsimile : (971-6) 5334403
/ 5339923
Email : sales@sharjahcoldstore.com / archana@westlink.ae
Premises
Subject operates from a small suite of offices, a warehouse and cold storage
facilities that are rented and located in the Industrial Area of Sharjah.
Name Position
Amaar Mohamed Yousef Jasir Proprietor
Mahesh Bhatia General
Manager
Unni Krishnan Finance
Manager
Date of Establishment : 18th
December 2005
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 540233, Sharjah
Trade Licence No. : 540233 (Expires
17/12/2016)
Chamber Member No. : 71036
Invested Capital : UAE Dh 100,000
Mr Amaar Mohamed Yousef Jasir is the sole proprietor of the business.
Activities: Operators of a cold store as well as importers and distributors of
general foodstuff products, including poultry, meat, dairy, sea food, fruits
and vegetables, as well as dry foods.
Import Countries: USA, Argentina, Brazil, United Kingdom, Holland,
Denmark, Belgium, Ukraine, Turkey, Oman, China, Vietnam, Taiwan, Thailand,
India, Australia and New Zealand.
Brand Names: AURORA, TOMEX, FRANGOSUL,
5 STAR, MINERVA, ALLANA, TYSON, FRIBOI, MISTER
FRANGO, GEKO, NOWACO, AVERAMA, GLOBEX, OK,
BELLAVES, GLOBOAVES, BORELLA,
PILGRIMS, CONFIDENCE, JBS, PREMIER, COPACOL,
DIPLOMATA, MC HEARD, RALPHS, MIDFIELD and FLETCHER
Operating Trend: Steady
Subject has a workforce of 8 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 10,150,000 UAE Dh
10,400,000
Local sources consider subject’s financial condition to be Fair.
Emirates National Bank of Dubai
PO Box: 21850
Sharjah
Tel: (971-6) 5738888
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.63.96 |
|
|
1 |
Rs.99.93 |
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Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.