MIRA INFORM REPORT

 

 

Report No. :

355894

Report Date :

24.12.2015

 

IDENTIFICATION DETAILS

 

Name :

LITTLE ROSE GENERAL TRADING LLC

 

 

Registered Office :

Vision Tower, Office No. 301, Business Bay, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

27.02.1999

 

 

Com. Reg. No.:

52392, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Import and distribution of general foodstuff products and beverages, specialising in rice, wheat, corn, maize, soya beans, barley, millet, sesame seeds, sorghum and sugar. Subject also deals in metal, cement, steel scrap and timber.

 

 

No. of Employees :

40

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

SUMMARY

 

Company Name                                    : LITTLE ROSE GENERAL TRADING LLC

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 27th February 1999

Commercial Registration Number           : 52392, Dubai

Trade Licence Number                           : 510248

Chamber Membership Number               : 53147

Issued Capital                                       : UAE Dh 300,000

Paid up Capital                                     : UAE Dh 300,000

Total Workforce                         : 40

Activities                                               : Distributors of general foodstuff products and beverages

Financial Condition                                : Good

Payments                                             : Regular

Operating Trend                                    : Steady

Person Interviewed                                : Atif Siddiqi, Financial Manager

 

COMPANY NAME

 

LITTLE ROSE GENERAL TRADING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Vision Tower, Office No. 301

Area                 : Business Bay

 

Town                : Dubai

Country : United Arab Emirates

 

Telephone         : (971-4) 2268344 / 2269791

Facsimile          : (971-4) 2269780 / 2735405

Mobile              : (971-50) 5586804 / (971-52) 9059656

Email                : kannus@emirates.net.ae / litrose@litrose.com

 

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

·       Dubai Investment Park                                                                      Warehouse premises

Dubai

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Prem Chand Gerg                                         Indian                           Managing Director

 

·       Har Narayan Agarwal                         Indian                           Director

 

·       Jamal Ibrahim Mohamed Al Haj Ahli               Emirati                          Director

 

·       Atif Siddiqi                                                        -                              Financial Manager

 

·       Sorrab Rastogi                                                  -                              Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th February 1999

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 52392, Dubai

 

Trade Licence No.        : 510248 (Expires 13/02/2016)

 

Chamber Member No.  : 53147

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                                    Percentage

 

·       Jamal Ibrahim Mohamed Al Haj Ahli                                       51%

·       Prem Chand Gerg                                                                 25%

·       Har Narayan Agarwal                                                 24%

 

 

AFFILIATED COMPANIES

 

·       Shree Lal Mahal Jewellery LLC

Dubai

Tel: (971-4) 360595

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products and beverages, specialising in rice, wheat, corn, maize, soya beans, barley, millet, sesame seeds, sorghum and sugar. Subject also deals in metal, cement, steel scrap and timber.

 

Import Countries: Singapore, Nigeria and the United Arab Emirates

 

International Suppliers:

 

·       ADH Resources                    Singapore

·       Agrico Agbe                         Nigeria

·       Pushpa General Trading        Dubai

·       Africa View                           Dubai

 

Operating Trend: Steady

 

Subject has a workforce of 40 employees.

 

 

FINANCIAL DATA

 

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 700,000,000                 UAE Dh 720,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Atif Siddiqi, Financial Manager

 

 

BANKERS

 

·       Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

 

·       Habib Bank Ltd

Murshid Bazaar

PO Box: 888

Dubai

Tel: (971-4) 2221281

Fax: (971-4) 2284631

Acc No. 02-03-07-20311-333-904450

 

 

PAYMENT HISTORY

 

Regular

 

 

GENERAL COMMENTS

 

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.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

UAE Dh

1

Rs.17.97

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

Report Prepared by :

NIT

 

               


 

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

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

 

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

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

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

--

 

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%)

 

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