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Report No. : |
356528 |
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Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
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Name : |
YAAQOUB HAMDAN FOODSTUFF TRADING CO LLC |
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Registered Office : |
Mohamed Sharif Al Fahim Building, 2nd Floor, Office No. 203 Al Ras Street Al Ras, Deira, 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 : |
19.07.1998 |
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Com. Reg. No.: |
54938, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the import and distribution of general foodstuff
products and beverages. |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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) |
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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. 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.
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Source
: CIA |
YAAQOUB HAMDAN
FOODSTUFF TRADING CO LLC
IDENTIFICATION
& CONTACT DETAILS
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1) Name (s): |
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Organization Official Name |
: |
YAAQOUB HAMDAN FOODSTUFF TRADING CO LLC |
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2) Registered Address: |
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Address |
: |
Mohamed Sharif Al Fahim Building, 2nd Floor, Office No. 203 Al Ras
Street Al Ras, Deira |
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Town |
: |
Dubai |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
64561 & 55986 |
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Phone (s) |
: |
(971-4) 2265640 |
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(971-4) 2265649 |
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Facsimile |
: |
(971-4) 2265649 |
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(971-4) 2264402 |
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Mobile |
: |
(971-50) 4535509 |
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Email |
: |
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3) Operational Address & Contact Details: |
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Address |
: |
Mohamed Sharif Al Fahim Building, 2nd Floor, Office No. 203 Al Ras
Street Al Ras, Deira |
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Town |
: |
Dubai |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
64561 & 55986 |
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Phone (s) |
: |
(971-4) 2265640 |
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(971-4) 2265649 |
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Facsimile |
: |
(971-4) 2265649 |
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(971-4) 2264402 |
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Mobile |
: |
(971-50) 4535509 |
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Email |
: |
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LEGAL FORM & INCORPORATION
(REGISTRATION) DETAILS
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Legal Form - Category |
: |
Limited Liability Company – LLC |
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Date of Registration |
: |
19th July 1998 |
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Trade License Number |
: |
506649 |
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Expiry Date |
: |
13/07/2016 |
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Commercial Registration Number |
: |
54938, Dubai |
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OTHER
REGISTRATION/ MEMBERSHIPS
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Chamber Membership Number |
: |
50643 |
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KEY
FACTS
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Operational Status |
: |
Steady |
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Financial Condition |
: |
Fair |
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Primary Business Activity |
: |
Distributors of general foodstuff products and beverages (1) |
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Number of Employees |
: |
5 |
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Capital |
: |
UAE Dh 300,000 |
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Note: (1) |
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Engaged in the import and distribution of general foodstuff products
and beverages. |
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CAPITAL
DETAILS
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Issued Capital: |
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NO OF SHARES |
VALUE OF SHARE |
AMOUNT |
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N/A |
N/A |
UAE Dh 300,000 |
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Paid Up Capital: |
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NO OF SHARES |
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AMOUNT |
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N/A |
N/A |
UAE Dh 300,000 |
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FINANCIAL
DATA
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Financial highlights provided by local sources are given below: |
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Currency: United Arab Emirates Dirham (UAE Dh) |
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Year Ending 31/12/13 |
Year Ending 31/12/14 |
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Total Revenue |
UAE Dh 8,760,000 |
UAE Dh 9,310,000 |
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Local sources consider subject’s financial condition to be Fair. |
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The above financial figures are based on estimations by our local
sources. |
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BANKERS
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1 |
Name |
Habib Bank Ltd |
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Address |
Murshid Bazaar |
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PO Box |
888 Dubai |
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Tel |
(971-4) 2221281 |
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Fax |
(971-4) 2284631 |
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SHAREHOLDERS
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Sr.No |
Name |
Nationality |
Percentage |
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1 |
Yaaqoub Hamdan Abdulrahman Al Balooshi |
Emirati |
51% |
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2 |
Vidha Mohamed Ashraf Usman |
Indian |
25% |
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3 |
Toofail Ahmed Ashraf |
Indian |
24% |
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Total Shares |
100% |
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SENIOR
MANAGEMENT
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Sr.No |
Name |
Nationality |
Dsignation |
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1 |
Vidha Mohamed Ashraf Usman |
Indian |
Managing Director |
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2 |
Toofail Ahmed Ashraf |
Indian |
Director |
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3 |
Yaaqoub Hamdan Abdulrahman Al Balooshi |
Emirati |
Director |
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4 |
Asif Kisaniya |
n/a |
Sales Manager |
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INTERNATIONAL
TRADE ACTIVITY MARKETS
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Sr.No |
Country |
Activity |
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1 |
Europe |
Import |
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2 |
Far East |
Import |
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PREMISES
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Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai. |
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PAYMENT
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No complaints regarding subject’s payments have been reported. |
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ADVERSE
DATA
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Performance Defaults |
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No record found |
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Payment Defaults |
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No record found |
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Adverse Press Coverage |
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No record found |
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Litigations |
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No record found |
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Former Business Relationships |
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No record found |
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INVESTIGATOR'S
COMMENTS
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Person Interviewed : Toofail
Ahmed Ashraf, Director |
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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. |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
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Euro |
1 |
Rs.72.41 |
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UAE DH |
1 |
Rs.17.97 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.