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Report No. : |
328915 |
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Report Date : |
30.06.2015 |
IDENTIFICATION DETAILS
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Name : |
ALCO SHIPPING SERVICES LLC |
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|
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Registered Office : |
Al Jaraf Industrial Area No. 2, PO Box 5875, Ajman |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
12.01.1992 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Engaged in the provision of shipping services including, handling, freight
and cargo services and passenger chartering. |
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No. of Employees : |
45 |
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 : |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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, 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.
|
Source
: CIA |
Company Name :
ALCO SHIPPING SERVICES LLC
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
12th January 1992
Trade Licence Number :
162277
Issued Capital :
UAE Dh 150,000
Paid up Capital :
UAE Dh 150,000
Total Workforce :
45
Activities :
Providers of shipping services.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Shifan Risly, Financial Controller
ALCO SHIPPING SERVICES LLC
Registered &
Physical Address
Location : Al Jaraf
Industrial Area No. 2
PO Box : 5875
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7487728
/ 7420446
Facsimile : (971-6)
7487729 / 7420447
Mobile : (971-50)
4324522 / 6466548 / 6353441 / 6368826
Email : admin@alcoshipping.com
/ alcoshp@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Ajman.
Branch Office (s)
Location Description
PO Box: 19525 Office
premises
Sharjah
Name Nationality Position
Sayed Ijaz Hassan Pakistani Managing
Director
Sayed Wakar Hassan Pakistani Director
Ahmed Khalfan Emirati Director
Shifan Risly - Financial
Controller
Date of Establishment : 12th
January 1992
Legal Form : Limited Liability
Company - LLC
Trade Licence No. : 162277 (Expires
13/06/2016)
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of
Shareholder (s) Percentage
Ahmed Khalfan 51%
Sayed Ijaz Hassan ]
] 49%
Sayed Wakar Hassan ]
Alco Fuel Trading LLC
Ajman
ABS Building Contracting LLC
Ajman
ABS Marine Engineering FZC
Hamriyah
Ahlan Real Estate Investment LLC
ABS International Energy LLC
Professional Safety & Security System LLC
Activities: Engaged in the provision of shipping services including, handling,
freight and cargo services and passenger chartering.
Import Countries: Europe and the Far East
Subject has a workforce of 45 employees.
Companies registered in Ajman, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside 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.
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.63.92 |
|
|
1 |
Rs.100.40 |
|
Euro |
1 |
Rs.70.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
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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 |
|
|
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 |
-- |
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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.