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Report No. : |
309945 |
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Report Date : |
05.03.2015 |
IDENTIFICATION DETAILS
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Name : |
ZUHAIB AND
PARTNERS FZC |
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Registered Office : |
Y2 Building, 2nd Floor, Room No. 207, Saif Zone, P O Box: 121257, 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 : |
22.02.2009 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Import and Distribution
of Scrap Metal, Wood, Steel and Animal Feed. |
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No. of Employees : |
3 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 : ZUHAIB AND
PARTNERS FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 22nd
February 2009
Trade Licence
Number : 07016
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce :
3
Activities :
Distributors of scrap metal, wood, steel and animal feed.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
ZUHAIB AND PARTNERS
FZC
Building : Y2 Building, 2nd
Floor, Room No. 207
Area : Saif Zone
PO Box : 121257
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5575909
Facsimile : (971-6) 5575909
Mobile : (971-50) 2600433
Email : znpfzc@gmail.com / znp@emirates.net.ae
Subject operates from
a small suite of offices that are rented and located in the Saif Zone Area of
Sharjah.
Name Nationality Position
·
Zuhaib
Hashem Sidiq Pakistani Managing
Director
·
Mohamed
Zuhaib Hashem Sidiq Pakistani Director
·
Abdul
Aziz Sidiq Pakistani Director
Date of Establishment : 22nd
February 2009
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 07016
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Zuhaib
Hashem Sidiq
·
Mohamed
Zuhaib Hashem Sidiq
·
Abdul
Aziz Sidiq
·
Three
Star Enterprises
Karachi
Pakistan
Activities: Engaged in the import and distribution of scrap
metal, wood, steel and animal feed.
Import
Countries: Pakistan, Bangladesh, Saudi Arabia, United Kingdom and the United States
of America.
Operating Trend: Steady
Subject has a
workforce of 3 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 12,720,000 UAE Dh 13,550,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
HSBC
Bank Middle East
PO Box: 25
Sharjah
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.61.85 |
|
|
1 |
Rs.94.96 |
|
Euro |
1 |
Rs.69.10 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.