MIRA INFORM REPORT

 

 

Report No. :

313263

Report Date :

19.03.2015

 

IDENTIFICATION DETAILS

 

Name :

AMPARO UAE GENERAL TRADING LLC

 

 

Registered Office :

2310, HDS Tower, Jumeirah Lakes Towers,PO Box 54503 & 643863 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

15.08.2009

 

 

Com. Reg. No.:

1047550, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Distributors of Polymers, Chemicals and General Foodstuffs

 

 

No of Employees :

15

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. 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

 

SUMMARY

 

Company Name                                    : AMPARO UAE GENERAL TRADING LLC

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 15th August 2009

Commercial Registration Number           : 1047550, Dubai

Trade Licence Number                           : 628155

Chamber Membership Number               : 176008

Issued Capital                                       : UAE Dh 300,000

Paid up Capital                                     : UAE Dh 300,000

Total Workforce                         : 15

Activities                                               : Distributors of polymers, chemicals and general foodstuffs.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Sujay Sarana, General Manager

 

 

COMPANY NAME

 

AMPARO UAE GENERAL TRADING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : 2310, HDS Tower, Jumeirah Lakes Towers

PO Box            : 54503 & 643863

Town                : Dubai

Country : United Arab Emirates

 

Telephone         : (971-4) 3632600

Facsimile          : (971-4) 3632610      

Mobile              : (971-50) 8497630 / 5594870 / 5507617 / (971-56) 1753910

Email                : info@amparooverseas.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

 

Branch Office (s)

 

            Location                                                                                               Description

 

Building No 13, Warehouse No 8, Plot No 598-653                                  Rented warehouse premises

Dubai Investment Park No 1

Dubai

Tel: (971-4) 8800324

Fax: (971-4) 8800324

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Shuaib Abdul Jalil Abdul Rahim Musabah                                               Managing Director

 

Sujay Sarana                                                                                         General Manager

 

Mayur Asharia                                                                                       Finance Manager

 

Sujit Koni Raman                                                                                   Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th August 2009

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 1047550, Dubai

 

Trade Licence No.        : 628155 (Expires 11/08/2015)

 

Chamber Member No.  : 176008

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                                      Percentage

 

Shuaib Abdul Jalil Abdul Rahim Musabah                                   51%

 

Amiti Overseas DMCC                                                               49%

Dubai

United Arab Emirates

 

 

AFFILIATED COMPANIES

 

Amparo Overseas FZE

Dubai Airport Free Zone Authority

PO Box: 54503

Dubai

Tel: (971-4) 2995093

Fax: (971-4) 2995094

 

 

OPERATIONS

 

Activities                      : Engaged in the import and distribution of polymers, chemicals and general foodstuffs.

 

Import Countries          : Brazil and India

 

International Suppliers:

 

Copper Sugar                                       Brazil

Louis Dreyfous International                   Brazil

Shree Shabham Logistic                        India

 

Operating Trend: Steady

 

Subject has a workforce of 15 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 201,500,000                 UAE Dh 220,000,000

 

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

 

The above figures were provided by Mr Sujay Sarana, General Manager

 

 

BANKERS

 

Commercial Bank of Dubai

Mankhool Street

PO Box: 2668

Dubai

Tel: (971-4) 3523355

Fax: (971-4) 3527655 / 2524796

 

Habib Bank Ltd

Murshid Bazaar

PO Box: 888

Dubai

Tel: (971-4) 2221281

Fax: (971-4) 2284631

Acc No. AE900 2901 20311 333 533781

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                February 2015

Credit amount                                       250,000

Amount overdue                                    0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               Euros

 

 

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.62.67

UK Pound

1

Rs.92.46

Euro

1

Rs.66.33

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.