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Report No. : |
312883 |
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Report Date : |
19.03.2015 |
IDENTIFICATION DETAILS
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Name : |
MOAFAQ AL GADDAH TRADING CO LLC |
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|
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Registered Office : |
Al Moosa Building, Al Mussalah Street, Nasser Square, PO Box 41804
& 42253 |
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Country : |
United Arab Emirates |
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|
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
29.06.1989 |
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Com. Reg. No.: |
41403, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Motor Vehicle Body Components and Spare Parts. |
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No. of Employees : |
250 |
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 – 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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
UNITED ARAB
EMIRATES - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
Thailand achieved steady growth due largely to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Unemployment, at less than 1% of the labor force, stands
as one of the lowest levels in the world, which puts upward pressure on wages
in some industries. Thailand also attracts nearly 2.5 million migrant workers
from neighboring countries. The Thai government in 2013 implemented a
nation-wide 300 baht ($10) per day minimum wage policy and deployed new tax
reforms designed to lower rates on middle-income earners. The Thai economy has
weathered internal and external economic shocks in recent years. The global
economic recession severely cut Thailand's exports, with most sectors
experiencing double-digit drops. In late 2011 Thailand's recovery was
interrupted by historic flooding in the industrial areas in Bangkok and its
five surrounding provinces, crippling the manufacturing sector. The government
approved flood mitigation projects worth $11.7 billion, which were started in
2012, to prevent similar economic damage, and an additional $75 billion for
infrastructure over the following seven years. This was expected to lead to an
economic upsurge but growth has remained slow, in part due to ongoing political
unrest and resulting uncertainties. Spending on infrastructure will require
re-approval once a new government is seated.
|
Source
: CIA |
Company Name :
MOAFAQ AL GADDAH TRADING CO LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
29th June 1989
Commercial Registration Number :
41403, Dubai
Trade Licence Number :
220248
Chamber Membership Number :
29830
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce : 250
Activities :
Wholesale and retail of motor vehicle body components and spare parts.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Hassan Barbar, Finance Manager
(Dubai)
MOAFAQ AL GADDAH TRADING CO LLC
Registered & Physical Address
Building :
Al Moosa Building
Street : Al Mussalah
Street
Area : Nasser
Square
PO Box : 41804 & 42253
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2288804 / 2221602 / 2277651 / 2272684
Facsimile : (971-4)
2282048 / 2275491
Mobile : (971-50) 3898843
Email : moafaq@emirates.net.ae / info@mag.ae / hani@mag.ae
Premises
Subject operates from a large suite of offices, a showroom and storage
facilities that are rented and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
Khalifa Saeed Al Qaizi Building Rented
showroom premises
Baniyas Square
Al Rigga, Deira
Dubai
Tel: (971-4) 2231602 / 3330188 / 2280103
Fax: (971-4) 2231790
Mohamed Salah Al Gurg Building Rented
showroom premises
PO Box: 23325
Dubai
Abu Dhabi Rented
showroom premises
Tel: (971-2) 6338195
Al Batha Building, 19th Floor Rented
office premises
Corniche Buheira Street
PO Box: 37402
Sharjah
Tel: (971-6) 5751110
Fax: (971-6) 5751479 / 5751473
Name Nationality Position
Moafaq Ahmed Al Gaddah Syrian Managing
Director
Khalid Al Amoudi Emirati Director
Musab Moafaq Al Gaddah - Director
Mohammed Nimer - Chief
Executive Officer
Tariq Khalid - General Manager
Abdul Mulla A Gaddah - Commercial
Manager
Dr Hani S Abu Auida - Finance
Manager (Sharjah)
Hassan Barbar - Finance
Manager (Dubai)
Ali Aliwah - Sales
Manager – Lubricants
Mazen Abu Saadah - Sales
Manager – Filters
Sami Hassan - Administration
Manager
Date of Establishment : 29th
June 1989
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 41403, Dubai
Trade Licence No. : 220248 (Expires
28/06/2015)
Chamber Member No. : 29830
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Khalid Al Amoudi 51%
Moafaq Ahmed Al Gaddah 49%
Al Gaddah General Trading LLC
Dubai
Activities: Engaged in the wholesale and retail of motor vehicle body components
and spare parts, including tyres,
batteries, filters, piston rings, car valet chemicals, oil and
lubricants, as well as mobile phone accessories for cars.
Import Countries: Oman, South Korea, Thailand, the Netherlands, the
United Kingdom and the United States of
America
International Suppliers:
Mag Batteries Oman
3K Batteries Thailand
QV Thailand
Siga Korea
Vertish International The
Netherlands
Abro Brothers Inc United States of America
Export Countries: Subject exports
to many African countries such as Ethiopia, Kenya, Uganda, Tanzania, Nigeria,
Mali, Somalia, Eritrea and Sudan, as well as
Middle Eastern states including Bahrain, Saudi Arabia, Kuwait, India, Pakistan,
Yemen and Iran
Operating Trend: Steady
Subject has a workforce of approximately 250
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 129,500,000 UAE Dh
140,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Hassan Barbar, Finance Manager (Dubai).
Emirates National Bank of Dubai
Baniyas Street Branch
PO Box: 777
Dubai
Tel: (971-4) 2222241
Arab Bank Plc
Ittihad Street
PO Box: 11364
Dubai
Tel: (971-4) 2228845
Fax: (971-4) 2285974 / 2940847
Acc No. 464466300
No complaints regarding subject’s payments have been reported.
Date of transaction October
2002 September 2003 June 2005 July 2007
Credit amount 1,300,000 300,000 50,000 51,000
Amount overdue 0 0 0 0
Payment terms 120
days 30 days 90 days 120 days
Payment Method Letters
of Credit Letters
of Credit Letters
of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints No Complaints
Currency US Dollars US Dollars Pounds Sterling Pounds Sterling
Moafaq Al Gaddah Trading Co LLC has been in business for over 25 years
in the wholesale and retail of motor vehicle body components and spare parts.
It deals with a number of reputable international companies from around the
world with nothing detrimental heard regarding the manner in which payments are
made.
The operating history is clear with no problems noted regarding the
manner in which payment obligations are met. According to local sources,
subject’s financial position is considered to be satisfactory and the company
is a sound trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.66.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
|
|
Report Prepared
by : |
ANK |
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 |
|
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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 |
|
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.