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Report No. : |
314013 |
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Report Date : |
25.03.2015 |
IDENTIFICATION DETAILS
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Name : |
ACE AL FUTTAIM TRADING CO LLC |
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Registered Office : |
Dubai Festival City, Dubai - Sharjah Road, 7880 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
15.07.2010 |
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Com. Reg. No.: |
61022 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of DIY products, garden furniture and related products. |
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No of Employees : |
400 |
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) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UAE 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 : ACE AL FUTTAIM TRADING CO LLC
Also Known As : ACE HARDWARE AND HOME CENTRE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Start Date : 1991
Registration Date : 15th July 2010
Commercial Registration Number : 61022, Dubai
Trade Licence Number : 642394
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 400
Activities : Distributors of DIY products, garden furniture and related products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME: ACE AL FUTTAIM TRADING CO LLC
ALSO KNOWN AS: ACE HARDWARE AND HOME CENTRE
Location : Dubai Festival City, Dubai -
Sharjah Road
PO Box : 7880
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3381416 / 2066700 / 2066660
/ 2666665
Facsimile : (971-4) 3386151 / 2066705
Subject operates
from a large suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Branch Offices
Location Description
·
Sheikh Zayed Road Office
premises
Dubai
Tel: (971-4) 3411906
Subject has a
further 3 branches located in Dubai.
Name Nationality Position
·
Omar Al Futtaim Emirati Managing
Director
·
Abdullah Al Futtaim Emirati Director
·
Ven Cohen - General
Manager
·
Mrs Fatima Al Baloush - Human
Resources Manager
Date of Establishment : 1991, however
subject was registered on 15th July 2010
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 61022, Dubai
Trade Licence No. : 642394
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Omar Al Futtaim
·
Abdullah Al Futtaim
Subject is a member
of the Al Futtaim Trading Group, which was established in the 1930's, operating
essentially as a trading enterprise. Pearls, textiles, foodstuffs and timber
formed the foundation of Al Futtaim's initial trading enterprise. The forties and fifties saw the Trading Group extend its
capacity and scope of operations to establish itself as a leading organisation
in the region. The most obvious example of this expansion was the introduction
of Japanese automobiles into the United Arab Emirates in 1955.
Today,
the Al Futtaim Trading Group of Companies is one of the largest and most
successful privately owned business houses in the lower Gulf region. A
workforce numbering upwards of 8,000 and forever on the increase, is drawn from
over twenty nations and encompasses a number of areas which include
automobiles, electronic, insurance, civil engineering, computers, furnishings,
hardware, advertising, construction, real estate, property development, light
and heavy engineering, ship repair and steel fabrication.
The Al Futtaim Trading Group of Companies consists of the
following concerns:
·
MAF
Telecommunications & Receiving Systems Trading
PO Box: 60811
Dubai
Tel: (971-4) 3366990
Fax: (971-4) 3366991
·
MAF
Leisure & Entertainment Co LLC
PO
Box: 60811
Dubai
Tel: (971-4) 2894333
Fax: (971-4) 2894334
·
Aftron
PO Box: 159
Dubai
Tel: (971-4) 2824080
Fax: (971-4) 2825383
·
Al Futtaim Motors
PO Box: 11052
Dubai
Tel: (971-4) 2282261
Fax: (971-4) 2286885
·
Al Futtaim Auto and Machinery Company (FAMCO)
PO Box: 5502
Dubai
Tel: (971-4) 2858861/
2858697
Fax: (971-4) 2858446
·
Al Futtaim Engineering
PO Box: 159
Dubai
Tel: (971-4) 2823215
/ 2823235 / 2823261
Fax: (971-4) 2823429
/ 2823847
·
Al Futtaim Tower Scaffolding (Private) Limited
PO Box: 5502
Dubai
Tel: (971-4) 2858776
/ 2858861
Fax: (971-4) 2858592
·
Al Futtaim Electronics (Sanyo)
PO Box: 5559
Dubai
Tel: (971-4) 2823215
/ 2824080
Fax: (971-4) 2825383
·
Al Futtaim Electronics (Toshiba)
PO Box: 5866
Dubai
Tel: (971-4) 2213600
Fax: (971-4) 2222140
·
Al Futtaim Computer Software Products Company (Afcomp)
PO Box: 152
Dubai
Tel: (971-4) 3933878
Fax: (971-4) 3933832
·
Al Futtaim Logistics
Jebel Ali
PO Box: 61450
Dubai
Tel: (971-4) 8818288
Fax: (971-4) 8819157
·
Al Futtaim Travel
PO Box: 7880
Dubai
Tel: (971-4) 2213030
Fax: (971-4) 2230534
·
Al Futtaim Market Research
PO Box: 152
Dubai
Tel: (971-4) 2270503
Fax: (971-4) 2242563
·
Al Futtaim Willis Faber (Pvt) Limited
PO Box: 152
Dubai
Tel: (971-4) 2952277
Fax: (971-4) 2950103
·
Al Futtaim Tarmac
PO Box: 1811
Dubai
Tel: (971-4) 3331200
/ 3331670
Fax: (971-4) 3331018
·
Arab Orient Insurance Company
PO Box: 152
Dubai
Tel: (971-4) 2953425
Fax: (971-4) 2955701
·
Gulf Marketing and Servicing Company (Gmasco)
PO Box: 5830
Dubai
Tel: (971-4) 2282101
Fax: (971-4) 2279801
·
IKEA
PO Box: 50618
Dubai
Tel: (971-4) 2950434
Fax: (971-4) 2950162
·
Oman National Electronics (O.N.E)
PO Box: 531
Dubai
Tel: (971-4) 2719000
Fax: (971-4) 2710284
·
Panatech Engineering
PO Box: 531
Dubai
Tel: (971-4) 2719000
/ 2826700
Fax: (971-4) 2719517
·
Paragon International Co
PO Box: 5502
Dubai
Tel: (971-4) 2714949
Fax: (971-4)
2714934
·
Trading Enterprises
PO Box: 5628
Dubai
Tel: (971-4) 2954246
Fax: (971-4) 2954381
·
Maf
Hypermarket LLC
·
Al
Futtaim Trading Company Ltd
Festival Tower, Level 28
Dubai Festival City
PO Box: 152
Dubai
Tel: (971-4) 7062222 / 7062085 / 2851000 / 2282101
Fax: (971-4) 2212933 / 2329500
Activities: Engaged in the import and distribution of
DIY products, garden furniture and related products.
Import
Countries: Europe and GCC
countries.
Subject has a
workforce of approximately 400 employees.
Companies
registered in Dubai, 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.
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
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. 62.19 |
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|
1 |
Rs. 92.93 |
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Euro |
1 |
Rs. 68.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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.