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Report No. : |
320643 |
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Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
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Name : |
OMAR AL MIDFA
BUILDING MATERIALS TRADING EST |
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Registered Office : |
Industrial Area No. 11, P O Box: 29283, 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 : |
03.04.2000 |
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Com. Reg. No.: |
35708, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Imports and
Distributors of Pipe Fittings, Pipe and Hole Cutting Machines, Grooved Valves
and Grooving Machines. |
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No. of Employees : |
8 |
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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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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. 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 : OMAR AL
MIDFA BUILDING MATERIALS TRADING EST
Country of Origin : Sharjah,
United Arab Emirates
Legal Form : Sole
Proprietorship
Registration Date : 3rd
April 2000
Commercial
Registration Number : 35708,
Sharjah
Trade Licence
Number : 504265
Chamber Membership
Number : 47337
Invested Capital : UAE Dh 150,000
Total Workforce : 8
Activities :
Distributors of pipe fittings, pipe and hole cutting machines, grooved
valves and grooving machines
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Thomas
Palalthinkal, General Manager
OMAR AL MIDFA
BUILDING MATERIALS TRADING EST
Location : Industrial Area No. 11
PO Box : 29283
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5345598
Facsimile : (971-6) 5345569
Mobile : (971-50) 6468433 / 8959747
Email : info@omaralmidfa.com / midfasupply@hotmail.com / omaralmidfa@yahoo.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
Name Position
·
Omar
Abdulaziz Al Midfa Proprietor
·
Thomas
Palalthinkal General
Manager
·
Joe
George Marketing
Manager
·
V
Jestin Accountant
Date of Establishment : 3rd
April 2000
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 35708,
Sharjah
Trade Licence No. : 504265
Chamber Member No. : 47337
Invested Capital
: UAE Dh 150,000
Mr Omar Abdulaziz
Al Midfa is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
pipe fittings, pipe and hole cutting machines, grooved valves and grooving
machines.
Import
Countries: India and the
United Kingdom.
International Suppliers:
·
National
Fitting India
·
Merti
Fire Piping System India
·
Wing
Grove United
Kingdom
Brand Names: NATIONAL, 100 TUNG, MERIT and TUWEI
Operating Trend: Steady
Subject has a
workforce of 8 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 3,125,000 UAE Dh 3,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Thomas Palalthinkal, General Manager
·
Bank of
Baroda
PO Box: 1671
Sharjah
Tel: (971-6) 5684231
Fax: (971-6) 5681025
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.52 |
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|
1 |
Rs.95.96 |
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Euro |
1 |
Rs.70.54 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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.