MIRA INFORM REPORT

Report No. :	347100
Report Date :	02.11.2015

IDENTIFICATION DETAILS

Name :	LONG WAY AUTO HEAVY SPARE PARTS TRADING
Registered Office :	Warehouse No. 1 Area Industrial Area No. 8 Sharjah
Country :	United Arab Emirates
Date of Incorporation :	29.10.2009
Legal Form :	Sole Proprietorship
Line of Business :	Distributors of heavy trucks, spare parts and accessories.
No. of Employee :	10

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
Payment Behaviour :	No complaints
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

Source : CIA

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name		:	LONG WAY AUTO HEAVY SPARE PARTS TRADING
2) Registered Address:
Address		:	Warehouse No. 1 Area Industrial Area No. 8
Town		:	Sharjah
Country		:	United Arab Emirates
PO Box		:	36958
Phone (s)		:	(971-6) 5313337
			(971-6) 5341211
			(971-6) 5341511
Facsimile		:	(971-6) 5313737
Email		:	bilalhussain312@gmail.com
Mobile			(971-50) 6754181
3) Operational Address & Contact Details:
Address		:	Warehouse No. 1 Area Industrial Area No. 8
Town		:	Sharjah
Country		:	United Arab Emirates
PO Box		:	36958
Phone (s)		:	(971-6) 5313337
			(971-6) 5341211
			(971-6) 5341511
Facsimile		:	(971-6) 5313737
Email		:	bilalhussain312@gmail.com
Mobile			(971-50) 6754181
Note:
Please note that the subject is located in Sharjah and not in Dubai.
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category		:	Sole Proprietorship
Date of Registration		:	29th October 2009
Trade License Number		:	602666
Note:
Ms Mona Ahmed Saleh Mohamed Matar is the sole proprietor of the business.
OTHER REGISTRATION/ MEMBERSHIPS
Chember of Commerce		:	91260
KEY FACTS
Operational Status		:	Steady
Financial Condition		:	Fair
Primary Business Activity		:	Distributors of heavy trucks, spare parts and accessories
Number of Employees		:	10
Invested Capital		:	UAE Dh 75,000
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 9,000,000		UAE Dh 9,400,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local sources.
SENIOR MANAGEMENT
Sr.No	Name				Dsignation
1	Ms Mona Ahmed Saleh Mohamed Matar				Proprietor
2	Bilal Hussain				Sales Manager
3	Zahid Rasool				Accounts Manager
4	Mohamed Rashid				Financial Controller
5	Intikhab Allam Khan				Sales Executive
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country			Activity
1	Europe			Import
2	Far East			Import
BRAND NAMES
Sr.No	Name
1	MERCEDES
2	MANN
3	SCANIA
4	VOLVO
PREMISES
Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Sharjah.
PAYMENT
No complaints regarding subject’s payments have been reported.
ADVERSE DATA
Performance Defaults		:	No record found
Payment Defaults		:	No record found
Adverse Press Coverage		:	No record found
Litigations		:	No record found
Former Business Relationships		:	No record found
INVESTIGATOR'S COMMENTS
Person Interviewed : Intikhab Allam Khan, Sales Executive
According to local sources, subject meets its payment obligations in a timely manner and the business is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.22
UK Pound	1	Rs.99.93
Euro	1	Rs.71.67

INFORMATION DETAILS

Analysis Done by :	DIV
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
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.