MIRA INFORM REPORT

 

 

Report No. :

350622

Report Date :

20.11.2015

 

IDENTIFICATION DETAILS

 

Name :

AL AHMADI GENERAL TRADING LLC

 

 

Registered Office :

Villa No 33, Al Rashidiya Area, PO Box 45545, Ajman

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

25.07.1995

 

 

Com. Reg. No.:

10420

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the import and distribution of scrap, ferrous and non-ferrous metal and steel.

 

 

No. of Employees :

57

 

 

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 :

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 – 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

SUMMARY

 

Company Name                                                : AL AHMADI GENERAL TRADING LLC

Country of Origin                                   : Ajman, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 25th July 1995

Commercial Registration Number                       : 10420, Ajman

Chamber Membership Number               : 9624

Issued Capital                                       : UAE Dh 300,000

Paid up Capital                                     : UAE Dh 300,000

Total Workforce                                     : 57

Activities                                               : Distribution of scrap, ferrous and non ferrous metal and steel.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohamed Asif, Accountant

 

COMPANY NAME

 

AL AHMADI GENERAL TRADING LLC

 

 

ADDRESS

 

Registered Address

 

Location           : Villa No 33, Al Rashidiya Area

PO Box                        : 45545

Town                : Ajman

Country             : United Arab Emirates

Telephone         : (971-6) 7433669 / 7425464

Facsimile          : (971-6) 7433668

Email                : ahmadi@eim.ae / asif@ahamdi.ae

 

Please note that subject’s previous registered address was, New Industrial Area, Ajman.

 

Physical Address

 

Location           : Industrial Area No. 10

PO Box            : 33184

Town                : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5350830

Facsimile          : (971-6) 5350831

Mobile              : (971-50) 5672254

 

Premises

 

Subject operates from a large suite of offices and a warehouse that are owned and located in the Industrial Area of Sharjah.

 

 

KEY PRINCIPALS

 

Name                                                   Nationality                                Position

 

Faisal Kutti Kolan                                  Indian                                       Managing Director

 

Sheikh Majid Al Nuaimi                          Emirati                                      Director

 

Abdulrahman Kutti Kolan                                   Indian                                       General Manager

 

Abu Baker Al Siddiq                                   -                                          Financial Manager

 

Mohamed Asif                                           -                                          Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th July 1995

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 10420, Ajman

 

Chamber Member No.  : 9624

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                          Percentage

 

Sheikh Majid Al Nuaimi                                                  51%

 

Faisal Kutti Kolan                                                          49%

 

 

AFFILIATED COMPANIES

 

Al Ahmad Steel Trading LLC

Industrial Area No. 10

PO Box: 33184

Sharjah

Tel: (971-6) 5350830

Fax: (971-6) 5350831

 

Jaber Al Jalaf Al Muhairi Scrap Trading

Abu Dhabi

Tel: (971-2) 5513327

 

Wali Metal Trading

Manama

Bahrain

Tel: (973-33) 5134625

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of scrap, ferrous and non-ferrous metal and steel.

 

Import Countries: Europe and the Far East.

 

Local Suppliers:

 

Emirate Techno Casting LLC

Emirate Techno Casting FZE

 

Operating Trend: Steady

 

Subject has a workforce of 57 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 241,000,000                 UAE Dh 250,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

HSBC Bank Middle East

Main Branch

Ajman

Tel: (971-6) 5537222

Fax: (971-6) 5537880

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.11

UK Pound

1

Rs.101.03

Euro

1

Rs.70.77

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               

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.