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Report No. : |
351669 |
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Report Date : |
30.11.2015 |
IDENTIFICATION DETAILS
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Name : |
ATIF AND WASIF TRADING LLC |
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Registered Office : |
China Dragon Building, Shop No. 22 Al Maktoum Hospital Road Deira, PO Box 63915, Dubai |
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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 : |
29.08.2007 |
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Com. Reg. No.: |
1015667, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engaged in the import and distribution of automotive spare parts and accessories, including tyres, rims and batteries. |
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No. of Employee : |
13 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 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.
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Source
: CIA |
IDENTIFICATION
& CONTACT DETAILS
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1) Name (s): |
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Organization Official Name |
: |
ATIF
AND WASIF TRADING LLC |
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2) Registered
Address: |
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Address |
: |
China Dragon Building, Shop No. 22 Al
Maktoum Hospital Road Deira |
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Town |
: |
Dubai |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
63915 |
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Phone (s) |
: |
(971-4) 2341182 |
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Facsimile |
: |
(971-4) 2341183 |
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Mobile |
: |
(971-50) 1574944 |
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Email |
: |
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3) Operational
Address & Contact Details: |
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Address |
: |
China Dragon Building, Shop No. 22 Al
Maktoum Hospital Road Deira |
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Town |
: |
Dubai |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
63915 |
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Phone (s) |
: |
(971-4) 2341182 |
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Facsimile |
: |
(971-4) 2341183 |
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Mobile |
: |
(971-50) 1574944 |
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Email |
: |
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LEGAL FORM & INCORPORATION
(REGISTRATION) DETAILS
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Legal Form - Category |
: |
Limited Liability Company - LLC |
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Date of Registration |
: |
29th August 2007 |
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Trade License Number |
: |
600045 |
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Expiry Date |
: |
28/08/2016 |
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Commercial Registration Number |
: |
1015667, Dubai |
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OTHER
REGISTRATION/ MEMBERSHIPS
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Chamber Membership Number |
: |
123372 |
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KEY
FACTS
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Operational Status |
: |
Steady |
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Financial Condition |
: |
Fair |
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Primary Business Activity |
: |
Distributors of automotive spare parts and
accessories. |
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Number of Employees |
: |
13 |
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Capital |
: |
UAE Dh 300,000 |
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Note: |
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Engaged in the import and distribution of
automotive spare parts and accessories, including tyres, rims and |
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CAPITAL
DETAILS
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Issued Capital: |
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NO OF SHARES |
VALUE OF SHARE |
AMOUNT |
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N/A |
N/A |
UAE Dh 300,000 |
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Paid Up Capital: |
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NO OF SHARES |
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AMOUNT |
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N/A |
N/A |
UAE Dh 300,000 |
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FINANCIAL
DATA
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Financial highlights provided by local
sources are given below: |
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Currency: United Arab Emirates Dirham (UAE
Dh) |
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Year Ending
31/12/13 |
Year Ending
31/12/14 |
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Total Sales |
UAE Dh 14,600,000 |
UAE Dh 14,925,000 |
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Local sources consider subject’s financial
condition to be Fair. |
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The above financial figures are based on
estimations by our local sources. |
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BANKERS
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1 |
Name |
Mashreq Bank Plc |
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Address |
Deira Branch |
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PO Box |
1250 Dubai |
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Tel |
(971-4) 2229131 |
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Fax |
(971-4) 2221134 |
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SHAREHOLDERS
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Sr.No |
Name |
Nationality |
Percentage |
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1 |
Mohamed Saeed Murad Abdullah Alreyaysa |
Emirati
|
51% |
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2 |
Mohamed Atif |
Pakistani |
19% |
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3 |
Mian Mohamed Asaf |
Pakistani |
15% |
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4 |
Wasif Yousaf |
Pakistani |
15% |
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Total Shares |
100% |
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SENIOR
MANAGEMENT
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Sr.No |
Name |
Nationality |
Dsignation |
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1 |
Mohamed Atif |
Pakistani |
Managing Director |
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2 |
Mian Mohamed Asaf |
Pakistani |
Director |
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3 |
Wasif Yousaf |
Pakistani |
Director |
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4 |
Mohamed Saeed Murad Abdullah Alreyaysa |
Emirati
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Director |
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INTERNATIONAL
TRADE ACTIVITY MARKETS
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Sr.No |
Country |
Activity |
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1 |
Europe |
Import |
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2 |
Far East |
Import |
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PREMISES
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Subject operates from a small suite of
offices and a showroom that are rented and located in the Central Business
Area of Dubai. |
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PAYMENT
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No complaints regarding subject’s payments
have been reported. |
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ADVERSE
DATA
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Performance Defaults |
: |
No record found |
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Payment Defaults |
: |
No record found |
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Adverse Press Coverage |
: |
No record found |
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Litigations |
: |
No record found |
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Former Business Relationships |
: |
No record found |
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INVESTIGATOR'S
COMMENTS
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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. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.66.75 |
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|
1 |
Rs.100.68 |
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Euro |
1 |
Rs.70.88 |
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UAE DH |
1 |
Rs. 18.15 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
ASH |
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 |
-- |
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.