MIRA INFORM REPORT

 

 

Report No. :

346449

Report Date :

27.10.2015

 

IDENTIFICATION DETAILS

 

Name :

AWAFI TRADING ESTABLISHMENT

 

 

Registered Office :

Warehouse No. 102, Al Mina, P O Box: 46244, Abu Dhabi

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

21.10.1981

 

 

Com. Reg. No.:

18546, Abu Dhabi

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of furniture, upholstery and soft furnishings, carpets, electrical appliances, building materials and sports equipment.

 

 

No. of Employees :

35

 

 

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

 

Company Name

 

AWAFI TRADING ESTABLISHMENT

 

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

AWAFI TRADING ESTABLISHMENT

 

2) Registered Address:

Address

:

Warehouse No. 102, Al Mina

Town

:

Abu Dhabi

Country

:

United Arab Emirates

PO Box

:

46244

Phone (s)

:

(971-2) 4434490

 

 

(971-2) 4434560

 

 

(971-2) 5544933

 

 

(971-2) 6733867

Facsimile

:

(971-2) 4434544

 

 

(971-2) 6732789

Email

:

awafi-furniture@hotmail.com

 

 

basm_73@hotmail.com

 

 

harb.mohammad84@gmail.com

Mobile

:

(971-50) 7909398

 

3) Operational Address & Contact Details:

Address

:

Warehouse No. 102, Al Mina

Town

:

Abu Dhabi

Country

:

United Arab Emirates

PO Box

:

46244

Phone (s)

:

(971-2) 4434490

 

 

(971-2) 4434560

 

 

(971-2) 5544933

 

 

(971-2) 6733867

Facsimile

:

(971-2) 4434544

 

 

(971-2) 6732789

Email

:

awafi-furniture@hotmail.com

 

 

basm_73@hotmail.com

 

 

harb.mohammad84@gmail.com

Mobile

:

(971-50) 7909398

 

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Sole Proprietorship (1)

Date of Registration

:

21st October 1981

Trade License Number

:

1021042

Expiry Date

:

29/04/2016

Commercial Registration Number

:

18546, Abu Dhabi

Note: 1

Mr Adnan Hussain Yousef is the sole proprietor of the business.

 

 

OTHER REGISTRATION/ MEMBERSHIPS

 

Chamber Membership Number

:

638

 

KEY FACTS

 

Operational Status

:

Steady

Financial Condition

:

Fair

Primary Business Activity

:

Distributors of furniture, upholstery and soft furnishings, carpets, electrical appliances, building materials and sports equipment.

Number of Employees

:

35

Invested Capital

:

UAE Dh 500,000

 

 

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 Revenue

UAE Dh 19,225,000

UAE Dh 19,660,000

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

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

 

 

BRANCH OFFICE

 

1

Address

Shaikha Mohammed Sultan Building Main Street Al Ain

 

Tel

(971-3) 7825120

 

Description

Office premises

 

 

BANKER

 

1

Name

National Bank of Abu Dhabi

 

Address

Sheikh Khalifa Street

 

PO Box

4 Abu Dhabi

 

Tel

(971-2) 6345777

 

 

(971-2) 6327113

 

 

(971-2) 6335262

 

Fax

(971-2) 6336078

 

 

SENIOR MANAGEMENT

 

Sr.No

Name

Nationality

Dsignation

1

Adnan Hussain Yousef

Jordanian

Proprietor & General Manager

2

Ali Jaber Rashid Al Hamadi

Emirati

Local Sponsor

3

Bassim Adnan Hussain Yousef

Jordanian

Assistant General Manager

4

Mohammmad Harb Adnan Yousef

Jordanian

Sales Manager

5

Basel Adnan Hussain Yousef

Jordanian

Commercial Manager

 

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.No

Country

Activity

1

Saudi Arabia

Import

2

Belgium

Import

3

Italy

Import

4

Turkey

Import

 

International Suppliers:

Sr.No

Name

 

 

 

 

 

Country

 

 

1

Al Abdullatif Co

 

2

Grabo

Belgium

 

 

3

Family Carpet

 

4

Almasba

 

5

Fahd Al Amoudi Co

Saudi Arabia

 

 

 

 

PREMISES

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Industrial Area of Abu Dhabi.

 

 

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   : Bassim Adnan Hussain Yousef, Assistant General Manager

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 business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.96

UK Pound

1

Rs.99.55

Euro

1

Rs.71.62

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.