MIRA INFORM REPORT

 

 

Report No. :

346962  

Report Date :

31.10.2015

 

IDENTIFICATION DETAILS

 

Name :

BRIDGE WAY SHIPPING & CLEARING SERVICES COMPANY LLC

 

 

Registered Office :

Dubai Airport Free Zone Area, Warehouse No. K081, Dubai, PO Box 50066

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

04.05.1991

 

 

Com. Reg. No.:

22372

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Providers of ship chandlery services, customs brokerage, loading and unloading services, parcel and document delivery, freight forwarding, exhibition and events logistics, removals and industrial packing. (1)

 

 

No. of Employees :

25

 

 

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

 

BRIDGE WAY SHIPPING & CLEARING SERVICES COMPANY LLC

 

ORDER DETAILS

 

Business/ Subject Name

:

BRIDGE WAY SHIPPING & CLEARING SERVICES COMPANY LLC

Address

:

Dubai Airport Free Zone Area, Warehouse No K081

Country

:

United Arab Emirates

PO Box

:

50066 Dubai

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

BRIDGE WAY SHIPPING & CLEARING SERVICES COMPANY LLC

 

2) Registered Address:

Address

:

Dubai Airport Free Zone Area, Warehouse No. K081

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

50066

Phone (s)

:

(971-4) 6257085

 

 

(971-4) 2821421

 

 

(971-4) 2822890

Facsimile

:

(971-4) 2825535

Mobile

 

(971-50) 6257085

 

 

(971-55) 4720300

Email

:

info@bridgewayshipping.com

 

3) Operational Address & Contact Details:

Address

:

Dubai Airport Free Zone Area, Warehouse No. K081

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

50066

Phone (s)

:

(971-4) 6257085

 

 

(971-4) 2821421

 

 

(971-4) 2822890

Facsimile

:

(971-4) 2825535

Mobile

 

(971-50) 6257085

 

 

(971-55) 4720300

Email

:

info@bridgewayshipping.com

:

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Limited Liability Company – LLC

Date of Registration

:

4th May 1991

Trade License Number

:

224760

Expiry Date

:

30/04/2016

Commercial Registration Number

:

22372, Dubai

 

OTHER REGISTRATION/ MEMBERSHIPS

 

Chamber Membership Number

:

20915

 

KEY FACTS

 

Operational Status

:

Steady

Financial Condition

:

Fair

Primary Business Activity

:

Providers of ship chandlery services, customs brokerage, loading and unloading services, parcel and document delivery, freight forwarding, exhibition and events logistics, removals and industrial packing. (1)

Number of Employees

:

25

Certificate

:

ISO 9001:2008

Capital

:

UAE Dh 300,000

Note: 1

Subject is a Member of the MTG global network of freight forwarders, WCAPN, IELA and IAM, certified by
National Association of Freight Logistics (UAE) and approved by IATA & FIATA.

 

CAPITAL DETAILS

 

Issued Capital:

NO OF SHARES

VALUE OF SHARE

AMOUNT

N/A

N/A

UAE Dh 300,000

 

Paid Up Capital:

NO OF SHARES

 

AMOUNT

N/A

N/A

UAE Dh 300,000

 

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 14,320,000

UAE Dh 14,500,000

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

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

 

BANKER

 

1

Name

Emirates National Bank of Dubai

 

Address

Baniyas Street

 

PO Box

777 Dubai

 

Tel

(971-4) 2222555

 

Fax

(971-4) 2221110+A184

 

SHAREHOLDERS

 

Sr.No

Name of Shareholders

Nationality

No. of Shares

1

Ali Khalifa Ali Beyat Al Falasi

Emirati

51%

2

Jaber Abdul Wahab

Indian

25%

3

Jawid Abdul Wahab

Indian

24%

Total Share

100%

 

SENIOR MANAGEMENT

 

Sr.No

Name

Nationality

Dsignation

1

Jaber Abdul Wahab

Indian

Managing Director

2

Jawid Abdul Wahab

Indian

Director

3

Ali Khalifa Ali Beyat Al Falasi

Emirati

Director

 

AFFILIATED COMPANIES

 

1

Name

Bridgeway Transport and Logistics

 

Address

Al Zaman Building

 

PO Box

35397 Doha

 

Country

Qatar

 

Tel

(974) 44416303

 

Fax

(974) 44416308

 

PREMISES

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Dubai Airport Free Zone Area.

 

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

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.

 

 

 

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 :

KAS

 

 

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%)

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.