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Report No. : |
341147 |
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Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
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Name : |
AHBIRA MIDDLE
EAST FZC |
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Registered Office : |
Saif Zone, Plot No. P6-47, P O Box: 121183, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.07.2007 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Import and distribution
of chemicals, polymers, resins, polyolefins, man-made yarns and fibres,
synthetic yarns and fibres, natural rubbers and synthetic rubbers. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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.
|
Source
: CIA |
Company Name : AHBIRA
MIDDLE EAST FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form : Free
Zone Company - FZC
Registration Date : 16th
July 2007
Trade Licence
Number : 05151
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce :
6
Activities :
Distributors of chemicals.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Quennie
Sanjceen, Sales Manager
AHBIRA MIDDLE EAST
FZC
Location : Saif Zone, Plot No. P6-47
PO Box : 121183
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5571628
Facsimile : (971-6) 5571632
Mobile : (971-50) 1534504 / (971-56)
7224681
Email : ahbirame@ahbira.com / info@ahbira.com
Please note that
subject’s previous address was, Building No. 23, Office No. 39, Saif Zone,
Sharjah.
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Saif Zone Area of Sharjah.
Name Nationality Position
·
Abdul
Haq Bawani Pakistani Managing
Director
·
Irshad
Razzaq Adamgee Pakistani Director
·
Quennie
Sanjceen - Sales
Manager
·
Farooq
Abu Baker - Accountant
Date of Establishment : 16th
July 2007
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 05151
(Expires 15/07/2015)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Abdul
Haq Bawani
·
Irshad
Razzaq Adamgee
Activities: Engaged in the import and distribution of
chemicals, polymers, resins, polyolefins, man-made yarns and fibres, synthetic
yarns and fibres, natural rubbers and synthetic rubbers.
Import
Countries: Europe and the
Far East.
International Suppliers:
·
Thailand
FCG Thailand
·
PTT
Polymers Indonesia
·
SABIC Saudi Arabia
Operating Trend: Steady
Subject has a
workforce of 6 employees.
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales UAE Dh 6,900,000 UAE Dh 7,650,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Ms Quennie Sanjceen, Sales Manager
·
National
Bank of Sharjah
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints regarding
subject’s payments have been reported.
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.66.44 |
|
|
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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 |
-- |
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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.