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MIRA INFORM REPORT
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Report No. : |
504975 |
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Report Date : |
24.04.2018 |
IDENTIFICATION DETAILS
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Name : |
ADEN STAR CARGO & CLEARING LLC |
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Registered Office : |
Emirate NBD Gold Building, Office No. 603, 6th Floor,
Baniyas Street, PO Box-40495 & 39196, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
05.03.2014 |
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Com. Reg. No.: |
1131989 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engaged in the provision of cargo transport by trucks, sea cargo services, customs broker and general warehousing. Subject also imports and distributes readymade garments, textiles and electronic products |
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No. of Employees : |
12 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name :
ADEN STAR CARGO & CLEARING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
5th March 2014
Commercial Registration Number :
1131989, Dubai
Trade Licence Number :
705110
Chamber Membership Number :
231316
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
12
Activities :
Provision of cargo transport by trucks, sea cargo services,
customs brokerand general warehousing
Financial Condition :
Undetermined
Payments :
No Complaints
COMPANY
NAME
ADEN STAR CARGO &
CLEARING LLC
ADDRESS
Registered & Physical Address
Building : Emirate
NBD Gold Building, Office No. 603, 6th Floor
Street :
Baniyas Street
PO Box :
40495 & 39196
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4)
2262490
Facsimile : (971-4)
2262491
Mobile :
(971-52) 7814444 / 6920088 / (971-56) 4822400
Email : adenstar@live.com
Please note that subject’s previous address was, Murshid Bazaar,
Deira, Dubai.
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
Abdulmalek Noman Abdullah Yemeni Managing Director
Omer Saeed Omer Hamdoo Al Afari Saudi Director
Omar Quwaider Abu Baker Baflah Emirati Director
Waleed Ahmed Najat - Administration
Manager
Mohamed Talha - Financial
Controller
LEGAL
FORM & OWNERS
Date of Establishment : 5th
March 2014
Legal Form : Limited
Liability Company - LLC
Commercial Reg. No. : 1131989, Dubai
Trade Licence No. : 705110
(Expires 04/03/2019)
Chamber Member No. : 231316
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
Omar Quwaider Abu Baker Baflah 51%
Abdulmalek Noman Abdullah 25%
Omer Saeed Omer Hamdoo Al Afari 24%
Notes to the legal Form The LLC requires a minimum of two and a
maximum of 50 members. The minimum share capital required is UAE Dh 300,000.
Shareholders are only liable up to the extent of the value of their shares.
This type of company may engage in any form of legitimate business, with the
exception of insurance, banking and investment of funds. The company is not
obliged to publish its accounts. The participation of non-Emirati in a trade or
business in the United Arab Emirates is governed by the Foreign Business
Investment Law, which sets capital requirements and requires 51 percent Emirati
participation in capital and profits. It is common for the 51 percent to be
held by the UAE national on paper only with the foreign partner(s) providing
all the capital requirements for the company and paying an annual fee to the
local partner.
AFFILIATED
COMPANIES
Anwar Taiz General Trading LLC
Dubai
OPERATIONS
Activities: Engaged in the provision of cargo transport by trucks, sea cargo
services, customs broker and general
warehousing. Subject also imports
and distributes readymade garments, textiles and electronic products.
Import Countries: Europe and
India
International Suppliers:
Girish
International India
Top Line
Export India
Subject has a workforce of 12 employees.
FINANCIAL
DATA
Companies registered in Dubai, United Arab Emirates are not
legally required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
BANKERS
National Bank of Abu Dhabi
Deira Souk Branch
PO Box: 4436
Dubai
Tel: (971-4) 2226141
Fax: (971-4) 2226145
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
During the course of this investigation the following sources were
consulted:
- Internal database
- Journals, directories,
media & web searches
- Local Registry office
- Interview with Waleed Ahmed Najat, Administration
Manager
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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.
COUNTRY
OUTLOOK
The economy continues to experience a
slowdown in economic growth as a result of low oil prices. Real GDP achieved
sustained growth of over 6 % per year in recent decades, with oil surpluses
invested into the non-oil economy. In particular, the country has managed to
develop the Dubai financial and real-estate centres, international airline hubs
in Dubai and Abu Dhabi, and sports-tourism in a number of Emirates as well as
light manufacturing and transport and retail trade services. However, since
June 2014, it has been affected by the plummeting of global oil prices which
has resulted in a drop-in hydrocarbon exports and revenues. While it managed to
sustain growth rates of 4.6% in 2014, growth in 2015 is estimated to have
declined to 3.4%.
Fiscal and external balances are deteriorating
and macro-financial risks are increasing. A drop-in hydrocarbon revenues
coupled with expansionary fiscal policy has pushed the fiscal balance down from
a surplus of 10.4% of GDP in 2013 to a 5% surplus in 2014 and to an estimated
deficit of -4.3% of GDP by end-2015. The fiscal deficit of 2015 is the first
since the financial crisis of 2009 when the real estate bubble in Dubai burst.
The current account surplus fell from 18.4% of GDP in 2013 to 13.7% of GDP in
2014 and to a mere 0.2% of GDP by end-2015.
Monetary policy is tightening, as is
liquidity in the banking system. The Central Bank raised the interest rate on
its certificates of deposit by 25 basis points in December 2015 in response to the
United States’ Federal Reserve rate increase. It is expected to continue
mirroring the Fed’s interest rate hikes. At the same time, reduced government
deposits are resulting in reduced liquidity in the banking sector.
The growth outlook is one of slow
recovery, averaging 2.5 % between 2016 and 2018. Oil production will increase
as a result of investment in oilfield development. Non-hydrocarbon growth will
rise as megaproject implementation ramps up ahead of Dubai’s hosting of Expo
2020, and as the lifting of sanctions on Iran translates into increased
commerce, trade, and investment between Iran and the UAE (particularly Dubai).
These developments will jointly help to narrow the current account deficit from
an estimated deficit of –1.7% of GDP in 2016 to a forecasted deficit of -0.2%
of GDP in 2018.
Fiscal policy will continue to tighten,
but ensuring fiscal sustainability will require additional policy measures to
cut spending, develop new revenue streams, and manage fiscal risks. The UAE
government has reported that it will
be implementing a value-added tax (VAT)
at the latest by 2018, along with other GCC countries. It is also considering
the introduction of a corporate tax. This will help improve the fiscal balance.
Other consolidation measures are needed, including a reduction in electricity
and water subsidies and a gradual slowdown in the implementation of GRE’s
(Government Related Entities) megaprojects.
Key Economic Indicators 2014 2015 2016* 2017*
Real GDP Growth (%) 4.6
3.4 2.0 2.4
Inflation Rate (%) 2.3
4.1 3.1 3.4
Fiscal Balance (% of GDP) 5.0 -4.3 -5.2 -2.1
Current Account Balance (% of GDP) 13.7 0.2 -1.7 -0.4
* forecast
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.22 |
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1 |
INR 92.84 |
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Euro |
1 |
INR 81.27 |
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UAE DH |
1 |
INR 18.07 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.