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MIRA INFORM REPORT
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Report No. : |
505453 |
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Report Date : |
26.04.2018 |
IDENTIFICATION DETAILS
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Name : |
AL BALTEEQ GENERAL TRADING LLC |
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Registered Office : |
Deira |
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Country : |
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Date of Incorporation : |
03.10.2010 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject operates a general trade licence, enabling it to
distribute general merchandise |
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No. of Employees : |
4 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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
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 : AL BALTEEQ GENERAL TRADING LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd October 2010
Trade Licence Number : 645132
Chamber Membership Number : 186829
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : General trade licence
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Badawi Sayed Yousef, Administration Manager
COMPANY
NAME
AL BALTEEQ GENERAL TRADING LLC
ADDRESS
Registered &
Physical Address
Location :
Deira
PO Box :
182909
Town :
Country :
Mobile :
(971-50) 7535078
Email :
balteeq-gtr@yahoo.com
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
· Elmoiz Badawi Sayed Yousef Sudanese Managing
Director
· Badawi Sayed Yousef Sudanese Administration
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 3rd
October 2010
Legal
Form : Limited
Liability Company - LLC
Trade
Licence No. : 645132 (Expires 02/10/2018)
Chamber
Member No. : 186829
Issued Capital : UAE
Dh 300,000
Paid up Capital :
UAE Dh 300,000
Name of Shareholder (s) Nationality Percentage Holding
· Unnamed
Sponsor Emirati
51%
· Elmoiz Badawi Sayed Yousef Sudanese 49%
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
OPERATIONS
Activities: Subject operates a general trade
licence, enabling it to distribute general merchandise
Subject has a workforce of 4 employees.
FINANCIAL
DATA
Companies registered in
BANKERS
·
PO
Box: 1080
Tel:
(971-4) 2953000
Fax:
(971-4) 2954111
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 Badawi Sayed Yousef, 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.
Local sources report that the subject’s operating history is
clear with payment obligations met in a generally timely manner. The financial
position is satisfactory and the company is deemed 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
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
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
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
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 66.70 |
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1 |
INR 93.14 |
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Euro |
1 |
INR 81.43 |
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UAE DH |
1 |
INR 18.15 |
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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DIV |
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Report Prepared
by : |
TRU |
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.