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MIRA INFORM REPORT
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Report No. : |
487962 |
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Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
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Name : |
AL AWSAF GENERAL CONTRACTING
& MAINTENANCE EST |
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Registered Office : |
Mezzanine 2 Floor, Sultan Bin Mohammed Al Kortafi Building
PO Box 90462 Al Ain |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
19.11.2003 |
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Com. Reg. No.: |
21221 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the provision of building and
maintenance services. |
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No. of Employees : |
48 |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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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. 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 AWSAF GENERAL CONTRACTING &
MAINTENANCE EST
Country of Origin :
Al Ain, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
19th November 2003
Commercial Registration Number :
21221, Al Ain
Trade Licence Number :
1127099
Chamber Membership Number :
99053
Invested Capital :
UAE Dh 1,000,000
Total Workforce :
48
Activities :
Providers of building and maintenance services
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY
NAME
AL AWSAF GENERAL CONTRACTING
& MAINTENANCE EST
ADDRESS
Registered &
Physical Address
Location :
Mezzanine 2 Floor, Sultan Bin Mohammed Al Kortafi Building
PO Box :
90462
Town :
Al Ain
Country : United Arab
Emirates
Telephone :
(971-3) 7554330
Facsimile :
(971-3) 7554811
Premises
Subject operates from a medium sized suite of offices that
are rented and located in the Central Business Area of Al Ain.
KEY
PRINCIPALS
Name Nationality
Position
· Youssef Arbasi Syrian Proprietor
& General Manager
· Salem Juma Emirati Local Sponsor
LEGAL
FORM & OWNERS
Date
of Establishment : 19th
November 2003
Legal
Form : Sole
Proprietorship
Commercial
Reg. No. : 21221, Al Ain
Trade
Licence No. : 1127099 (Expires 18/12/2018)
Chamber Member No. : 99053
Invested Capital : UAE
Dh 1,000,000
Mr Youssef Arbasi is
the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the provision of building
and maintenance services.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 48 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales UAE
Dh 18,900,000 UAE Dh
20,000,000
Local sources consider subject’s financial condition to be
Fair.
The above financial figures are based on estimations by our
local sources.
BANKERS
·
Abu Dhabi Commercial Bank
Khalifa Street
PO Box: 1820
Al Ain
Tel: (971-3) 7669999
Fax: (971-3) 7660349
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
Please note that the correct name of the subject is “Al Awsaf General Contracting & Maintenance Est”
and not “Al Awsaf Gen Cont & Mai”.
Local sources report that subject meets its payments in a
timely manner and is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.50 |
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1 |
INR 90.92 |
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Euro |
1 |
INR 79.07 |
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UAE DH |
1 |
INR 17.31 |
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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PRA |
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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
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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.