|
|
|
MIRA INFORM REPORT
|
Report No. : |
482735 |
|
Report Date : |
31.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
AL SAQR GENERAL TRADING CO LLC |
|
|
|
|
Registered Office : |
Al Ahmadiah
Building, Shop No. 32, Al Ahmadiah Street, Al Ras, Deira, PO Box 16136, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
21.02.1988 |
|
|
|
|
Com. Reg. No.: |
44707, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Subject is engaged in the import and distribution of general
foodstuffs, including seeds, spices, pulses, beans, nuts and dried fruit. |
|
|
|
|
No. of Employees : |
20 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
SUMMARY
Company Name :
AL SAQR GENERAL TRADING CO LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date :
21st February 1988
Commercial Registration Number :
44707, Dubai
Trade Licence Number :
215957
Chamber Membership Number :
13152
Issued Capital :
UAE Dh 3,000,000
Paid up Capital :
UAE Dh 3,000,000
Total Workforce :
20
Activities :
Distributors of general foodstuffs
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
COMPANY
NAME
AL SAQR GENERAL TRADING CO LLC
ADDRESS
Registered &
Physical Address
Building : Al Ahmadiah Building, Shop No. 32
Street : Al Ahmadiah Street
Area : Al Ras,
Deira
PO Box :
16136
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2290944
Facsimile : (971-4)
2291123
Mobile : (971-50) 4585148 / (971-55) 9110044
Email : info@alsaqrtrading.com
/ c.shamsu@alsaqrtrading.com / k.ramadan@alsaqrtrading.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
Saadulla Abdul Razzaq Mikati Lebanese Managing
Director
Ibrahim Nasser Abdulla Hussain Emirati Director
Abdul Latif V - Accountant
Chatan Kandi Shamsu
- Logistics
Officer
LEGAL
FORM & OWNERS
Date of Establishment : 21st
February 1988
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 44707, Dubai
Trade Licence No. : 215957 (Expires
16/02/2018)
Chamber Member No. : 13152
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of
Shareholder (s) Percentage
Ibrahim Nasser Abdulla Hussain 51%
Saadulla Abdul Razzaq Mikati 49%
AFFILIATED
COMPANIES
East Africa Trading Co
Khartoum
Sudan
OPERATIONS
Activities: Engaged in the import and distribution of general foodstuffs, including
seeds, spices, pulses, beans, nuts and dried fruit.
Import Countries: Europe and India
International Suppliers:
Malabar Export India
K M Ganatra & Co India
Operating Trend: Steady
Subject has a workforce of 20 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/15: Year Ending
31/12/16:
Total Sales UAE
Dh 16,830,000 UAE Dh
17,100,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that the correct name of the subject is “Al Saqr General Trading
Co LLC” and not “Al Saqr Trading Co LLC”.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.75 |
|
|
1 |
INR 89.39 |
|
Euro |
1 |
INR 78.75 |
|
UAE Dh |
1 |
INR 17.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
·
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.