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MIRA INFORM REPORT
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Report No. : |
498264 |
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Report Date : |
21.03.2018 |
IDENTIFICATION DETAILS
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Name : |
AL ZAINAB CORNER GOODS WHOLESALER |
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Formerly Known As : |
AL ZAINAB TRADING CORNER |
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Registered Office : |
Mohamed Juma As-Sayegh Building, Al Daghaya Street, Al Daghaya, PO Box
30721 & 15311, Dubai |
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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 : |
17.09.1986 |
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Com. Reg. No.: |
11858, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of hair care
accessories, combs, brushes, clips, plastic rolls, imitation jewellery and
giftware. |
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No. of Employees : |
2 |
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 :
AL ZAINAB CORNER GOODS WHOLESALER
Previously Known :
AL ZAINAB TRADING CORNER
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
17th September 1986
Commercial Registration Number :
11858, Dubai
Trade Licence Number :
201297
Chamber Membership Number :
3106
Invested Capital :
UAE Dh 150,000
Total Workforce :
2
Activities :
Distributors of imitation jewellery, gifts and hair care products
Financial Condition :
Fair
Payments :
No Complaints
Person Interviewed :
Taher Kapadia, General Manager
COMPANY
NAME
AL ZAINAB CORNER GOODS WHOLESALER
ADDRESS
Registered &
Physical Address
Building : Mohamed Juma
As-Sayegh Building
Street : Al Daghaya
Street
Area : Al Daghaya
PO Box :
30721 & 15311
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2717949
/ 2876012
Facsimile : (971-4)
2717954 / 2633281
Mobile : (971-50) 5515944
Email : mahdi6468@emirates.net.ae
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
Mahdi Rahma Ali Hassan
Emirati Proprietor
Taher Kapadia - General
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 17th
September 1986
History : Subject began in
1986 under the name “Al Zainab Trading Corner”. However during
2018 it changed its name to “Al Zainab Corner
Goods Wholesaler”.
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 11858, Dubai
Trade Licence No. : 201297
Chamber Member No. : 3106
Invested Capital : UAE Dh 150,000
Mr Mahdi Rahma Ali Hassan is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of hair care accessories, combs,
brushes, clips, plastic rolls, imitation jewellery and giftware.
Import Countries: Europe and China
Subject has a workforce of 2 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/17:
Total Sales UAE
Dh 8,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Taher Kapadia, General Manager
BANKERS
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
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.
According to local sources, subject meets its payment obligations in a
timely manner and the business 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 65.20 |
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1 |
INR 91.49 |
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Euro |
1 |
INR 80.46 |
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UAE Dh |
1 |
INR 17.76 |
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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NIS |
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Report Prepared
by : |
TPT |
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.