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MIRA INFORM REPORT
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Report No. : |
506604 |
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Report Date : |
04.05.2018 |
IDENTIFICATION DETAILS
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Name : |
WASIT GENERAL
TRADING LLC |
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Registered Office : |
Julphar Office
Tower, 22nd Floor, Unit No. 2207, Al Hisn Road, P O Box: 12247,
Ras Al Khaimah |
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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 : |
10.07.2007 |
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Com. Reg. No.: |
26869, Ras Al
Khaimah |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Import and distribution
of building materials and gypsum products,
industrial salt (rock salt), limestone, aggregate, white limestone
(marble chips), calcium carbonate, iron ore, chrome ore, feldspar, kaolin, bauxite, barite and gilsonite. |
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No. of Employees : |
18 |
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 : WASIT
GENERAL TRADING LLC
Also Known As : WASIT
GROUP
Country of Origin : Ras Al
Khaimah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 10th
July 2007
Commercial Registration
Number : 26869, Ras Al Khaimah
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce :
18
Activities :
Distributors of building materials and gypsum products
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
WASIT GENERAL
TRADING LLC
ALSO KNOWN
AS
WASIT GROUP
ADDRESS
Registered & Physical
Address
Building : Julphar Office Tower,
22nd Floor, Unit No. 2207
Street : Al Hisn Road
PO Box : 12247
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2279792
Facsimile : (971-7) 2279699
Email : sales@wasitgroup.com
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Ras Al Khaimah.
KEY
PRINCIPALS
Name Nationality Position
· Ali Abdullah
Mohamed Al Marzooqi Emirati Managing Director
·
Mohamed
Ahmed Malahi Iranian Director
·
Ahmed
Abbass Malahi Iranian Director
· Abdul Jalil
Abbas Malahi Iranian Director
·
Mahmoud
Abbas Malahi Iranian Director
·
Sayed Mohsin - Financial
Controller
·
Huda Aref - Commercial
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 10th
July 2007
Legal Form :
Limited Liability Company -
LLC
Commercial Reg.
No. : 26869, Ras Al Khaimah
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s)
·
Ali
Abdullah Mohamed Al Marzooqi
·
Mohamed
Ahmed Malahi
·
Ahmed
Abbass Malahi
·
Abdul
Jalil Abbas Malahi
·
Mahmoud
Abbas Malahi
AFFILIATED
COMPANIES
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Wasit Shipping Agencies LLC
Julphar Office Tower, 22nd Floor,
Unit No 2207
Al Hisn Road
PO Box: 12247
Ras Al Khaimah
Tel: (971-7) 2279792
Fax: (971-7) 2279699
CR No. 19130
·
Hala FZE
Rak Free Zone
Ras Al Khaimah
OPERATIONS
Activities: Engaged in the import and distribution of
building materials and gypsum products, industrial salt (rock salt), limestone, aggregate, white
limestone (marble chips), calcium carbonate, iron ore, chrome ore, feldspar, kaolin, bauxite, barite and gilsonite.
Import
Countries: Europe and the
Far East
International
Suppliers:
·
Jepol Hong Kong
Clients:
·
Rak Cement Co
·
Abu
Dhabi Cement
Operating Trend: Steady
Subject has a
workforce of 18 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 12,000,000 UAE Dh 12,450,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National
Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7) 2221127
Fax: (971-7) 2224202
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.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.62 |
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1 |
INR 90.60 |
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Euro |
1 |
INR 79.86 |
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UAE Dh |
1 |
INR 18.16 |
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 : |
NIT |
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
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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Industry
scenario / competitor analysis
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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.