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MIRA INFORM REPORT
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Report No. : |
509694 |
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Report Date : |
18.05.2018 |
IDENTIFICATION DETAILS
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Name : |
JABAL AL TOOR BUILDING MATERIAL & MARBLE CO LLC |
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Registered Office : |
Industrial Area No. 15, PO Box 33921, Sharjah |
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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 : |
21.09.2010 |
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Com. Reg. No.: |
66174, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engaged in the import and distribution of building
materials and marble. |
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No. of Employees : |
15 |
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 :
JABAL AL TOOR BUILDING MATERIAL & MARBLE CO LLC
Country
of Origin :
Sharjah, United Arab Emirates
Legal
Form :
Limited Liability Company - LLC
Registration
Date : 21st
September 2010
Commercial
Registration Number : 66174,
Sharjah
Trade
Licence Number :
609239
Issued
Capital :
UAE Dh 150,000
Paid
up Capital :
UAE Dh 150,000
Total
Workforce :
15
Activities :
Distributors of building materials and marble
Financial
Condition :
Fair
Payments :
Nothing detrimental uncovered
Company
name and address
COMPANY
NAME: JABAL
AL TOOR BUILDING MATERIAL & MARBLE CO LLC
ADDRESS
Registered
& Physical Address
Location : Industrial Area No. 15
PO
Box : 33921
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5345184 / 5542179 / 5541432
Facsimile : (971-6) 5345018
Mobile : (971-55) 4067683 / 9969756 / (971-50) 5080866 / (971-52)
6658111
Email : jabalaltoor@yahoo.com
/ info@jabalaltoor.com
/ tasfin@jabalaltoor.com
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Industrial Area of Sharjah.
Branch Offices
Location Description
Industrial Area No. 17 Office
premises
Sharjah
KEY
PRINCIPALS
Name Nationality Position
Abdullah
Mohamed Sheikh Indian Managing Director
Ali
Abdul Wahab Mohamed Abdul Wahab Emirati Director
Tasfin Abdullah
Shaikh - General Manager
Heraa Herdaz - Financial
Controller
LEGAL
FORM & OWNERS
Date
of Establishment : 21st September
2010
Legal
Form : Limited Liability Company -
LLC
Commercial
Reg. No. : 66174, Sharjah
Trade
Licence No. : 609239
Issued
Capital : UAE Dh 150,000
Paid
up Capital : UAE Dh 150,000
Name
of Shareholder (s) Percentage
Ali
Abdul Wahab Mohamed Abdul Wahab 51%
Abdullah
Mohamed Sheikh 49%
OPERATIONS
Activities : Engaged in the import and
distribution of building materials and marble.
Import
Countries : Spain, Italy, Greece,
Turkey and India
International Suppliers:
Black
Galaxy Granite India
Salome
Pink Turkey
Rosa
Lavanto Turkey
Sivecc Greece
Staturio Italy
Botticino Italy
Travite Navona Italy
Light
Empreador Spain
Brand
Names:
CREAM MARFIL, STATUARIO, DARK EMPREADOR and LIGHT EMPREADOR
Subject
has a workforce of 15 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 25,000,000
Local
sources consider subject’s financial condition to be Fair.
The
above figures were provided by Heraa Herdaz, Financial Controller
BANKERS
Sharjah
Islamic Bank
Al
Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
PAYMENT
HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that the correct name of
the subject is “Jabal Al Toor Building Material & Marble Co LLC” and not
“Jabal Al Toor Bldg Material & Marbles Tr Co Ltd”.
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 67.71 |
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1 |
INR 91.89 |
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Euro |
1 |
INR 79.89 |
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UAE Dh |
1 |
INR 18.51 |
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 : |
DNS |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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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.