MIRA INFORM REPORT

 

 

Report No. :

510739

Report Date :

24.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

MACWORLD GENERAL TRADING L.L.C

 

 

Registered Office :

Al Thuraya Tower, Floor 2, Office 201, Al Fahidi Street, Al Souq Al Kabeer, 64654, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

03.10.2006

 

 

Com. Reg. No.:

586587

 

 

Legal Form :

Limited Liability Company 

 

 

Line of Business :

·         Wholesale of chemical products

·         Non-specialised wholesale trade

·         Trading as importers, wholesalers and exporters of plastic raw materials, lubricants, paper and aluminium products.

 

 

No. of Employees :

5 [2018]

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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, 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.

 

Source : CIA

 

 

SUMMARY 

 

 

 

COMPANY NAME

MACWORLD GENERAL TRADING L.L.C

 

ADDRESS

Building

Street

Area

PO Box

Al Thuraya Tower, Floor 2, Office 201

Al Fahidi Street

Al Souq Al Kabeer

64654

Dubai

PHONE  

Verified Phones: (+971 4) 226 2427 / (+971 50) 244 9395

EMAIL/WEBSITE

Email: info@macworlduae.com / md@macworlduae.com / Website: www.macworlduae.com

ACTIVITY

NACE 4675 - Wholesale of chemical products; NACE 4690 - Non-specialised wholesale trade; 

PRINCIPAL 

Jignesh Gudhka   

Workforce 

Managing Director 

5  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

03/10/2006

586587

LLC 

Active

CAPITAL

CURRENCY

AMOUNT

AED 

300,000 

             

 

IDENTIFICATION

 

CO. NAME

MACWORLD GENERAL TRADING L.L.C

ALSO KNOWN NAME (S)

MACWORLD

BUILDING

Al Thuraya Tower, Floor 2, Office 201

STREET

Al Fahidi Street

AREA

Al Souq Al Kabeer

POSTAL ADDRESS

64654 Dubai

CITY

Dubai

COUNTRY

United Arab Emirates

TELEPHONE

(+971 4) 226 2427 / Mobiles (+971 50) 244 9395 (Jignesh Gudhka) / (+971 52) 770 3106

VERIFIED EMAIL

info@macworlduae.com / md@macworlduae.com /  sales@macworlduae.com

WEBSITE

www.macworlduae.com

BUSINESS HOURS (DURING RAMADAN

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

09:00-16:00

Without Break

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Jignesh Gudhka

Managing Director 

WORKFORCE

NO. OF EMPLOYEES

PERIOD

5

05.2018

 

 

FINANCIAL SUMMARY

 

SALES    

31/12/2017

31/12/2018 (Projected)

AED 24,500,000

AED 32,000,000

NET PROFIT / (LOSS)    

Not given but stated to be 6-7% of the sales

STOCK/INVENTORIES   

USD 300,000 as of May 2018

FISCAL YEAR-END 

31 December 

 

 

LEGAL STATUS 

 

INCORPORATION

03/10/2006

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

Trade License No.: 586587 (expiry date: 02/10/2018)

Dubai Department of Economic Development

OTHER REGISTRATION NO.     

Federal Reservation No.: 10834895 / Registration No.: 1000165

AUTHORISED CAPITAL     

AMOUNT

CURRENCY

300,000

AED

PAID-UP CAPITAL  

AMOUNT

CURRENCY 

300,000

AED

BUSINESS HISTORY

The Company was incorporated in Dubai on 3 October 2006 and started trading activities in 2011.  

LEGAL FORM     

Limited Liability Company 

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

1. Jignesh Gudhka

   Nationality: Indian

 

2. Mr. Ishwar

   Nationality: Indian

 

3. Khaled Ibrahim *

   Nationality: Emirati

 

* The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company. 

25.00%

 

 

24.00%   

 

 

51.00%

 

 

OPERATION 

 

BANKERS   

1. Abu Dhabi Commercial Bank (ADCB)

   Business Bay Branch

   Intersection of Al Saada street and Khaleej   

   Al Tejari 1st street, Located in The Bay Gate 

   Tower, Business Bay Area

   PO Box: 33040

   Dubai           

   Telephone: (+971 4) 518 0900

   Fax      : (+971 2) 610 9718

 

2. Mashreq Bank

   Omar Bin Khattab Street

   PO Box 1250

   Dubai

   Telephone: (+971 4) 222 9131

   Fax      : (+971 4) 222 6061

ACTIVITY CODE (NACE)    

4675 - Wholesale of chemical products; 4690 - Non-specialised wholesale trade;

LINE OF BUSINESS    

Trading as importers, wholesalers and exporters of plastic raw materials, lubricants, paper and aluminium products.

 

Subject’s range of products includes:

 

- PC Bottles;

- LLDPE Film Grade (Off Grade);

- LDPE reprocess;

- HDPE reprocess;

- HDPE TAP Grade;

- PE WAX;

- Sodium Polyacrylate;

- PET Flakes Sheet Grinder Natural;

- Duplex;

- SOP;

- POC (Printing Offset Cutting). 

IMPORT FROM 

Europe and South East Asian countries.

EXPORT TO 

India, China and Malaysia.

TRADE REFERENCES 

1. A1 Impex 

   No. 15/ G, Bombay Market, Tardeo Road

   Mumbai - 400034, Maharashtra

   India

 

2. Shree Gurudev Agro

   3/3 Arvali, Lalinomath 

   Gujarat 383307

   India

FACILITIES

Leased premises comprising administrative offices located at the heading address. 

 

 

SPECIAL REMARKS

 

INTERVIEWED   

Jignesh Gudhka (Managing Director).

COMMENTS    

The name which you provided: MAC WORLD GENERAL TRADING LLC is misspelt. Please note that subject’s correct registered name is as per heading.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.21

UK Pound

1

INR 91.43

Euro

1

INR 80.24

UAE Dh

1

INR 18.61 

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

SYL

                                                


 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.