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MIRA INFORM REPORT
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Report No. : |
510831 |
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Report Date : |
26.05.2018 |
IDENTIFICATION DETAILS
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Name : |
DHAFIR GROUP FOR
GENERAL TRADING |
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Registered Office : |
Sultan Abdullah Ghanoom
Al Hamly Building (Dhafir Tower), Najda Street, P O Box: 4330, Abu Dhabi |
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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 : |
18.03.1981 |
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Com. Reg. No.: |
16248, Abu Dhabi |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Import and
Distribution of Gas and Oilfield Products. |
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No. of Employees : |
20 |
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 : DHAFIR
GROUP FOR GENERAL TRADING
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 18th
March 1981
Commercial
Registration Number : 16248, Abu
Dhabi
Trade Licence
Number : 1002152
Chamber Membership
Number : 7523
Invested Capital :
UAE Dh 1,000,000
Total Workforce :
20
Activities :
Distributors of gas and oilfield products
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
DHAFIR GROUP FOR
GENERAL TRADING
ADDRESS
Registered & Physical
Address
Building : Sultan Abdullah
Ghanoom Al Hamly Building (Dhafir Tower)
Street : Najda Street
PO Box : 4330
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6434422 / 6735000
Facsimile : (971-2) 6434222 /
6735111
Email : dhafirco@eim.ae / info@dhafirgroup.com
Premises
Subject operates
from a small suite of offices that are owned and located in the Central Business
Area of Abu Dhabi.
KEY
PRINCIPALS
Name Position
·
Sultan
Abdullah Ghanoom Al Hamly Proprietor
& General Manager
·
Bashar
Hamdan Assistant
General Manager
·
Zepen
Paskar Accounts
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 18th
March 1981
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 16248, Abu
Dhabi
Trade Licence No. :
CN-1002152 (Expires 30/12/2018)
Chamber Member No. : 7523
Invested Capital
: UAE Dh 1,000,000
Mr Sultan Abdullah Ghanoom
Al Hamly is the sole proprietor of the business.
AFFILIATED
COMPANIES
·
Dhafir
Al Khaleejia
Abu Dhabi
·
Dhafir
Travel
Abu Dhabi
OPERATIONS
Activities: Engaged in the import and distribution of
gas and oilfield products.
Import
Countries: Europe and the
Far East
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 31/12/16: Year Ending
31/12/17:
Total Revenue UAE Dh 18,680,000 UAE Dh 19,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
HSBC
Bank Middle East
PO Box: 242
Abu Dhabi
Tel: (971-2) 8004440 / 6147259
Fax: (971-2) 6331564
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
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 68.26 |
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1 |
INR 91.22 |
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Euro |
1 |
INR 79.88 |
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UAE Dh |
1 |
INR 18.44 |
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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VIV |
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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
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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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.