MIRA INFORM REPORT

 

 

Report Date :           

11.07.2011

 

IDENTIFICATION DETAILS

 

Name :

PHOENIX GULF FZE  

 

 

Registered Office :

Plot B-056, R-03,   Jebel Ali Free Zone, R/A No.9,, opposite Ritch Bros, P.O. Box 17197, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

August 1993

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

Importers, Exporters and Commission agents of automobile parts, vehicles, foodstuff including pistachio, chickpeas, saffron, almonds, walnuts as well as household electrical appliances, construction equipment and spare parts.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Dh 150,000

 

 

Status :

Small Company 

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

company NAME

 

Phoenix Gulf FZE  

 

 

company ADDRESS

 

Building             :  Plot B-056, R-03

Area                             :  Jebel Ali Free Zone, R/A No.9, opposite Ritch Bros

P.O. Box           :  17197

Town                 :  Dubai

Country             :  United Arab Emirates

Telephone         :  (971 4) 883 7837 / Mobile (971 50) 644 6482

Fax                   :  (971 4) 883 6804

E-Mail               :  admin@phoenixgulf.ae

 

 

SENIOR COMPANY PERSONNEL

 

    Name                                               Position

 

1.  Seyed Mehdi Gerami                         President

 

2.  Seyed Mohammad Gerami                 Managing Director

 

3.  Seyed Ahmad Gerami                       Director

 

4.  Joseph Santosh                                Office Manager

 

5.  Santhosh Ittyasan                             Chief Accountant

 

Total Employees :  20 

 

 

PAYMENTS   

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for SMALL amounts, however in view of the lack of financial information we recommend international suppliers exercise a degree of caution.

 

Opinion on maximum credit : Dh 150,000 (higher amounts may be

                            considered with full fiscal disclosure)

 

Trade risk assessment: Above Average

 

PRINCIPAL BANKERS

 

NAME               : EMIRATES NBD BANK (FMLY NATIONAL BANK OF DUBAI)

Branch              : Jebel Ali Branch

PO Box             : 777

Town                 : Dubai

Telephone         : (971 4) 881 6087

Fax                   : (971 4) 881 6961

 

The Company also has an account with following banks :

 

1. HSBC Bank Of The Middle East

   Baniyas Square

   PO Box 66

   Dubai

   Telephone: (971 4) 353 5000

   Fax      : (971 4) 353 4066

 

2. Standard Chartered Bank

   Al Mankhool Street

   PO Box 999

   Dubai

   Telephone: (971 4) 352 0455

   Fax      : (971 4) 352 6679

 

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to publish

or disclose balance sheets. Balance sheets are not available from

other sources, and the subject interviewed declined to give any

financial information, which the company regards as strictly

confidential.

 

Financial year ends 31 December.

 

The following financial information applies to the Gerami Business

Group (latest available) :

 

Sales Turnover      : US DLRS 100,000,000 - 2007 - approx

 

Net profit                       : not given

 

 

LEGAL STATUS AND HISTORY

 

Date Started :                August 1993

 

Trade License No. :        7116

 

DCCI Membership No. : 28562 (issued on 3 November 1993)

 

Authorised Capital :        Dh 1,000,000

 

Paid up Capital :            Dh 1,000,000

 

 

Free Zone Establishment (Limited Liability Company) with the

following sole shareholder :

 

Phoenix International Ltd                   100%

Jebel Ali Free Zone

P.O. Box 17197

Dubai

Telephone:  (971 4) 883 7837 

Fax      :  (971 4) 883 6804

 

* According to law No.9 governing the establishment of companies in

the Jebel Ali Free Zone, which was introduced in early 1992 and came

into force in October 1992, foreign companies are allowed to set up

separate legal entities referred to as Free Zone Establishments

(FZEs) and Free Zone Companies (FZCO) having all features of a

Private Limited  Liability Company. The FZE can be either owned by a

foreign individual or a corporate body. Its liability is determined

by the amount of paid-up capital, which must be at least Dh 1

million. Previously, FZEs had to be branches of a company registered

in a foreign country. A FZCO legal form allows investors to establish

a company in Jebel Ali Free Zone having more than one shareholders

(FZE only permits one shareholder). Its minimal registered capital is

Dh 500,000.

 

Affiliated companies of Phoenix Gulf FZE :

 

Associates

                              

Subject is a member of the Gerami Business Group of Companies

headquartered in Iran. The Group employs 450 people and engages in

imports and export of foodstuff.

 

Other members of the group are :

 

1. Mehvar Machine Company

   Mehvar Bldg., Corrner Of Rangin Strret

   Km. 7th Karaj Special Rd.

   Tehran

   Telephone: (98 21) 4451 7000

   Fax      : (98 21) 4450 3932

 

2. Golestan Co

   35M Golestan No 5, Asharafi Esfahani Blvd

   Punak Area, Sadeghieh 2nd Sq

   Tehran 14768

   Telephone: (98 21) 4440 1100/ 4440 2492

   Fax      : (98 21) 4441 0519

 

3. Al Masdaan Co

 

4. Assan Motor Co

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, exporters and commission agents of automobile

parts, vehicles, foodstuff including pistachio, chickpeas, saffron,

almonds, walnuts as well as household electrical appliances,

construction equipment and spare parts.

 

Imports vehicles and parts from Japan and Korea, other goods from USA

and Germany and foodstuff from Italy, Mexico. Canada, India, Taiwan

and China.

 

Main Agencies Held:

 

Mitsubishi

Hyundai

Komatsu

 

 

FACILITIES

 

The Company has the following facilities :

 

Administrative offices and warehousing facilities located at the

heading address as well as a showroom situated in Dubai.

 

Subject also has a 2,500 square metres factory located at :

 

PO Box 4151

Sharjah

United Arab Emirates

Telephone : (971 6) 333 0029

Fax       : (971 6) 333 3753

 

 

SPECIAL NOTE

 

Interviewed: Santhosh Ittyasan (Chief Accountant)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.33

UK Pound

1

Rs.70.74

Euro

1

Rs.63.65

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

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.