MIRA INFORM
REPORT
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Report Date : |
21.06.2011 |
IDENTIFICATION DETAILS
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Name : |
SAFIN GULF FZCO |
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Registered Office : |
Building No. 2E,
2nd Floor, Office No. 207, Al Twar Road, Dubai Airport Free Zone, P O Box
54421, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.09.2005 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Import and distribution of reinforcement steel bars and structural steel. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 150,000 |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
SUMMARY
Company Name : SAFIN GULF FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 17th September 2005
Trade Licence Number : 247
Chamber Membership Number : 100992
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 5
Activities : Import and distribution of reinforcement steel bars and structural steel.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
SAFIN GULF FZCO
company ADDRESS
Registered & Physical Address
Building : Building No. 2E, 2nd Floor,
Office No. 207
Street : Al Twar Road
Area : Dubai Airport Free Zone
PO Box : 54421
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2996199
Facsimile : (971-4) 2997988
Mobile : (971-50) 5507108
Email : dubai@safin.com
Premises
Subject operates from
a small suite of offices that are rented and located in the Dubai Airport Free
Zone.
KEY PRINCIPALS
Name Nationality Position
·
Oleg
Demidkin
Russian Managing
Director
·
Raimonds
Namikis Latvian Director
·
Svitlana Skyrypnyk - General Manager
LEGAL FORM & OWNERS
Date of Establishment : 17th
September 2005
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 247
(Expires 16/09/2011)
Chamber Member No. : 100992
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s) Percentage
·
Oleg
Demidkin 80%
·
Raimonds
Namikis 20%
AFFILIATED COMPANIES
·
Safin
Handel GmbH
Dorotheegasse 6-8/10
Vienna 1010
Austria
Tel: (43-1) 5033600
Fax: (43-1) 5046577
Email: office@safin.at
·
Universal Arab Steel FZCO
PO Box: 41557
Dubai
Tel: (971-4) 2996199
Fax: (971-4) 2997988
Email: uaesales@unarsco.com
OPERATIONS
Activities: Engaged in the import and distribution of
reinforcement steel bars and structural steel.
Import
Countries: Russia and India
Operating Trend: Steady
Subject has a
workforce of 5 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales UAE Dh
19,500,000 UAE Dh
20,665,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
The
Standard Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box: 999
Dubai
Tel: (971-4) 2520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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 |
|
US Dollar |
1 |
Rs.44.99 |
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UK Pound |
1 |
Rs.72.60 |
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Euro |
1 |
Rs.64.01 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.