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Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
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Name : |
FORTUNE EXIM FZE |
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Registered Office : |
Hamriyah Free Zone PO Box: 49496 Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
12.01.2012 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Distributors of metal, scrap metal, timber, textiles, readymade garments and electrical products. |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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UAE |
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 |
UAE - 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 based on oil
and gas output to 25%. Since the discovery of oil in the UAE more than 30 years
ago, the UAE 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. In April 2004, the UAE signed a Trade and Investment Framework
Agreement with Washington and in November 2004 agreed to undertake negotiations
toward a Free Trade Agreement with the US, however, those talks have not moved
forward. The country's Free Trade Zones - offering 100% foreign ownership and
zero taxes - are helping to attract foreign investors. The global financial
crisis, 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. The UAE Central Bank and Abu Dhabi-based banks bought the
largest shares. In December 2009 Dubai received an additional $10 billion loan
from the emirate of Abu Dhabi. The economy is expected to continue a slow
rebound. Dependence on oil, a large expatriate workforce, and growing inflation
pressures are significant long-term challenges. The UAE''s strategic plan for
the next few years focuses on diversification and creating more opportunities
for nationals through improved education and increased private sector
employment.
Source : CIA
Company Name : FORTUNE EXIM FZE
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 12th January 2012
Trade Licence Number : 8292
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 5
Activities : Distributors of metal, scrap metal, timber, textiles, readymade garments and electrical products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
FORTUNE EXIM FZE
Location : Hamriyah Free
Zone
PO Box :
49496
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5234363
Facsimile : (971-6)
5234363
Mobile : (971-50)
1456835 (971-55) 9948702
Subject operates from a small suite of offices that are rented and
located in the Hamriyah Free Zone Area of Sharjah.
Name Position
· Ashish Gupta Managing
Director
· Ateeq Ahmed Sales
Manager
Date of
Establishment : 12th
January 2012
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 8292
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
· Ashish Gupta 100%
Activities: Engaged in the import and distribution of metal, scrap metal, timber,
textiles, readymade garments and
electrical products.
Import Countries: Europe and the Far East.
Subject has a workforce of 5 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
·
Standard Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel:
(971-6) 5357788
Fax:
(971-6) 5543604
No complaints regarding subject’s payments have been reported.
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a
close monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.37 |
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|
1 |
Rs.83.99 |
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Euro |
1 |
Rs.67.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.