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Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
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Name : |
PREMINCO LIMITED |
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Registered Office : |
Jebel Ali Free Zone, LOB 5, Suite 107, PO Box 17938, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
07.05.2006 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Distributors of minerals, ores and other mined products. |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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Without Financials |
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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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
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 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.
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Source : CIA |
Company Name :
PREMINCO LIMITED
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date :
7th May 2006
Trade Licence Number :
6925
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
5
Activities :
Distributors of minerals, ores and other mined products.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Fazle Abbas Virji, Managing Director
PREMINCO LIMITED
Registered &
Physical Address
Location : Jebel Ali Free
Zone, LOB 5, Suite 107
PO Box :
17938
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8814025
Facsimile : (971-4)
8814072
Mobile : (971-50)
4582331
Email : pasupathy.pv@shalina.com
/ dharmendra.singh@shalina.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Jebel Ali Free Zone area of Dubai.
Name Position
Fazle Abbas Virji Managing
Director
P V Pasupathy Commercial
Manager
M Noel Administration
Manager
Date of Establishment : 7th
May 2006
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 6925
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
Fazle Abbas Virji 100%
Activities: Engaged in the import and distribution of minerals, ores and other
mined products.
Import Countries: Europe and GCC countries.
Subject has a workforce of 5 employees.
Companies registered in Dubai, United Arab Emirates are not legally required
to make their accounts public and no financial information was released by the
company or submitted by outside sources.
Dubai Islamic Bank
PO Box: 1080
Dubai
Tel: (971-4) 2953000
Fax: (971-4) 2954111
No complaints regarding subject’s payments have been reported.
Please note that Mr Fazle Abbas Virji, Managing Director, refused to
divulge any information on his company.
According to local sources subject is making steady progress in the
local business market and nothing detrimental has been reported regarding the
manner in which payments are fulfilled. As such the company is considered to be
a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.97 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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.