|
Report Date : |
24.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ADANI GLOBAL FZE |
|
|
|
|
Registered Office : |
Plot
No. MO226, Sheikh Zayed Road,
Jebel Ali Free Zone, P O Box 17186, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.10.1999 |
|
|
|
|
Legal Form : |
Free Zone Establishment |
|
|
|
|
Line of Business : |
importer and distributor of scrap steel, ferrous
and non ferrous metals and coal. |
|
|
|
|
No. of Employees : |
28 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
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 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. 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. 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 : ADANI GLOBAL FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 1st October 1999
Trade Licence Number : 1947
Chamber Membership Number : 51852
Issued Capital : UAE Dh 18,000,000
Paid up Capital : UAE Dh 18,000,000
Total Workforce : 28
Activities : Distributors of scrap steel, ferrous and non ferrous metals and coal.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Suresh Kandiga, Administration Executive
ADANI GLOBAL FZE
Registered &
Physical Address
Building : Plot
No. MO226
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17186
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8818048
Facsimile : (971-4) 8818207
Mobile : (971-50) 5449234
Email : adani@emirates.net.ae / adaniglb@emirates.net.ae
/ adaniglb@eim.ae / rpnair@eim.ae
suresh@adani-global.com / mugesh@adani-global.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone.
Branch Offices
Location Description
·
Al
Mankhool Street Rented
office premises
Dubai
Tel: (971-4) 3555484
Fax: (971-4) 3597801
Name Position
·
Rakesh
Shah Managing
Director
·
Pranov
Vora Director
·
Mugesh
Murali Dharen Administration
Manager
·
Suresh Kandiga Administration
Executive
·
Ashish
Chokhsi Finance
Manager
Date of Establishment : 1st
October 1999
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 1947
(Expires 14/03/2014)
Chamber Member No. : 51852
Issued Capital : UAE Dh 18,000,000
Paid up Capital : UAE Dh 18,000,000
Name of Shareholder
(s) Percentage
·
Adani
Global Limited 100%
Mauritius
·
Adani
Exports Limited
Adani House
Navarangpura
Ahmedabad 380 009
Gujarat
India
Tel: (91-79) 26565555 / 25555555
Fax: (91-79) 26565500 / 26555500
·
Adani
Global Pte Ltd
Vietnam
·
Adani
Global Pte Ltd
Singapore
·
Adani
Virginia Inc
United States of America
Activities: Engaged in the import and distribution of
scrap steel, ferrous and non ferrous metals and coal.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 28 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Revenue UAE Dh 3,531,440,397 UAE Dh 3,382,480,000
Profit After Tax UAE Dh 676,067,483 UAE
Dh 294,500,000
Local sources
consider subject’s financial condition to be Good.
The above figures were provided by Mr Suresh Kandiga, Administration Executive
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax:
(971-4) 2284631
No complaints
regarding subject’s payments have been reported.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.69 |
|
UK Pound |
1 |
Rs.91.66 |
|
Euro |
1 |
Rs.78.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.