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Report Date : |
10.06.2013 |
IDENTIFICATION DETAILS
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Name : |
PAMIR TRADING FZC |
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Registered Office : |
Warehouse Q4, No. 62, Saif Zone PO Box 120764 Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
07.11.2006 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Subject engaged in the import and distribution of general foodstuffs, including
tea, coffee and condensed milk. |
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No. of Employees : |
19 |
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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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
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 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 : PAMIR TRADING FZC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 7th November 2006
Trade Licence Number : 04427, Saif Zone
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 19
Activities : Distributors of general foodstuffs.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Devanathan Sarangpani, General Manager
PAMIR TRADING FZC
Location : Warehouse Q4,
No. 62, Saif Zone
PO Box : 120764
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5489796
Facsimile : (971-6) 5489797
Mobile : (971-50)
8442098 / 4404913
Email : sridhar@jvoverseas.ae / vital@unicom.ae
/ dharmesh@pamir.ae
Subject operates from a small suite of offices that are rented and
located in the Saif Zone Area of Sharjah.
Name Nationality Position
· Radhakrishnan Baskaran Indian Managing
Director
· Elina Pugach Kazakhstani Director
· Devanathan Sarangpani - General
Manager
· Dharmesh Kakad - Administration
Manager
Date of
Establishment : 7th November
2006
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 04427 (Expires 09/05/2014)
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
· Radhakrishnan Baskaran 50%
· Elina Pugach 50%
Activities: Engaged in the import and distribution of general foodstuffs, including
tea, coffee and condensed milk.
Import Countries: Sri Lanka and India.
Operating Trend: Steady
Subject has a workforce of 19 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Balance Sheet 31/12/12 31/12/11
Assets
Non-current assets
Long term loans 2,641,320 3,641,320
Total non-current assets 2,641,320 3,641,320
Current assets
Trade receivables 9,281,887 9,943,944
Advances, deposits and other receivables 110,363 174,766
Bank balances 9,029 21,889
Total current assets 9,401,279 10,140,599
Total assets 12,042,599 13,781,919
Equity and Liabilities
Equity
Share capital 40,872 40,872
Retained earnings 118,024 163,765
Total equity 158,896 204,637
Current liabilities
Trade and other payables 11,883,703 13,577,282
Total current liabilities 11,883,703 13,577,282
Total liabilities 11,883,703 13,577,282
Total equity and liabilities 12,042,599 13,781,919
Profit & Loss
Account
Sales 43,240,023 34,278,027
Cost of sales (36,868,180) (27,247,797)
Gross profit 6,371,843 7,030,230
Other income 1,207 130,024
Professional and marketing service fees (6,686,000) (7,310,000)
Administrative expenses (323,697) (168,986)
Finance costs - (154,591)
Interest income 680,906 584,321
Profit for the year 44,259 110,998
Other comprehensive income - -
Total comprehensive income for the year 44,259 110,998
Local sources consider subject’s financial condition to be Fair.
·
HSBC Bank Middle East
PO Box: 25
Sharjah
Tel: (971-6)
5537222
Fax: (971-6)
5537880
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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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 |
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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 |
|
-- |
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.