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Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
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Name : |
TRIGON GULF FZCO |
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Registered Office : |
Plot No. MO0747 Sheikh Zayed Road, Between 12th & 13th
Roundabout Jebel Ali Free Zone PO Box
61468 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.08.2003 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and distribution of ferrous and non-ferrous metals and alloys, steel tubes, paper products and pulp, synthetic rubber, and industrial chemicals |
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No. of Employees : |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Regular |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : TRIGON GULF FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 10th August 2003
Trade Licence Number : 1511
Chamber Membership Number : 79102
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Total Workforce : 35
Activities : Import and distribution of ferrous and non-ferrous metals and alloys, steel tubes, paper products and pulp, synthetic rubber, and industrial chemicals
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Uday Apan, Finance Manager
TRIGON GULF FZCO
Building : Plot No.
MO0747
Street : Sheikh Zayed
Road, Between 12th & 13th Roundabout
Area : Jebel Ali
Free Zone
PO Box : 61468
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8832010
Facsimile : (971-4)
8831788
Mobile : (971-50)
4592698 / 7561324
Email : trigon@emirates.net.ae
/ info@trigon.ae
/ uday@trigon.ae
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Jebel Ali Free Zone.
Name Nationality Position
· Manoj Shivnani
Saduram Indian Managing
Director
· Uday Apan - Finance
Manager
· Rajiv Mathur - Sales
Manager (Steel & Chemicals)
· Rajendra Wangano - Sales
Manager (Rubber)
Date of Establishment : 10th August 2003
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 1511
Chamber Member No. : 79102
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
· Brigance
Enterprises Ltd 70%
United Arab
Emirates
· Capital Village
Assets 30%
British Virgin
Islands
· Trigon Steel FZE
PO Box: 61468
Dubai
Tel: (971-4)
8832010
Fax: (971-4)
8831788
Licence
No. 111347
Activities: Engaged in the import and distribution of ferrous and non-ferrous
metals and alloys, steel tubes, paper
products and pulp, synthetic rubber, and industrial chemicals.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 35 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales UAE
Dh 950,000,000 UAE Dh 962,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures were confirmed by Mr Uday Apan, Finance
Manager
·
Standard Chartered Bank
Jebel Ali Free Zone
PO Box: 16920
Dubai
Tel: (971-4) 8856600
Acc No.
01-7036442-01
No complaints regarding subject’s payments have been reported.
Established in 2003, subject is involved in the import and distribution
of ferrous and non-ferrous metals, steel tubes, rubber, paper products and
industrial chemicals.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.