MIRA INFORM REPORT

 

 

Report Date :

20.05.2013

 

IDENTIFICATION DETAILS

 

Name :

FUJAIRAH GOLD FZE

 

 

Registered Office :

Fujairah Free Zone 2, PO Box: 3992, Fujairah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

01.07.2009

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

Manufacture of gold, silver and copper rods, copper cathode and copper cast bars.

 

 

No. of Employees :

75

 

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 :

Regular

 

 

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

 

SUMMARY

 

Company Name                         : FUJAIRAH GOLD FZE

Country of Origin                                    : Fujairah, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 1st July 2009

Trade Licence Number                            : 2019

Issued Capital                                        : UAE Dh 37,500,000

Paid up Capital                                      : UAE Dh 37,500,000

Total Workforce                                     : 75

Activities                                               : Manufacture of gold, silver and copper rods, copper cathode and copper cast bars.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Pranav Kumar, Financial Controller

 

 

 

COMPANY NAME

 

FUJAIRAH GOLD FZE

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Fujairah Free Zone 2

PO Box             : 3992

Town                 : Fujairah

Country             : United Arab Emirates

 

Telephone         : (971-9) 2282454 / 2282166 / 2282414

Facsimile          : (971-9) 2282533

Mobile               : (971-55) 6680403 / 8898573 / (971-56) 1258968

Email                : tarundeep.arora@fujairahgold.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Fujairah Free Zone.

 

 

KEY PRINCIPALS

 

            Name                                                   Nationality                   Position

 

Vivesh Agrawal                                                  Indian                            Managing Director

 

Tarundeep Arora                                                    -                               Operations Manager

 

Anand Chakrabati                                                  -                               Marketing Manager

 

Joby John                                                              -                               Sales Manager

 

Javid Parvez                                                          -                               Financial Manager

 

Pranav Kumar                                                      -                                 Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st July 2009

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.       : 2019

 

Issued Capital              : UAE Dh 37,500,000

 

Paid up Capital            : UAE Dh 37,500,000

 

Name of Shareholder (s)                                         Percentage

 

Vivesh Agrawal                                                              100%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of gold, silver and copper rods, silver granules, copper cathode and copper  cast bars.

 

Import Countries: United States of America

 

Operating Trend: Steady

 

Subject has a workforce of 75 employees.

 

 

FINANCIAL DATA

 

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 Sales                                UAE Dh 210,000,000                  UAE Dh 216,500,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Pranav Kumar, Financial Controller

 

 

BANKERS

 

National Bank of Fujairah

PO Box: 887

Fujairah

Tel: (971-9) 2224518 / 2224513

Fax: (971-9) 2224516 / 2229470

 

Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

IBAN No. AE330440000101673267401

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.88

UK Pound

1

Rs.83.66

Euro

1

Rs.70.58

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.