MIRA INFORM REPORT
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Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
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Name : |
FUJAIRAH GOLD FZE |
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Registered Office : |
Fujairah Free
Zone 2, P O Box 3992, Fujairah |
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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 : |
01.07.2009 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Manufacture of gold, silver and copper rods, copper cathode and copper cast bars |
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No. of Employees : |
75 |
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 : |
Good |
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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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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
Company 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 Revenue 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
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.99 |
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UK Pound |
1 |
Rs.84.19 |
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Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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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 |
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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.