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Report Date : |
08.12.2014 |
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,
61468 Dubai |
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Country : |
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Financials (as on) : |
31.12.2013 |
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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 : |
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. |
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No. of Employees : |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 : 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 : J Pramod,
Senior Accountant
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 / pramod.j@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)
·
J
Pramod - Senior
Accountant
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
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 31/12/12: Year Ending 31/12/13:
Total Sales UAE Dh
971,000,000 UAE Dh
975,500,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
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.61.85 |
|
|
1 |
Rs.96.73 |
|
Euro |
1 |
Rs.76.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
|
|
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.