MIRA INFORM REPORT

 

 

Report Date :

18.12.2014

 

IDENTIFICATION DETAILS

 

Name :

JYOTI STRUCTURES FZE

 

 

Registered Office :

Office No. TPOFCB0612, Jebel Ali Free Zone, 261344 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

26.02.2012

 

 

Legal Form :

Free Zone Establishment – FZE

 

 

Line of Business :

Engaged as turnkey and EPC project power transmission contractors

 

 

No of Employees :

10

 

 

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 :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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

SUMMARY

 

Company Name                                    : JYOTI STRUCTURES FZE

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Free Zone Establishment - FZE

Registration Date                                  : 26th February 2012

Trade Licence Number                           : 130734

Issued Capital                                       : UAE Dh 10,000,000

Paid up Capital                                     : UAE Dh 10,000,000

Total Workforce                         : 10

Activities                                               : Turnkey and EPC project power transmission contractors

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Jayesh Rathi, Accountant

 

 
COMPANY NAME

 

JYOTI STRUCTURES FZE

 

 

company ADDRESS

 

Registered & Physical Address

 

Building                        : Office No. TPOFCB0612

Area                 : Jebel Ali Free Zone

 

PO Box            : 261344

 

Town                : Dubai

Country : United Arab Emirates

Telephone         : (971-4) 8807670

Facsimile          : (971-4) 8807671

Email                : contact@jsl.co.in / nmetha@jsl.co.in

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Jebel Ali Free Zone Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Prakash Thakur                                                                                 Managing Director

 

·       Valter Vossa                                                                                                General Manager

 

·       Navin Mehta                                                                                     Administration Manager

 

·       Jayesh Rathi                                                                                    Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th February 2012

 

History                         : Subject began in February 2012 under the name “Jyoti Projects FZE”. However in August 2012 it changed its name to “Jyoti Structures FZE”.

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.        : 130734

 

Issued Capital              : UAE Dh 10,000,000

 

Paid up Capital            : UAE Dh 10,000,000

 

Name of Shareholder (s)                                                      Percentage

 

·       Jyoti Structures Ltd                                                              100%

6th Floor, Valecha Chambers

New Link Road

Mumbai 400053

India

Tel: (91-22) 40915000

Fax: (91-22) 40915014

 

 

AFFILIATED COMPANIES

 

·       Gulf Jyoti International LLC

Dubai

 

 

OPERATIONS

 

Activities: Engaged as turnkey and EPC project power transmission contractors.

 

Import Countries: India and South Africa

 

International Suppliers:

 

·       EMI Transmission Ltd                       India

·       Star Lite Industries Ltd                      India

·       Igunya Power Pty Ltd                        South Africa

 

Subject has a workforce of 10 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                            Year Ending 31/03/14:

 

Total Sales                                            UAE Dh 50,500,000

 

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

 

The above figures were provided by Mr Jayesh Rathi, Accountant

 

 

BANKERS

 

·       Bank of Baroda

PO Box: 3162

Dubai

Tel: (971-4) 5531955

Fax: (971-4) 5536962

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

GENERAL COMMENTS

 

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. 63.58

UK Pound

1

Rs. 99.98

Euro

1

Rs. 79.39

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

DPT

 

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.