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Report Date : |
26.02.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Fujairah Free Zone 2, 3992 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.07.2009 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Manufacturer 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 : |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 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 :
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 68,360,000
Paid up Capital :
UAE Dh 68,360,000
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
FUJAIRAH GOLD FZE
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 / 3259154 / (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.
Name Nationality Position
· Agnivesh Agrawal Indian Managing Director
· Tarundeep Arora - Operations
Manager
· Joby John - Sales
Manager
· Pranav Kumar - Financial
Controller
· Tapas Chakrabarti - Commercial
& Logistics Manager
· Barun Mehta - Finance
Manager
Date of Establishment : 1st
July 2009
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 2019
Issued Capital : UAE Dh 68,360,000
Paid up Capital : UAE Dh 68,360,000
Name of Shareholder
(s) Percentage
·
Vendanta Resources Plc 100%
United Kingdom
Activities: Engaged in the manufacture of gold, silver and copper rods, silver
granules, copper cathode and copper cast bars.
Subject has a production capacity of 50 MT/Annum for Gold
and 110 MT/Annum for Silver in UAE. In May 2010 the company commissioned its
Copper division with a state of art 100,000 MT/Annum, Continuous Cast Copper Wire Rod plant in the same
premises.
Import Countries: United States of America
Operating Trend: Steady
Subject has a workforce of 75 employees.
Financial
highlights provided by local sources are given below:
Currency: United Arab
Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Period
01/04/2013 - 31/12/13:
Total Revenue UAE Dh 216,500,000 UAE Dh
235,400,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Pranav Kumar, Financial Controller
·
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
No complaints
regarding subject’s payments have been reported.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.61.98 |
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|
1 |
Rs.103.31 |
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Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.