|
Report Date : |
25.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PHOENIX GULF FZE |
|
|
|
|
Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, Road No. 942, R/A 9, P O Box 17197, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2013 (Estimated) |
|
|
|
|
Year of Establishment : |
1994 |
|
|
|
|
Legal Form : |
Free Zone Establishment |
|
|
|
|
Line of Business : |
· Engaged in the import and export of automobiles, specialising in Hyundai vehicles, as well as related spare parts and components. ·
Subject also deals in blasting grit supplies, construction equipment and machinery and
crushing and earthmoving equipment. |
|
|
|
|
No of Employees : |
20 |
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.
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 : PHOENIX GULF FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 1994
Trade Licence Number : 28562
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 20
Activities :
Import and export of automobiles,
construction equipment and
machinery.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : K A Joseph, General Manager
PHOENIX GULF FZE
Registered &
Physical Address
Street : Sheikh Zayed Road
Location : Jebel Ali Free Zone, Road No. 942,
R/A 9
PO Box : 17197
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8837837
Facsimile : (971-4) 8836804
Mobile : (971-50) 6446482
Email : phoenix@emirates.net.ae
/ admin@phoenixgulf.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone.
Name Position
·
Seyed Mehdi Gerami Managing
Director
·
K A Joseph General
Manager
·
K
Santosh Accountant
Date of Establishment : 1994
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 28562
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Seyed Mehdi Gerami 100%
Activities: Engaged in the import and export of
automobiles, specialising in Hyundai vehicles, as well as related spare parts
and components.
The company also
deals in blasting grit supplies, construction equipment and machinery and
crushing and earthmoving equipment.
Import
Countries: South Korea
International
Suppliers:
·
Hyundai Cars Co Ltd Korea
Export Countries: Middle East and CIS countries
Brand Names: HYUNDAI
Operating Trend: Steady
Subject has a
workforce of 20 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 Revenue UAE Dh 13,460,000 UAE Dh 13,810,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
·
Bank
Melli Iran
Deira Branch
PO Box: 1894
Dubai
Tel: (971-4) 2268207
Fax: (971-4) 2269157 / 2267096
·
Bank
Sepah International Plc
5-7 Eastcheap Street
London EC3M 1JT
United Kingdom
Tel: (44-20) 76231371
Fax: (44-20) 76231221
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.60.11 |
|
|
1 |
Rs.102.32 |
|
Euro |
1 |
Rs.81.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.