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Report Date : |
02.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BGN INTERNATIONAL
DMCC |
|
|
|
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Registered Office : |
JLT Reef Tower, Unit
No. 1404, Plot No. 1, Jumeirah Lakes Towers, P O Box 115738, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19.05.2011 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
importer and distributor of crude oil and
petrochemical products. |
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|
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No of Employees : |
06 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
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 |
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 : BGN INTERNATIONAL DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company – FZ LLC
Registration Date : 19th May 2011
Trade Licence Number : 31500
Chamber Membership Number : 193137
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 6
Activities : Distributors of crude oil and petrochemical products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Lin Bulbona, Administration Executive
BGN INTERNATIONAL
DMCC
Registered &
Physical Address
Location : JLT Reef Tower, Unit No. 1404, Plot
No. 1, Jumeirah Lakes Towers
PO Box : 115738
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4487340 / 4487409 / 3762000
Facsimile : (971-4) 4487112 / 3762002
Mobile : (971-50) 5268476
Email : ialiyev@bayegan.net
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Position
·
Igrar
Aliyev General
Manager
·
Sinan
Gokhan Guner Sales
Manager
·
Arhan Kuthari Chief
Financial Officer
·
Lin
Bulbona Administration
Executive
Date of Establishment : 19th
May 2011
Legal Form :
Free Zone Company – FZ LLC
Trade Licence No. : 31500
Chamber Member No. : 193137
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of Shareholder
(s) Percentage
·
Bayegan
Group AS 100%
Istanbul
Turkey
Tel: (90-216) 4100000
Fax: (90-216) 3738519
Activities: Engaged in the import and distribution of
crude oil and petrochemical products.
Import
Countries: Europe and GCC
countries.
Subject has a
workforce of 6 employees.
Companies
registered in Dubai are not legally required to make their accounts public and no
financial information was released by the company or submitted by outside
sources.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
No complaints
regarding subject’s payments have been reported.
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.60.34 |
|
|
1 |
Rs.101.45 |
|
Euro |
1 |
Rs.83.31 |
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.