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Report Date : |
13.10.2014 |
IDENTIFICATION DETAILS
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Name : |
TARU GENERAL TRADING FZC |
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Registered Office : |
Saif Zone, PO Box 121522, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.01.2008 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Subject is engaged in the import and distribution of petrochemicals
products, lubricants and bitumen. |
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No of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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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 :
TARU GENERAL TRADING FZC
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
3rd January 2008
Trade Licence Number :
05642
Issued Capital :
UAE Dh 150,000
Paid up Capital :
UAE Dh 150,000
Total Workforce :
4
Activities :
Distributors of petrochemicals products, lubricants and bitumen
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
TARU GENERAL TRADING FZC
Registered &
Physical Address
Location : Saif Zone
PO Box : 121522
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-4) 3257705
Mobile : (971-55)
1503282 (971-50) 9596737
Email : tarugtc@hotmail.com
/ tarugtc@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Saif Zone Area of Sharjah.
Name Nationality Position
Snehal Gopal Daz Shah Indian Managing
Director
Rajesh Kumar Shankarlal Indian Director
Date of Establishment : 3rd
January 2008
Legal Form :
Free
Zone Company - FZC
Trade Licence No. : 05642 (Expires
02/01/2015)
Issued Capital : UAE Dh 150,000
Paid up Capital :
UAE
Dh 150,000
Name of
Shareholder (s)
Snehal Gopal Daz Shah
Rajesh Kumar Shankarlal
Activities: Engaged in the import and distribution of petrochemicals products, lubricants
and bitumen.
Import Countries: Europe and the Far East
Subject has a workforce of 4 employees.
Companies registered in Sharjah, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
National Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.