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Report No. : |
315560 |
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Report Date : |
06.04.2015 |
IDENTIFICATION DETAILS
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Name : |
PANASIA
INTERNATIONAL FZCO |
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Registered Office : |
Dubai Airport
Free Zone, Plot No. 5EA, Office No. 817, Al Quds
Street, P O Box: 293508 & 44656, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.02.2006 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and Distribution
of Timber. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 $10 billion loan
from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce,
and growing inflation pressures are significant long-term challenges. The UAE's
strategic plan for the next few years focuses on diversification and creating
more opportunities for nationals through improved education and increased
private sector employment.
|
Source
: CIA |
Company Name : PANASIA
INTERNATIONAL FZCO
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Free
Zone Company - FZCO
Registration Date : 1st
February 2006
Trade Licence
Number : 906
Issued Capital : UAE Dh
500,000
Paid up Capital : UAE Dh
500,000
Total Workforce : 4
Activities :
Distributors of timber.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Anand Ballav,
Finance Manager
PANASIA
INTERNATIONAL FZCO
Location : Dubai Airport Free Zone, Plot No. 5EA, Office No. 817
Street : Al Quds Street
PO Box : 293508 & 44656
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 7017680
Facsimile : (971-4) 7017681
Mobile : (971-50) 9291835
Email : anand.ballav@olamnet.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Dubai Airport Free Zone.
Name Nationality Position
·
Gurav Grover Indian Managing
Director
·
Anand
Ballav - Finance
Manager
Date of Establishment : 1st
February 2006
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 906
(Expires 15/01/2016)
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
·
Olam
International Ltd 80%
Singapore
·
Gurav Grover 20%
·
Olam Middle East LLC
Dubai
Activities: Engaged in the import and distribution of
timber.
Import
Countries: Europe and GCC
countries
Export
Countries: India and
Vietnam
Operating Trend: Steady
Subject has a
workforce of 4 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales US$ 79,100,000 US$
85,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Anand Ballav, Finance Manager
·
HSBC
Bank Middle East
Deira Souk Branch
PO
Box: 66
Dubai
Tel:
(971-4) 2535000
·
DBS
Bank Ltd
DBS Building, Tower One
6 Shenton Way
Singapore 068809
Tel: (65) 63272265
Acc No. 0003004989017
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
|
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 |
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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.