MIRA INFORM REPORT

 

 

Report No. :

352002

Report Date :

02.12.2015

 

IDENTIFICATION DETAILS

 

Name :

KOHINOOR INDO AFRI COMMODITIES AND GENERAL TRADING FZE

 

 

Registered Office :

RAK Free Zone, Ras Al Khaimah, P O Box: 16329

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

01.10.2013

 

 

Legal Form :

Free Zone Establishment - FZE

 

 

Line of Business :

Import and distribution of agro commodities, readymade garments and automotive spare parts.

 

 

No. of Employees :

1

 

 

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 :

Small Company

 

 

Payment Behaviour :

Slow but correct

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

 

Company Name

 

KOHINOOR INDO AFRI COMMODITIES AND GENERAL TRADING FZE

 

 

IDENTIFICATION & CONTACT DETAILS

1) Name (s):

Organization Official Name

:

KOHINOOR INDO AFRI COMMODITIES AND GENERAL TRADING FZE

 

2) Registered Address:

Address

:

RAK Free Zone

Town

:

Ras Al Khaimah

Country

:

United Arab Emirates

PO Box

:

16329

Phone (s)

:

(971-7) 2075828

Facsimile

:

(971-7) 2075829

Mobile

:

(971-55) 6751623

Email

:

kohinoorcommoditiesae@gmail.com

 

3) Operational Address & Contact Details:

Address

:

RAK Free Zone

Town

:

Ras Al Khaimah

Country

:

United Arab Emirates

PO Box

:

16329

Phone (s)

:

(971-7) 2075828

Facsimile

:

(971-7) 2075829

Mobile

:

(971-55) 6751623

Email

:

kohinoorcommoditiesae@gmail.com

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Free Zone Establishment - FZE

Date of Registration

:

1st October 2013

Trade License Number

:

7001242

 

KEY FACTS

 

Operational Status

:

Normal

Financial Condition

:

Undetermined

Primary Business Activity

:

Distributors of agro commodities, readymade garments and automotive spare parts.

Number of Employees

:

1

Capital

:

UAE Dh 400,000

Note:

Engaged in the import and distribution of agro commodities, readymade garments and automotive spare parts.

 

 

CAPITAL DETAILS

 

Issued Capital:

NO OF SHARES

VALUE OF SHARE

AMOUNT

N/A

N/A

UAE Dh 400,000

 

Paid Up Capital:

NO OF SHARES

 

AMOUNT

N/A

N/A

UAE Dh 400,000

 

 

FINANCIAL DATA

Companies registered in Ras Al Khaimah, 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.

 

 

BANKERS

1

Name

Emirates National Bank of Dubai

 

PO Box

1932 Ras Al Khaimah

 

Tel

(971-7) 2279888

 

 

SHAREHOLDERS

1

Name

Mitesh Himmatlal Wegalia

 

Percentage

100%

 

Country

India

 

 

SENIOR MANAGEMENT

Sr.No

Name

Nationality

Dsignation

1

Mitesh Himmatlal Wegalia

Indian

Managing Director

 

 

INTERNATIONAL TRADE ACTIVITY MARKETS

Sr.No

Country

Activity

1

Europe

Import

2

Far East

Import

 

 

PREMISES

Subject operates from a small suite of offices that are rented and located in the Ras Al Khaimah Free Zone.

 

 

PAYMENT

Slow but correct

 

 

ADVERSE DATA

Performance Defaults

:

No record found

Payment Defaults

:

No record found

Adverse Press Coverage

:

No record found

Litigations

:

No record found

Former Business Relationships

:

No record found

 

 

INVESTIGATOR'S COMMENTS

Please note that the mobile number 971-55 6751623 remained unanswered during our investigation and the telephone number 971-7 2075828 was not working. We were therefore unable to contact the company directly during our investigation.


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.66.52

UK Pound

1

Rs.100.44

Euro

1

Rs.70.44

UAE Dh

1

Rs.18.14

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               


 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.