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Report No. : |
356198 |
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Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
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Name : |
AGRI COMMODITIES
& FINANCE FZE |
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|
|
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Registered Office : |
Rakia Free Trade Zone, P O Box: 10559 & 16111, Ras Al Khaimah |
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|
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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 : |
22.06.2002 |
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|
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Com. Reg. No.: |
0568 |
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Legal Form : |
Free Zone
Establishment - FZE |
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Line of Business : |
Import and
Distribution of Agricultural Products, Including Chemicals and Fertilizers. |
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No. of Employees : |
5 |
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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|
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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 – 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 : AGRI
COMMODITIES & FINANCE FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 22nd
June 2002
Commercial
Registration Number : 0568
Trade Licence
Number : 5001559
Issued Capital : UAE Dh
100,000
Paid up Capital : UAE Dh
100,000
Total Workforce : 5
Activities :
Distributors of agricultural products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Deepak Suresh
Parde, Finance Manager
AGRI COMMODITIES
& FINANCE FZE
Location : RAKIA Free Trade Zone
PO Box : 10559 & 16111
Town : Ras Al Khaimah
Country : United Arab Emirates
Location : 303 Liberty House, 3rd Floor
Area : DIFC
PO Box : 40410 & 482076
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3864551 / 2238801 / 3864569
Facsimile : (971-4) 3864552 / 2238863 / 3864575
Mobile : (971-50) 6534733
Email : sales@acfdxb.com / acf@acfdxb.com / tejhash.modh@acfdxb.com
Please note that
subject’s previous address was, 208/B Twin Towers, 2nd Floor,
Baniyas Road, Deira, Dubai.
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Maheshkumar
Raojibhai Patel Tanzanian Managing Director
·
Ketankumar
Vinubhai Patel British Director
·
Kartik
Sundara Bhai Patel Indian General Manager
·
Tejhesh
Modh
- Commercial
Manager
·
Deepak
Suresh Parde - Finance
Manager
Date of Establishment : 22nd
June 2002
Legal Form :
Free Zone Establishment –
FZE
Commercial
Reg. No. : 0568
Trade Licence No. : 5001559
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
·
ETC
Mauritius Ltd 100%
Mauritius
·
Agri
Commodities & Finance LLC
Dubai
Activities: Engaged in the import and distribution of
agricultural products, including chemicals and fertilizers.
Import
Countries: Europe and the
Far East.
Principal Suppliers:
·
K K
Rice Mill Ltd India
·
YARA
Pvt Ltd India
·
Olama Dubai
Operating Trend: Steady
Subject has a
workforce of 5 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 23,000,000 UAE Dh 24,225,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Deepak Suresh Parde, Finance Manager
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
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.66.30 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.72.33 |
|
UAE Dh |
1 |
Rs.18.02 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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 |
|
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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 |
|
|
-- |
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.