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Report No. : |
308255 |
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Report Date : |
19.02.2015 |
IDENTIFICATION DETAILS
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Name : |
TRACON GENERAL
TRADING FZE |
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Registered Office : |
Office No. E-2 106 G-16 Hamriyah Free Zone 52061 Sharjah |
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Country : |
United Arab
Emirates |
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Financial As on ; |
31.12.2013 |
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Date of Incorporation : |
09.02.2010 |
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Legal Form : |
Free Zone
Establishment - FZE |
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Line of Business : |
Engaged in the import
and distribution of agricultural commodities, including soya beans, wheat and
maize. Subject also imports and distributes petro-chemicals, soft
commodities, coal, steel, and textiles. |
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No. of Employee : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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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 $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : TRACON
GENERAL TRADING FZE
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 9th
February 2010
Trade Licence
Number : 6006
Issued Capital : US$
497,275
Paid up Capital : US$
497,275
Total Workforce : 6
Activities :
Distributors of agricultural commodities, chemicals, iron and steel.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Biju
Karuthadath Vikraman, Managing Director
TRACON GENERAL
TRADING FZE
Building : Office No. E-2 106 G-16
Area : Hamriyah Free Zone
PO Box : 52061
Town : Sharjah
Country : United Arab Emirates
Mobile : (971-55) 4312392 / (971-52)
9265797 / 9685708
Email : biju@tracongeneraltrading.com /
tracon@tracongeneraltrading.com
/
Subject operates
from a suite of offices covering 1,000 square metres that are rented and
located in the Hamriyah Free Zone Area of Sharjah.
Branch Offices
Location Description
· No. 409A Building No: 654(317-233) Office premises
Al Mankhool Building (BMI Building)
Khalid Bin Waleed Street
Bur Dubai
PO Box: 46006
Dubai
Tel: (971-4) 3888541
Fax: (971-4) 3888651
Name Nationality Position
·
Biju
Karuthadath Vikraman Indian Managing
Director
Date of Establishment : 9th
February 2010
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 6006
(Expires 08/02/2014)
Issued Capital : US$ 497,275
Paid up Capital : US$ 497,275
·
Biju
Karuthadath Vikraman 100%
·
Tracon General Trading LLC
PO Box: 46006
Dubai
Tel: (971-4)
3888541
Fax: (971-4)
3888651
Activities: Engaged in the import and distribution of
agricultural commodities, including soya beans, wheat and
maize. Subject also imports
and distributes petro-chemicals, soft commodities, coal, steel, and textiles.
Import Countries: India, Singapore and Argentina.
International Suppliers:
·
Bunge Switzerland
·
ERA
Crown Hong Kong
·
Nova
Alfa Pte Ltd Singapore
·
Chemtech
India
·
Radikal
Foods Dubai
·
Bafna
Pharmaceuticals India
·
Alphatrade
International Hong Kong
Clients:
·
Primestar
Energy FZE
·
Advantage
Overseas Pvt Ltd
·
BSA Pte
Ltd
·
Atlantic
Industrial and Trading Pte Ltd
·
Global
Business Conexxtions Pvt Ltd
·
VLS
Mining Ltd
·
Indswift
Laboratories Ltd
·
Rochelle
Management Ltd
·
Pace
LLC
Export Countries: India, China, Singapore and Hong Kong.
Operating Trend: Steady
Subject has a
workforce of 6 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Balance Sheet 31/12/10 31/12/11 31/12/12 31/12/13
Fixed Assets
Office Equipment 1,961 1,471 981 491
Total Fixed
Assets 1,961 1,471 981 491
Total Non-Current
Assets 1,961 1,471 981 491
Current Assets
Cash in hand 10,922 11,893,037 4,905,087 5,150,824
Trade Receivables
9,013,164 - 92,746,901
81,686,964
Other Receivables
2,170,784 2,206,312 2,697,929 2,165,437
Interest
Receivable 3,501,078 4,100,623 - 72,291
Total Current
Assets 14,695,948 18,199,972 100,349,917 89,075,516
Total Assets 14,697,909 18,201,443 100,350,898 89,076,007
Equity Share Capital
497,275 497,275 497,275 497,275
Proprietor
Current Account 3,213,058 8,129,616 22,607,396 50,277,030
Total Equity 3,710,333 8,626,891 23,104,671 50,774,305
Current
Liabilities Payables 10,326,211 8,828,294 76,401,219 37,555,444
Accruals &
others 661,365 746,258
845,008 746,258
Total Current
Liabilities 10,987,576 9,574,552 77,246,227 38,301,702
Total Liabilities
10,987,576 9,574,552 77,246,227 38,301,702
Total Liabilities
and Equity 14,697,909 18,201,443 100,350,898 89,076,007
Statement of Income
Revenues 691,949,696
617,398,852 5,193,565,261 4,338,098,421
Total Operating
Income 691,949,696 617,398,852 5,193,565,261 4,338,098,421
Cost of Sales 690,476,153 616,078,853 5,174,823,955 4,325,984,253
Less: Total
Direct Expenditure 690,476,153 616,078,853 5,174,823,955 4,325,984,253
Gross Profit 1,473,543 1,319,999 18,741,306 12,114,168
Rent 11,905 12,520 14,306 6,821
Communication
expenses 11,445 15,231 5,894 4,673
Travelling &
other expenses 38,947 43,625 21,263 19,585
Printing &
Stationery 2,014 2,846 6,436 7,216
Legal, Visa &
Professional 3,429 4,555 9,518 10,226
Office &
General expenses 10,216 13,628 15,594 26,841
Salaries &
Benefits 26,703 31,263 - -
Business
promotion 116,488 84,556 1,198,142 536,000
Finance Charges 560,629 162,352 5,842,674 3,367,605
L.C Charges 13,268 11,959 -
-
Less: Operating
Expenses 795,044 382,535 7,113,827 3,978,967
Profit Before Interest
&
Depreciation 678,499
937,464 11,627,479 8,135,201
Less:
Depreciation 490 490 490 490
Operating Profit
After
Depreciation 678,009 936,974 11,626,989 8,134,711
Interest Income 3,501,078 4,100,623 2,878,041 1,219,861
Profit Before
Interest & Tax 4,179,087 5,037,597 14,505,030 9,354,572
Less : Interest
on Loan 479,920 - -
-
Profit Before Tax
3,699,167 5,037,597 14,505,030 9,354,572
Profit After Tax 3,699,167 5,037,597 14,505,030 9,354,572
Profit After
Extraordinary items 3,699,167 5,037,597 14,505,030 9,354,572
Total
Comprehensive Income 3,699,167 5,037,597 14,505,030 9,354,572
Local sources
consider subject’s financial condition to be Good.
·
Emirates
National Bank of Dubai
PO Box: 21850
Sharjah
Tel: (971-6) 5738888
Acc No. 1024530064602
·
Abu
Dhabi Commercial Bank
Khalid Bin Al Wahed Street
Dubai
Tel: (971-4) 4091764
Acc No. 982994387001
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.62.24 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.