|
Report No. : |
303098 |
|
Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUN MID AGRI FERT DMCC |
|
|
|
|
Registered Office : |
Unit No. AG-PF-06, AG Tower (Silver), Plot No. 11, Jumeirah Lakes Towers,
PO Box 502877, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
25.09.2013 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in the import and distribution of fertilizers and chemicals. |
|
|
|
|
No. of Employee : |
6 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
|
Status : |
New Business |
|
Payment Behaviour : |
Unknown |
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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. 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 :
SUN MID AGRI FERT DMCC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date :
25th September 2013
DMCC Number :
4365, Dubai
Trade Licence Number :
33355
Chamber Membership Number :
233679
Issued Capital :
UAE Dh 100,000
Paid up Capital :
UAE Dh 100,000
Total Workforce :
6
Activities :
Distributors of fertilizers and chemicals.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Venoy Mathew, Administration Manager
SUN MID AGRI FERT DMCC
Registered &
Physical Address
Building :
Unit No. AG-PF-06, AG Tower (Silver), Plot No. 11
Area : Jumeirah
Lakes Towers
PO Box :
502877
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 4393793
Facsimile : (971-4)
4393741
Email : info@sun-mid.com
/ aman@sunfze.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Jumeirah Lakes Towers Area of Dubai.
Name Position
Aman Deep Sahani General
Manager
Venoy Mathew Administration
Manager
Date of Establishment : 25th
September 2013
Legal Form : Limited Liability
Company
DMCC No. : 4365, Dubai
Trade Licence No. : 33355 (Expires
24/09/2015)
Chamber Member No. : 233679
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of
Shareholder (s) Percentage
Sun International FZE 50%
2214 Concord Tower
PO Box: 501877
Dubai
Tel: (971-4) 4393793
Fax: (971-4) 4393741
Mid Gulf International Ltd 50%
Cyprus
Activities: Engaged in the import and distribution of fertilizers and chemicals.
Import Countries: Europe and the Far East
Subject has a workforce of 6 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
Habib Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
Unknown
Please note that the address, Office 2214, Concord Tower, Dubai Media City,
Dubai belongs to the company “Sun International FZE” and not to the subject.
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a
close monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
|
|
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.