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Report No. : |
326861 |
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Report Date : |
19.06.2015 |
IDENTIFICATION DETAILS
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Name : |
MIDAS GLOBAL LIMITED |
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|
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Registered Office : |
Hamriyah Free Zone, Plot No. 1K, 42/43 &
44,
PO Box 41580, Sharjah |
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|
|
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Country : |
United
Arab Emirates |
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|
|
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.09.2001 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the import, distribution, cutting and bailing of ferrous,
non-ferrous and scrap metals, paper and scrap plastics. |
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No. of Employees : |
40 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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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, 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 diversification and creating more opportunities for nationals through
improved education and increased private sector employment.
|
Source
: CIA |
Company Name : MIDAS GLOBAL LIMITED
Country of Origin :
British Virgin Islands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
1st September 2001
Trade Licence Number :
239
Chamber Membership Number :
800067
Issued Capital :
UAE Dh 150,000
Paid up Capital :
UAE Dh 150,000
Total Workforce :
40
Activities :
Distributors of ferrous, non-ferrous and scrap metals, paper and scrap
plastics.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Kapil Garg, Finance Manager
MIDAS GLOBAL LIMITED
Registered &
Physical Address
Location : Hamriyah Free
Zone, Plot No. 1K, 42/43 & 44
PO Box :
41580
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5263528
Facsimile : (971-6)
5263529
Mobile : (971-50)
6409650
Email : midas@midas.ae
/ kapil@indicaa.com
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Hamriyah Free Zone Area of Sharjah.
Name Position
Payal Garg Managing
Director
Sanjeev Garg Director
Sunder Raman Janakirman General
Manager
Kapil Garg Finance
Manager
Balaji Srinivas Financial
Controller
J Sunder Administration
Manager
Date of Establishment : 1st
September 2001
Legal Form : Subject is the
United Arab Emirates registered branch of Midas Global Ltd (BVI), a
Limited Liability
Company incorporated in the British Virgin Islands.
Midas
Global Limited in the United Arab Emirates, operates as a Branch of a
Foreign
Registered
Corporation.
A Branch of a
Foreign Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays in the
hands of the company where it is
originally registered.
Under these circumstances, we strongly
advise that any international trade credit should only be written under the
name of the main company where the
subject holds its registered office, in this case the British Virgin
Islands.
Trade Licence No. : 239
Industrial Licence
No. : 2306
Chamber Member No. : 800067
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Indica Group Ltd
Dubai
Tel: (971-4) 3511222
Fax: (971-4) 3511200
Activities: Engaged in the import, distribution, cutting and bailing of ferrous,
non-ferrous and scrap metals, paper and scrap plastics.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of 40 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 58,504,667 UAE Dh
60,047,991
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
HSBC Bank Middle East
PO Box: 25
Sharjah
Tel: (971-6) 5537222
Fax: (971-6) 5537880
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.63.85 |
|
|
1 |
Rs.100.99 |
|
Euro |
1 |
Rs.72.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
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 |
-- |
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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.