|
Report No. : |
323962 |
|
Report Date : |
29.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Saif Zone, 121522 Sharjah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
03.01.2008 |
|
|
|
|
Legal Form : |
Free Zone Company – FZC |
|
|
|
|
Line of Business : |
Engaged in the import and distribution of petrochemicals products, lubricants and bitumen. |
|
|
|
|
No of Employees : |
4 |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
UAE 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 : TARU GENERAL TRADING FZC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 3rd January 2008
Trade Licence Number : 05642
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 4
Activities : Distributors of petrochemicals products, lubricants and bitumen
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Snehal Gopal Daz Shah, Managing Director
TARU GENERAL
TRADING FZC
Location : Saif Zone
PO Box : 121522
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-4) 3257705
Mobile : (971-55) 1503282 / 3895409
(971-50) 9596737 / 9596730
Email : tarugtc@hotmail.com / tarugtc@emirates.net.ae / info@tarugtcuae.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Saif Zone Area of Sharjah.
Name Nationality Position
·
Snehal Gopal
Daz Shah Indian Managing
Director
·
Rajesh
Kumar Shankarlal Indian Director
Date of Establishment : 3rd
January 2008
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 05642
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Snehal
Gopal Daz Shah
·
Rajesh
Kumar Shankarlal
Activities: Engaged in the import and distribution of
petrochemicals products, lubricants and bitumen.
Import
Countries: Europe and the
Far East
International Suppliers:
·
Bahrain Petroleum Co (BAPCO) Bahrain
·
Iran Shefar Refinery Iran
Subject has a
workforce of 4 employees.
Companies
registered in Sharjah, 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.
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.90 |
|
|
1 |
Rs. 98.16 |
|
Euro |
1 |
Rs. 69.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.