MIRA INFORM REPORT

 

Report No. :

347312.2

Report Date :

14.11.2015

 

IDENTIFICATION DETAILS

 

Name :

AKSHAT INTERNATIONAL FZE

 

 

Registered Office :

Ajman Free Zone, Ajman

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

15.03.2011

 

 

Legal Form :

Free Zone Establishment - FZE

 

 

Line of Business :

Distributors of ferrous and non-ferrous metals, teak wood, used jute bags, pigeon peas and other pulses.

 

 

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 – 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

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

AKSHAT INTERNATIONAL FZE

 

2) Registered Address:

Address

:

Ajman Free Zone

Town

:

Ajman

Country

:

United Arab Emirates

PO Box

:

932

Phone (s)

:

(971-52) 84272747

 

 

(91-99) 78344644

Email

:

akshatInternational100@gmail.com

 

3) Operational Address & Contact Details:

Address

:

Ajman Free Zone

Town

:

Ajman

Country

:

United Arab Emirates

PO Box

:

932

Phone (s)

:

(971-52) 84272747

 

 

(91-99) 78344644

Email

:

akshatInternational100@gmail.com

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Free Zone Establishment - FZE

Date of Registration

:

15th March 2011

Trade License Number

:

1333

 

 

 

 

 

 

KEY FACTS

 

Operational Status

:

Steady

Financial Condition

:

Fair

Primary Business Activity

:

Distributors of ferrous and non-ferrous metals, teak wood, used jute bags, pigeon peas and other pulses.

Number of Employees

:

4

Capital

:

UAE Dh 150,000

 

 

CAPITAL DETAILS

 

Issued Capital:

NO OF SHARES

VALUE OF SHARE

AMOUNT

N/A

N/A

UAE Dh 150,000

 

Paid Up Capital:

NO OF SHARES

 

AMOUNT

N/A

N/A

UAE Dh 150,000

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

Currency: Indian Rupees (IR)

Description

Year Ending 31/12/13

Year Ending 31/12/14

Total Revenue

38,652,700

 

Other Income

11,000

 

Pre-tax Profit

1,057,045

 

Currency: United Arab Emirates Dirhams (UAE Dh)

Fixed Assets

605,300

503,200

Inventories

1,007,620

1,305,200

Cash & Bank Balances

987,320

1,080,540

Other Current Assets

1,141,382

2,055,780

Reserves

2,864,320

4,022,400

Current Liabilities

706,302

750,320

Provisions

21,000

22,000

Finished Goods

36,453,120

47,003,500

Export Earnings

38,652,700

49,586,300

Administration Expenses

1,034,057

1,317,450

Depreciation

65,420

60,245

Other Expenditure

54,058

65,025

Local sources consider subject’s financial condition to be Fair.

The above figures were provided by Mr Jegar Parek, Sales Manager

 

BANKER

 

1

Name

Habib Bank

 

Address

Murshid Bazaar

 

PO Box

3306 Dubai

 

Tel

(971-4) 2607999

 

Fax

(971-4) 2284211

 

Acc No

2010120430333810000.00

 

SHAREHOLDERS

 

1

Name

Dipak V Dohsi

 

Nationality

Indian

 

Percentage

100%

 

SENIOR MANAGEMENT

 

Sr.No

Name

Nationality

Dsignation

1

Dipak V Dohsi

Indian

Managing Director

2

Jegar Parek

n/a

Sales Manager

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.No

Country

Activity

1

Ecuador

Import

2

Ukraine

Import

3

Thailand

Import

 

Sr.No

Country

Activity

1

India

Export

2

Pakistna

Export

3

Malaysia

Export

4

Nepal

Export

 

International Suppliers:

Sr.No

Name

 

 

 

 

 

Country

1

Export Aroura Madras Multitech SA

Ecuador

2

Global Oplin SA

Ecuador

3

Vira Harvest Co Ltd

Thailand

4

Multiteak SA

 

 

 

 

 

Ecuador

 

5

Sheikh Brothers & Sons Co Ltd

 

 

 

Thailand

 

6

JNL Ltd

 

 

 

 

 

 

Ukraine

 

 

Clients:

Sr.No

Name

 

 

 

 

 

Country

1

Dharshi Trading Co

India

2

Sea Way Transport (Thailand) Ltd

Thailand

3

Khalifa International

 

 

 

 

Pakistan

 

4

Sunshine International

 

 

 

 

Malaysia

 

5

Sultan Export

 

 

 

 

 

Nepal

 

6

Vision Impex

 

 

 

 

 

Nepal

 

 

PREMISES

 

Subject operates from a small suite of offices that are rented and located in the Ajman Free Zone Area.

 

PAYMENT

 

No complaints regarding subject’s payments have been reported.

 

ADVERSE DATA

 

Performance Defaults

:

No record found

Payment Defaults

:

No record found

Adverse Press Coverage

:

No record found

Litigations

:

No record found

Former Business Relationships

:

No record found

 

INVESTIGATOR'S COMMENTS

 

Person Interviewed   : Jegar Parek, Sales Manager

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.

 

 

Note

 

Additional details provided by company management


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.14

UK Pound

1

Rs.100.55

Euro

1

Rs.71.26

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.