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Report No. : |
344006 |
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Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
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Name : |
FORTUNE EXIM FZE |
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Registered Office : |
Hamriyah Free Zone, PO Box 49496, Sharjah |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
12.01.2012 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Engaged in the import and distribution of metal, scrap metal, timber, textiles,
readymade garments and electrical products. |
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No. of Employees : |
5 |
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 : |
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) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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. 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.
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Source
: CIA |
Company Name :
FORTUNE EXIM FZE
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
12th January 2012
Trade Licence Number :
8292
Issued Capital :
UAE Dh 500,000
Paid up Capital :
UAE Dh 500,000
Total Workforce :
5
Activities :
Distributors of metal, scrap metal, timber, textiles, readymade garments
and electrical products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Ateeq Ahmed, Sales Manager
FORTUNE EXIM FZE
Registered &
Physical Address
Location : Hamriyah Free
Zone
PO Box : 49496
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5234363
Facsimile : (971-6)
5234363
Mobile : (971-50)
1456835 / (971-55) 9948702
Email : fortuneeximfze@gmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Hamriyah Free Zone Area of Sharjah.
Name Position
Ashish Gupta Managing
Director
Ateeq Ahmed Sales
Manager
Date of Establishment : 12th
January 2012
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 8292 (Expires
13/01/2016)
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of
Shareholder (s) Percentage
Ashish Gupta 100%
Activities: Engaged in the import and distribution of metal, scrap metal, timber,
textiles, readymade garments and electrical products.
Import Countries: Europe and India.
International
Suppliers:
Strategic Impex India
Vijay Steel India
Sharda Impex India
Operating Trend: Steady
Subject has a workforce of 5 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 22,655,000 UAE Dh
23,400,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ateeq Ahmed, Sales Manager
Standard Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel: (971-6) 5357788
Fax: (971-6) 5543604
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.65.39 |
|
|
1 |
Rs.99.05 |
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Euro |
1 |
Rs.73.19 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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 |
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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.