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Report No. : |
344132 |
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Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
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Name : |
PACE GLOBAL FZE |
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Registered Office : |
B-1 409-B, Ajman Free Zone, PO Box: 932, Ajman |
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Country : |
United Arab Emirates |
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Year of Establishment : |
2012 |
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Legal Form : |
Free Zone
Establishment – FZE |
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Line of Business : |
Subject is engaged in the import and distribution of surgical and pharmaceutical
products, including tablets, capsules, syrups and dry syrups, injectable
products, ointments and creams. |
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No. of Employee : |
1 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 EMIRATE - 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 :
PACE GLOBAL FZE
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
2012
Trade Licence Number :
8196
Issued Capital :
UAE Dh 200,000
Paid up Capital :
UAE Dh 200,000
Total Workforce :
1
Activities :
Distributors of surgical and pharmaceutical products.
Financial Condition :
Undetermined
Payments :
Unknown
Person Interviewed :
Ashish Mangul, Managing Director
PACE GLOBAL FZE
Location : B-1 409-B,
Ajman Free Zone
PO Box : 932
Town : Ajman
Country : United Arab
Emirates
Telephone : (91-842)
4847111 / (91-22) 28895111
Facsimile : (91-22)
28725111
Mobile : (971-55)
8131165
Email : info@pace-llc.com
Subject operates from a small suite of offices that are rented and
located in the Ajman Free Zone.
Name Position
· Ashish Mangul Managing
Director
Date of
Establishment : 2012
Legal Form : Free Zone
Establishment – FZE
Trade Licence No. : 8196
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
· Ashish Mangul 100%
Activities: Engaged in the import and distribution of surgical and pharmaceutical
products, including tablets,
capsules,
syrups and dry syrups, injectable products, ointments and creams.
Import Countries: Malaysia, Singapore and China
Subject has a workforce of 1 employee.
Companies registered in Ajman, 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.
·
HSBC Bank Middle East
Main Branch
Ajman
Tel: (971-6)
5537222
Fax: (971-6)
5537880
Unknown
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.65.02 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.73.92 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
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 |
|
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 |
-- |
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.