MIRA INFORM REPORT

 

 

Report No. :

345883

Report Date :

23.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ADVAITA INTERNATIONAL FZE

 

 

Registered Office :

Hamriyah Free Zone, Elob Office No. E-10-F25 , PO Box 53734,  Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

12.11.2013

 

 

Legal Form :

Free Zone Establishment – FZE

 

 

Line of Business :

Engaged in the procurement and processing of ferrous and non-ferrous metals

 

 

No. of Employees :

3

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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

SUMMARY

 

Company Name                                    : ADVAITA INTERNATIONAL FZE

Country of Origin                                   : Sharjah, United Arab Emirates

Legal Form                                           : Free Zone Establishment - FZE

Registration Date                                  : 12th November 2013

Trade Licence Number                           : 11536

Issued Capital                                       : UAE Dh 150,000

Paid up Capital                                     : UAE Dh 150,000

Total Workforce                                     : 3

Activities                                               : Procurement and processing of ferrous and non-ferrous metals

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Shweta Deolekar, Accounts Manager

 

COMPANY NAME

 

ADVAITA INTERNATIONAL FZE

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Hamriyah Free Zone, Elob Office No. E-10-F25

PO Box                        : 53734

Town                : Sharjah

Country             : United Arab Emirates

Mobile              : (971-55) 2082033 / (971-50) 6862343

Email                : advaita.int@gmail.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                   Nationality                                Position

 

Shrey Gupta                                          Indian                                       Managing Director

 

Shweta Deolekar                                       -                                           Accounts Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th November 2013

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.        : 11536

 

Issued Capital              : UAE Dh 150,000

 

Paid up Capital            : UAE Dh 150,000

 

Name of Shareholder (s)                                           Percentage

 

Shrey Gupta                                                                  100%

AFFILIATED COMPANIES

 

Met Trade (UAE) FZC

Hamriyah Free Zone, Plot No. B2-B12-B13

PO Box: 42545

Sharjah

Tel: (971-6) 5261020

Fax: (971-6) 5264236

 

Teneron Global FZE

Hamriyah Free Zone, Elob Office No. E-32-F27

PO Box: 53459

Sharjah

Mob: (971-55) 2082033 / (971-50) 6862343

 

 

OPERATIONS

 

Activities: Engaged in the procurement and processing of ferrous and non-ferrous metals

 

Suppliers:

 

Global Impex FZE                     Sharjah

Alkan Global FZC                      Ajman

 

Operating Trend:                      Steady

 

Subject has a workforce of 3 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                            Year Ending 31/12/14:

 

Consolidated Total Sales                       UAE Dh 254,000,000

 

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

 

The above figures were provided by Mr Shweta Deolekar, Accounts Manager and comprise the subject, Met Trade (UAE) FZC and Teneron Global FZE.

 

 

BANKERS

 

HSBC Bank Middle East

PO Box: 25

Sharjah

Tel: (971-6) 5537222

Fa : (971-6) 5537880

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.15

UK Pound

1

Rs.100.54

Euro

1

Rs.73.97

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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

--

 

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%)

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