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Report No. : |
339786 |
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Report Date : |
10.09.2015 |
IDENTIFICATION DETAILS
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Name : |
GIVENERGY FZC |
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Registered Office : |
Ground Floor, Flex Office, Ras Al Khaimah Free Trade Zone, P O Box: 16111 & 331742, Ras Al Khaimah |
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Country : |
United
Arab Emirates |
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|
|
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
18.06.2012 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and Distribution
of Oil, Gasoline, Fuel and Fuel Products. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
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 |
Company Name : GIVENERGY
FZC
Country of Origin : Ras Al
Khaimah, United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date : 18th
June 2012
Trade Licence
Number : 5007702
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce : 3
Activities :
Distributors of oil, gasoline, fuel and fuel products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Nizam Mohamed,
Sales Manager
GIVENERGY FZC
Building : Ground Floor, Flex
Office
Area : Ras Al Khaimah Free Trade
Zone
PO Box : 16111 & 331742
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2076797
Facsimile : (971-7) 2041010
Mobile : (971-52) 9574810
Email : givenergy@rakfzbc.ae
Subject operates
from a small suite of offices that are rented and located in the Free Trade
Zone of Ras Al Khaimah.
Name Nationality Position
·
Sapar
Ali Genov Turkmenistan Managing
Director
·
Parvis
Abbassov Turkmenistan Director
·
Nizam
Mohamed - Sales
Manager
Date of Establishment : 18th
June 2012
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 5007702
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Sapar
Ali Genov
·
Parvis
Abbassov
Activities: Engaged in the import and distribution of
oil, gasoline, fuel and fuel products.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a workforce
of 3 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 15,920,000 UAE Dh 17,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Nizam Mohamed, Sales Manager
·
National
Bank of Fujairah
PO Box: 2979
Dubai
Tel: (971-4) 3971700 / 5078300
Fax: (971-4) 3979100 / 3973922
No complaints
regarding subject’s payments have been reported.
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 company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.29 |
|
|
1 |
Rs.101.89 |
|
Euro |
1 |
Rs.73.98 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
NIT |
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 |
|
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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 |
|
|
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.