MIRA INFORM REPORT

 

 

Report No. :

340684

Report Date :

15.09.2015

 

IDENTIFICATION DETAILS

 

Name :

ORION COMMODITIES FZC

 

 

Registered Office :

RAK Free Trade Zone, PO Box 16111 & 329982, Ras Al Khaimah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

20.04.2010

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Engaged in the import and distribution of minerals, ferrous and non-ferrous alloys.

 

 

No. of Employees :

5

 

 

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 :

Good

Payment Behaviour :

Regular

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                                    : ORION COMMODITIES FZC

Country of Origin                                   : Ras Al Khaimah, United Arab Emirates

Legal Form                                           : Free Zone Company - FZC

Registration Date                                  : 20th April 2010

Trade Licence Number                           : 5005067

Issued Capital                                       : UAE Dh 100,000

Paid up Capital                                     : UAE Dh 100,000

Total Workforce                         : 5

Activities                                               : Distributors of minerals, ferrous and non-ferrous alloys

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Balaji Devanathan, Managing Director

 

 

COMPANY NAME

 

ORION COMMODITIES FZC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : RAK Free Trade Zone

PO Box            : 16111 & 329982

Town                : Ras Al Khaimah

Country : United Arab Emirates

Telephone         : (971-7) 2041552

Facsimile          : (971-7) 2041010

Mobile              : (971-50) 2771001

Email                : sales@orion-commodities.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Ras Al Khaimah Free Trade Zone.

 

 

KEY PRINCIPALS

 

Name                                                   Nationality                    Position

 

Balaji Devanathan                                  Indian                           Managing Director

 

Sabiya Sachi Chatterjee                         Indian                           Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th April 2010

 

Legal Form                  : Free Zone Company  - FZC

 

Trade Licence No.        : 5005067

 

Issued Capital              : UAE Dh 100,000

 

Paid up Capital            : UAE Dh 100,000

 

Name of Shareholder (s)

 

Balaji Devanathan

 

Sabiya Sachi Chatterjee

 

 

AFFILIATED COMPANIES

 

Avartan Alloys & Mineral Pvt Ltd

Kolkata

India

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of minerals, ferrous and non-ferrous alloys.

 

Import Countries: India

 

International Suppliers:

 

Lalwani Ferro Alloys                  India

Sarda LLC & Mineral Ltd            India

 

Operating Trend: Steady

 

Subject has a workforce of 5 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Revenue                           US$ 18,730,000             US$ 20,000,000

 

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

 

The above figures were provided by Mr Balaji Devanathan, Managing Director

 

 

BANKERS

 

Bank of Baroda

Al Nahkeel Street

Ras Al Khaimah

Tel: (971-7) 2269377

Fax: (971-7) 2269399

 

Abu Dhabi Commercial Bank

PO Box: 1633

Ras Al Khaimah

Tel: (971-7) 2332200

Fax: (971-7) 2332020

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.66.37

UK Pound

1

Rs.102.54

Euro

1

Rs.75.32

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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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