MIRA INFORM REPORT

Report No. :	490777
Report Date :	06.02.2018

IDENTIFICATION DETAILS

Name :	AGRI COMMODITIES & FINANCE FZE
Registered Office :	Rakia Free Trade Zone, P O Box: 10559 & 16111, Ras Al Khaimah
Country :	United Arab Emirates
Financials (as on) :	31.03.2017
Date of Incorporation :	22.06.2002
Com. Reg. No.:	0568
Legal Form :	Free Zone Establishment - FZE
Line of Business :	Import and distribution of agricultural products, chemicals and fertilizers. Subject’s products include maize, pulses, wheat, rice, sugar, oilseeds, edible nuts, coffee, tea and farm implements.
No. of Employees :	5

NOTES:

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ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
United Arab Emirates	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 from the oil and gas sector to 30%.

Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.

The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.

Source : CIA

SUMMARY

Company Name : AGRI COMMODITIES & FINANCE FZE

Country of Origin : Dubai, United Arab Emirates

Legal Form : Free Zone Establishment - FZE

Registration Date : 22^nd June 2002

Commercial Registration Number : 0568

Trade Licence Number : 5001559

Issued Capital : UAE Dh 100,000

Paid up Capital : UAE Dh 100,000

Total Workforce : 5

Activities : Distributors of agricultural products

Financial Condition : Good

Payments : Regular

Operating Trend : Steady

Person Interviewed : Deepak Suresh Parde, Finance Manager

COMPANY NAME

AGRI COMMODITIES & FINANCE FZE

ADDRESS

Registered Address

Location : RAKIA Free Trade Zone

PO Box : 10559 & 16111

Town : Ras Al Khaimah

Country : United Arab Emirates

Physical Address

Location : Index Tower, East Office, Level 9, Office No. 902

Area : DIFC

PO Box : 40410 & 482076

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 3864551 / 2238801 / 3864569

Facsimile : (971-4) 3864552 / 2238863 / 3864575

Mobile : (971-50) 6534733

Email : sales@acfdxb.com / acf@acfdxb.com / tejhash.modh@acfdxb.com

Please note that subject’s previous address was, 303 Liberty House, 3^rd Floor, DIFC, Dubai.

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

KEY PRINCIPALS

Name Nationality Position

· Maheshkumar Raojibhai Patel Tanzanian Managing Director

· Ketankumar Vinubhai Patel British Director

· Kartik Sundara Bhai Patel Indian General Manager

· Tejhesh Modh - Commercial Manager

· Deepak Suresh Parde - Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : 22^nd June 2002

Legal Form : Free Zone Establishment – FZE

Commercial Reg. No. : 0568

Trade Licence No. : 5001559

Issued Capital : UAE Dh 100,000

Paid up Capital : UAE Dh 100,000

Name of Shareholder (s) Percentage

· ETC Mauritius Ltd 100%

Mauritius

AFFILIATED COMPANIES

· Agri Commodities & Finance LLC

Dubai

OPERATIONS

Activities: Engaged in the import and distribution of agricultural products, chemicals and fertilizers. Subject’s products include maize, pulses, wheat, rice, sugar, oilseeds, edible nuts, coffee, tea and farm implements.

Import Countries: Europe and the Far East

Principal Suppliers:

· K K Rice Mill Ltd India

· YARA Pvt Ltd India

· Olama Dubai

Operating Trend: Steady

Subject has a workforce of 5 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/03/15: Year Ending 31/03/16: Year Ending 31/03/17:

Total Sales US$ 102,000,000 US$ 101,800,000 US$ 102,300,000

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

The above figures were provided by Mr Deepak Suresh Parde, Finance Manager

BANKERS

· Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

PAYMENT HISTORY

Regular

GENERAL COMMENTS

The subject and its shareholders/owners have been searched in the following databases; Office of Foreign Assets Control (OFAC), United Nations Security Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse could be found on the exact names listed within the report.

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	INR 63.03
UK Pound	1	INR 90.40
Euro	1	INR 79.73
UAE Dh	1	INR 17.47

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Report Prepared by :

KET

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