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MIRA INFORM REPORT
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Report No. : |
491330 |
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Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
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Name : |
COMPASS SHIPPING AND TRADING LTD |
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Branch Office : |
Hamriyah Free
Zone, Plot No. 1J-032, P O Box: 41611, Sharjah |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
31.07.2000 |
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Legal Form : |
Branch of a
Foreign Registered Corporation |
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Line of Business : |
Import and distribution
of marine and vessel scrap materials. |
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No. of Employees : |
8 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Branch of a
Foreign Registered Corporation |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
SUMMARY
Company Name : COMPASS
SHIPPING AND TRADING LTD
Country of Origin : St Kitts
& Nevis
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 31st
July 2000
Trade Licence
Number : 127
Total Workforce :
8
Activities :
Distributors of marine and vessel scrap materials
Financial Condition : Good
Payments :
No Complaints
Person Interviewed : Mohamed Azim,
Financial Manager
COMPANY
NAME
COMPASS SHIPPING
AND TRADING LTD
ADDRESS
Registered & Physical
Address
Location : Hamriyah Free Zone, Plot No. 1J-032
PO Box : 41611
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5263644 / 5260786
Facsimile : (971-6) 5263645
Mobile : (971-50) 9155470
Email : cfpl@eim.ae
/ cstl@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Hamriyah Free Zone Area of Sharjah.
KEY
PRINCIPALS
Name Nationality Position
·
Mohamed
Shabeer Beg Pakistani Managing
Director
·
Sayed
Moazam - General
Manager
·
Imran
Aziz - Financial
Controller
·
Mohamed
Azim - Financial
Manager
·
Mohamed
Taha - Accountant
LEGAL
FORM & OWNERS
Date of Establishment : 31st
July 2000
Legal Form :
Subject is the United Arab
Emirates registered branch of Alfa Shipping & Trading Ltd, a
Limited Liability Company incorporated in St
Kitts & Nevis.
Compass Shipping And Trading Ltd in the United Arab Emirates, operates
as a Branch of a Foreign
Registered Corporation.
Under these circumstances, we
strongly advise that any international trade credit should only be written
under the name of the main company where the subject holds its
registered office, in this case St Kitts & Nevis.
Trade Licence No. : 127
OPERATIONS
Activities: Engaged in the import and distribution of
marine and vessel scrap materials.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 8 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16:
Total Sales UAE Dh
253,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mohamed Azim, Financial Manager
BANKERS
·
Sharjah
Islamic Bank
PO Box: 4
Sharjah
Tel: (971-6) 5547747
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.28 |
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1 |
INR 89.02 |
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Euro |
1 |
INR 78.93 |
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UAE Dh |
1 |
INR 17.49 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.