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MIRA INFORM REPORT
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Report No. : |
491160 |
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Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SURYADEEP INTERNATIONAL FZC |
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Registered Office : |
Saif Zone, Suite 72C, PO Box 9441 & 122028, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.03..2017 |
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Date of Incorporation : |
27.06.2006 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Subject is Engaged in the import and distribution of scrap, ferrous
and non-ferrous metals and timber |
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No. of Employees : |
4 |
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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Maximum Credit Limit : |
US$ 2,000,000 |
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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
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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 $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company
Name :
SURYADEEP INTERNATIONAL FZC
Country
of Origin :
Sharjah, United Arab Emirates
Legal
Form :
Free Zone Company - FZC
Registration
Date : 27th
June 2006
Trade
Licence Number :
04107
Issued
Capital :
UAE Dh 1,000,000
Paid
up Capital :
UAE Dh 1,000,000
Total
Workforce :
4
Activities :
Distributors of scrap, ferrous and non-ferrous metals and timber
Financial
Condition :
Good
Payments :
Nothing detrimental uncovered
Operating
Trend :
Steady
Recommended Credit Limit : US$ 2,000,000
COMPANY
NAME
SURYADEEP INTERNATIONAL FZC
ADDRESS
Registered
Address
Location : Saif Zone, Suite 72C
PO
Box : 9441 &
122028
Town : Sharjah
Country : United Arab Emirates
Physical Address
Location : Art
Gold 3, Office No. 506
Street :
Al Rolla Street
Area :
Bur Dubai
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3510855
Facsimile : (971-4)
3510856
Mobile : (971-55) 9189435 / 9189436 /
(971-50) 6794986
Email : deepak@sandel.co.in / info@suryaexim.com / suryadeeepinternationalfzc@yahoo.com
suraydeepinternationalfzc@yahoo.co.in
/ suryadeep@suryaexim.com
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
Indralal
Kajriwal Indian Managing
Director
Naresh
Kumar Kajriwal Indian Director
Deepak
Kumar - Administration
Officer
Rajan
Kumar Bharti - Accounting
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 27th June 2006
Legal
Form : Free Zone Company - FZC
Trade
Licence No. : 04107
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name
of Shareholder (s)
Indralal
Kajriwal
Naresh
Kumar Kajriwal
Kajriwal
Industries
India
OPERATIONS
Activities: Engaged in the import and
distribution of scrap, ferrous and non-ferrous metals and timber.
Import
Countries:
Europe and the Far East
Operating
Trend:
Steady
Subject
has a workforce of 4 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
Revenue UAE Dh 275,000,000 UAE Dh 281,500,000 UAE Dh 286,000,000
Local
sources consider subject’s financial condition to be Good.
The
above financial figures are based on estimations by our local sources.
BANKERS
Bank
of Baroda
PO
Box: 3162
Dubai
Tel:
(971-4) 5531955
Fax:
(971-4) 5536962
PAYMENT
HISTORY
No
complaints regarding subject’s payments have been reported.
CREDIT
RATING
Recommended
credit limit: US$ 2,000,000
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 17.47 |
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 : |
KET |
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
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.