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MIRA INFORM REPORT
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Report No. : |
493840 |
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Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
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Name : |
AST ENTERPRISES INC |
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Registered Office : |
Pallodium Tower, Room No. 909, 9th Floor, Plot C3,
Cluster C, Jumeirah Lakes Towers, PO Box 309049, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.08.2009 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the import and distribution of general foodstuff
products, additives and animal feeds. |
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No. of Employees : |
06 |
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 (30.09.2017) |
Current
Rating (31.12.2017) |
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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 :
AST ENTERPRISES INC
Legal
Form :
Branch of a Foreign Registered Corporation
Registration
Date : 27th
August 2009
Trade
Licence Number :
31236
DMCC
Account Number : 89250
Issued
Capital :
UAE Dh 50,000
Paid
up Capital :
UAE Dh 50,000
Total
Workforce :
6
Activities :
Distributors of general foodstuff products, additives and animal feeds
Financial
Condition :
Undetermined
Payments :
No Complaints
Person
Interviewed :
Anand Rodofl Pinto, Finance Manager
COMPANY
NAME
AST
ENTERPRISES INC
ADDRESS
Registered & Physical Address
Building : Pallodium Tower, Room No. 909, 9th
Floor
Area : Plot C3, Cluster C, Jumeirah
Lakes Towers
PO
Box : 309049
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4495300
Facsimile : (971-4) 4495338
Mobile : (971-50) 4550621
Email : astent@emirates.net.ae
/ talwar@astenterprises.ae
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Dubai.
KEY
PRINCIPALS
Name Position
Saravjeet
Singh Talwar Managing
Director
Anand Rodofl Pinto Finance Manager
Jai Raj Sales
Manager
Thomas Abraham Administration
Executive
LEGAL
FORM & OWNERS
Date
of Establishment : 27th August
2009
Legal
Form : Subject is the Dubai
registered branch of AST Enterprise Inc, a Limited Liability
Company incorporated in the British
Virgin Islands.
AST Enterprises Inc (Branch) in Dubai,
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 the British Virgin Islands.
Trade Licence No. : 31236 (Expires 26/08/2019)
DMCC Account No. : 89250
Issued
Capital : UAE Dh 50,000
Paid
up Capital : UAE Dh 50,000
AFFILIATED COMPANIES
Trans
Bulk Shipping LLC
PO
Box: 20524
Khalid
Alattar Tower
Sheikh
Zayed Road
Dubai
Tel:
(971-4) 3315160
Fax:
(971-4) 3315170
OPERATIONS
Activities: Engaged in the import and
distribution of general foodstuff products, additives and animal feeds.
Subject
handled a volume in excess of 325,000 tons of cargo of different commodities in
2014.
Import
Countries:
Europe and the Far East.
Subject
has a workforce of 6 employees.
FINANCIAL
DATA
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
Habib
Bank Ltd
Murshid
Bazaar
PO
Box: 888
Dubai
Tel:
(971-4) 2221281
Fax:
(971-4) 2284631
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 63.81 |
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UK Pound |
1 |
INR 90.66 |
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Euro |
1 |
INR 79.94 |
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UAF Dh |
1 |
INR 17.71 |
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 : |
SYL |
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
·
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.