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MIRA INFORM REPORT
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Report No. : |
492509 |
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Report Date : |
27.02.2018 |
IDENTIFICATION DETAILS
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Name : |
HIMALAYAN GENERAL TRADING FZE |
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Registered Office : |
SM Office F1-103A, Ajman Free Zone Ajman |
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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 : |
20.05.2015 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Subject engaged in the import and distribution of mobile
phones, computer products, agricultural commodities, electrical products,
construction materials, coal, chemicals and metals. |
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No. of Employees : |
2 |
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 : |
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 (30.09.2017) |
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, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. 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 : HIMALAYAN GENERAL TRADING FZE
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 20th May 2015
Trade Licence Number : 14605
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
Total Workforce : 2
Activities : Distributors of mobile phones, computer products, agricultural
commodities, electrical products, construction materials, coal,
chemicals and metals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ankur Agarwal, General Manager
COMPANY
NAME
HIMALAYAN GENERAL TRADING FZE
ADDRESS
Registered &
Physical Address
Location : SM
Office F1-103A, Ajman Free Zone
Town :
Ajman
Country : United Arab
Emirates
Mobile :
(971-52) 6047560
Email :
himalyangeneral@gmail.com / kamal@himalyan.ae
Premises
Subject operates from a small suite of offices that are
rented and located in the Ajman Free Zone.
Correspondent
Office
· C/o Office No. 106, Zeenat Building
Frij Al Murar
Dubai
KEY
PRINCIPALS
Name Nationality Position
· Kamal Agarwalla Indian Managing
Director
·
Ankur Agarwalla Indian General
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 20th
May 2015
Legal
Form : Free
Zone Establishment – FZE
Trade
Licence No. : 14605
(Expires 19/05/2018)
Issued Capital : UAE
Dh 185,000
Paid up Capital :
UAE Dh 185,000
Name of Shareholder (s) Percentage
· Kamal Agarwalla 100%
OPERATIONS
Activities: Engaged in the import and distribution
of mobile phones, computer products, agricultural commodities,
electrical products, construction
materials, coal, chemicals and metals.
Import Countries: Europe and India
International Suppliers:
· Kothari Products Ltd India
Operating Trend: Steady
Subject has a workforce of 2 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: United Arab Emirates Dirham (UAE Dh)
Balance Sheet 31/12/16 31/12/15
Assets
Non-current assets
Plant and equipment 22,256 24,309
Current assets
Inventories 6,657 2,398,389
Trade receivables 3,130,800 670,064
Advances and other receivables 119,550 133,950
Bank balances 1,093,497 49,653
4,350,504 3,252,056
Total assets 4,372,760 3,276,365
Equity and Liabilities
Equity
Capital 185,000 185,000
Retained earnings 548,512 176,361
Total equity 733,512 361,361
Proprietor’s current account 846,710 (85,023)
Total equity and proprietor’s funds 1,580,222 276,338
Liabilities
Current liabilities
Trade and other payables 2,792,538 3,000,027
Total current liabilities 2,792,538 3,000,027
Total equity and liabilities 4,372,760 3,276,365
Profit
& Loss Account 01/01/16-31/12/16
20/05/15-31/12/15
Revenue 41,335,067 18,423,898
Cost of revenue (40,367,540) (17,900,259)
Gross profit 967,527 523,639
Staff costs (314,391) (148,366)
Depreciation (4,862) -
Administrative, general and selling expenses (270,354) (197,596)
Profit from operations 377,920 177,677
Foreign exchange losses (5,769) (1,316)
Total comprehensive income for the year/period 372,151 176,361
Local sources consider subject’s financial condition to be
Fair.
BANKERS
·
HSBC Bank Middle East
Main
Branch
Ajman
Tel:
(971-6) 5537222
Fax:
(971-6) 5537880
·
First Abu Dhabi Bank
Al
Ittihad Street
Ajman
Tel:
(971-2) 6811511
·
Mashreq Bank
Sheikh
Abdul Aziz Street
Ajman
Tel:
(971-6) 5118844
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 64.66 |
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1 |
INR 90.65 |
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Euro |
1 |
INR 79.70 |
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UAE DH |
1 |
INR 17.68 |
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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NIS |
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Report Prepared
by : |
TRU |
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.