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MIRA INFORM REPORT
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Report No. : |
493729 |
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Report Date : |
28.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ASIAN AGRO CHEMICALS CORPORATION |
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Registered Office : |
11F-09 Amenily Centre, Tower 2, Al Jazeera Al Hamra PO Box 86394, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
24.06.2008 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of
chemicals, specialising in concentrated boron. |
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No. of Employees : |
5 |
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 : ASIAN AGRO CHEMICALS CORPORATION
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 24th June 2008
Trade Licence Number : RAKIA 51FZE060812
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 5
Activities : Distributors of chemicals
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY
NAME
ASIAN
AGRO CHEMICALS CORPORATION
ADDRESS
Registered &
Physical Address
Location : 11F-09
Amenily Centre, Tower 2, Al Jazeera Al Hamra
PO Box :
86394
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2434822
Facsimile : (971-7) 2434823
Mobile : (971-50) 4291099
Email : marketing@asianagre.ae
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Ras Al Khaimah.
KEY
PRINCIPALS
Name Position
· Ahmet
Korkut Yakal Managing
Director
·
Alakh Natvarlal Shah Director
·
Ismail Enes Algan Director
·
Girish D Mehta Director
·
Rasheed Pandit General
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 24th June 2008
Legal Form : Limited Liability Company
Trade Licence No. : RAKIA 51FZE060812
Issued
Capital : UAE Dh 100,000
Paid
up Capital : UAE Dh 100,000
Name of Shareholder (s)
· Ahmet
Korkut Yakal
·
Alakh Natvarlal Shah
·
Ismail Enes Algan
·
Girish D Mehta
OPERATIONS
Activities: Engaged in the import and distribution
of chemicals, specialising in concentrated boron.
Import
Countries:
Turkey, India, Sri Lanka, Bangladesh, Thailand, Indonesia and Malaysia
Subject
has a workforce of 5 employees.
FINANCIAL
DATA
Companies
registered in Ras Al Khaimah, 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
·
Bank of Baroda
PO Box: 5294
Dubai
Tel: (971-7) 2269041
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 64.85 |
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1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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UAE DH |
1 |
INR 17.74 |
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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VIV |
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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
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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.