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MIRA INFORM REPORT
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Report No. : |
484272 |
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Report Date : |
04.01.2018 |
IDENTIFICATION DETAILS
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Name : |
EUROASIAN
VENTURES FZE |
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Registered Office : |
Sheikh Zayed
Road, LOB 12, Office No. 12G06, South Zone, Jebel Ali Free
Zone, 17707, Dubai |
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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 : |
17.08.2005 |
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Legal Form : |
Free Zone
Establishment - FZE |
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Line of Business : |
Subject is Engaged
in the import and distribution of metals and related products |
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No. of Employees : |
15 |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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United Arab Emirates |
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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 :
EUROASIAN VENTURES FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
17th August 2005
Trade Licence Number :
6356
Chamber Membership Number :
100289
Issued Capital :
UAE Dh 25,000,000
Paid up Capital :
UAE Dh 25,000,000
Total Workforce :
15
Activities :
Distributors of metals and related products
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
COMPANY
NAME
EUROASIAN VENTURES FZE
ADDRESS
Registered & Physical
Address
Street : Sheikh Zayed Road, LOB 12,
Office No. 12G06
Area : South Zone, Jebel Ali Free Zone
PO Box : 17707
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8865838
/ 8873575
Facsimile : (971-4) 8865839
Email : admin@euroasian-ventures.com
Please note that
subject’s previous address was, Sheikh Zayed Road, LOB 17, Office No. 234, South Zone, Jebel Ali Free Zone, Dubai.
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone.
Branch Offices
Location Description
·
Jafza
View 19, 25th Floor Office
premises
Office No. 1
Jebel Ali Free Zone
Dubai
KEY
PRINCIPALS
Name Position
·
Amitava
Ghosh Dastidar Managing
Director
·
Naveent Manaksia General
Manager
·
Partatip Warrer Finance
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 17th
August 2005
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 6356
Chamber Member No. : 100289
Issued Capital : UAE Dh 25,000,000
Paid up Capital : UAE Dh 25,000,000
Name of
Shareholder (s) Percentage
·
BKM
Industries Limited 100%
Bikaner Building
8/1 Lalbazer Street, 3rd Floor
Kolkata 700001
India
Tel: (91-33) 22310050
Fax: (91-33) 22300336
OPERATIONS
Activities: Engaged in the import and distribution of
metals and related products.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a
workforce of 15 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Balance Sheet 31/03/17 31/03/16
Assets
Non-current assets
Investments 34,406,250 34,406,250
Total non-current
assets 34,406,250 34,406,250
Current assets
Due from related
parties 95,182,339 95,447,906
Trade receivables 2,190,201 1,712,422
Other current
assets 10,566,619 10,385,545
Cash and cash
equivalents 44,583 33,277
Total current
assets 107,983,742 107,579,150
Total assets 142,389,992 141,985,400
Equity &
Liabilities
Equity
Share capital 25,000,000 25,000,000
Share application
money 47,750 47,750
Retained earnings 79,793,158 68,220,473
Total equity 104,840,908 93,268,223
Non-current
liabilities
Long term
liabilities 212,740 190,685
Total non-current liabilities 212,740 190,685
Current liabilities
Trade and other
payables 19,918,450 30,158,613
Accrued expenses 5,000 23,254
Due to related
parties 17,412,894 18,344,625
Total current
liabilities 37,336,344 48,526,492
Total liabilities 37,549,084 48,717,177
Total equity and
liabilities 142,389,992 141,985,400
Statement of Income
Revenue 3,204,938 17,638,717
Direct expenses (2,471,745) (12,903,882)
Gross profit 733,193 4,734,835
Other income 11,573,912 9,151,186
Operating expenses
General and
administrative expenses 504,607 945,273
Finance charges 229,813 202,943
Total operating
expenses (734,420) (1,148,216)
Profit from
continuing operations 11,572,685 12,737,805
Net profit for the
year 11,572,685 12,737,805
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
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.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed 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 63.48 |
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|
1 |
INR 86.41 |
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Euro |
1 |
INR 76.54 |
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UAE DH |
1 |
INR 17.27 |
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
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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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.