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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

483455

Report Date :

04.01.2018

 

IDENTIFICATION DETAILS

 

Name :

RESCOM MINERAL FZE

 

 

Registered Office :

LOB No. 7, Office No. 27 Sheikh Zayed Road Jebel Ali Free Zone Dubai, PO Box 17056

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.03.2016

 

 

Date of Incorporation :

28.05.1995

 

 

Legal Form :

Free Zone Establishment - FZE

 

 

Line of Business :

Subject is engaged in the processing of minerals, marble, stone and gravel.

 

 

No. of Employees :

4

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular 

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

RESCOM MINERAL FZE

Previously Known As

:

TRIMEX INTERNATIONAL FZE

 

2) Registered Address:

Address

:

LOB No. 7, Office No. 27 Sheikh Zayed Road Jebel Ali Free Zone

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

17056

Phone (s)

:

(971-4) 8835544

Facsimile

:

(971-4) 8836410

Email

 

trimex@emirates.net.ae / frontdesk@trimexgroup.com / nasir.m@trimexgroup.com

 

3) Operational Address & Contact Details:

Address

:

Plaza Tower, 17th Floor, Suite Nos 1701-04, Emaar Boulevard Emaar Square

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

17056

Phone (s)

:

(971-4) 4494300

Facsimile

:

(971-4) 4309092

Note:

Please note that subject’s previous address was, Gold Tower, 34th Floor, Jumeirah Lakes Towers, Dubai.

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Free Zone Establishment - FZE

Date of Registration

:

28th May 1995

Trade License Number

:

7176

 

OTHER REGISTRATION/ MEMBERSHIPS

 

Chamber Membership Number

:

125774

 

 

KEY FACTS

 

Operational Status

:

Steady

Financial Condition

:

Good

Primary Business Activity

:

Processors of minerals

Number of Employees

:

4

Capital

:

UAE Dh 1,000,000

History

:

Subject began in 1995 under the name “Trimex International FZE”. It changed its name to “Rescom Mineral FZE” on 22nd July 2015.

Note:

Engaged in the processing of minerals, marble, stone and gravel.

 

CAPITAL DETAILS

 

Issued Capital:

No of Shares

No of Shares

Amount

N/A

N/A

UAE Dh 1,000,000

 

Paid Up Capital:

No of Shares

No of Shares

Amount

N/A

N/A

UAE Dh 1,000,000

 

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:

Total Revenue

UAE Dh 810,200,000

UAE Dh 815,000,000

Local sources consider subject’s financial condition to be Good.

The above financial figures are based on estimations by our local sources.

 

BANKERS

 

1

Name

ABN Amro Bank

 

Address

Deira Branch

 

PO Box

2567 Dubai

 

Tel

(971-4) 3512200

 

SHAREHOLDERS

 

Sr.No

Name

Country

Percentage

1

Trimex Ltd

Bahamas

100%

 

SENIOR MANAGEMENT

 

Sr.No

Name

Nationality

Designation

1

Nama Kumar

Indian

Managing Director

2

Swaminathan Gopalan

_

General Manager

3

K S Bala

_

Financial Controller

4

Venkat Raman

_

Accounts Manager

5

Abdulaziz Shejoy

_

Administration Manager

 

AFFILIATED COMPANIES

 

1

Name

Trimex Commodities DMCC

 

Address

Gold Tower, 34th Floor Jumeirah Lakes Towers Dubai

 

Tel

(971-4) 4308844 / 4494300

 

Fax

 

 

 

 

 

(971-4) 4309092

 

DMCC No

31195

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.No

Country

Activity

1

India

Import

 

PREMISES

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

 

PAYMENT

 

Regular

 

ADVERSE DATA

 

Performance Defaults

:

No record found

Payment Defaults

:

No record found

Adverse Press Coverage

:

No record found

Litigations

:

No record found

Former Business Relationships

:

No record found

 

INVESTIGATOR'S COMMENTS

 

Please note that the correct name of the subject is “Rescom Mineral FZE” and not “Trimax Industries”.

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

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.48

UK Pound

1

INR 86.41

Euro

1

INR 76.54

UAE DH

1

INR 17.27

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

TRU

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.