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MIRA INFORM REPORT
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Report No. : |
484879 |
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Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
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Name : |
GO GREEN FZC |
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Registered Office : |
B1- 518, Ajman Free Zone, PO Box 23709, Ajman |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
09.11.2013 |
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Legal Form : |
Free Zone Company – FZC |
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Line of Business : |
Subject holds a general trade licence and is involved in the import
and export of plastic raw materials and polymers. |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 :
GO GREEN FZC
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
9th November 2013
Trade Licence Number :
8988
Issued Capital :
UAE Dh 185,000
Paid up Capital :
UAE Dh 185,000
Total Workforce :
5
Activities :
General trade licence and is involved in the import and export of plastic
raw
materials and polymers
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Person Interviewed :
Binod Kumar, Sales Manager
COMPANY
NAME
GO GREEN FZC
ADDRESS
Registered &
Physical Address
Location : B1- 518, Ajman
Free Zone
PO Box :
23709
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7402442
Facsimile : (971-6)
7406232
Mobile : (971-52)
6875883
Email : binod.gogreen@gmail.com
/ durlav@gogreenae.ae
/ binod@gogreenae.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Ajman Free Zone.
KEY
PRINCIPALS
Name Position
Rachana Durlav Karki Managing
Director
Anuradah Ajay Singh Director
Durlav Karki General
Manager
Binod Kumar Sales
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 9th
November 2013
History : Subject began in
2013 as a Free Zone Establishment. It changed legal form to become
a Free Zone Company
during 2017.
Legal Form : Free Zone Company
– FZC
Trade Licence No. : 8988
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
Name of Shareholder (s)
Rachana Durlav Karki
Anuradah Ajay Singh
OPERATIONS
Activities: Subject holds a general trade licence and is involved in the import and
export of plastic raw materials and polymers.
Import Countries: Europe and the Far East
Subject has a workforce of 5 employees.
FINANCIAL
DATA
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales UAE
Dh 8,250,000 UAE Dh
8,600,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
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 63.83 |
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1 |
INR 86.28 |
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Euro |
1 |
INR 76.14 |
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UAE Dh |
1 |
INR 17.35 |
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 : |
TPT |
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
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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.