MIRA INFORM REPORT

Report No. :	485964
Report Date :	13.01.2018

IDENTIFICATION DETAILS

Name :	VARIETY TRADING FZE
Registered Office :	SM Office HI-122B, Ajman Free Zone, Ajman
Country :	United Arab Emirates
Financials (as on) :	31.12.2016
Date of Incorporation :	26.02.2014
Legal Form :	Free Zone Establishment – FZE
Line of Business :	Subject is engaged in the import and distribution of readymade garments, foodstuffs, decorative and electrical products.
No. of Employees :	3

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	No Complaints
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

Company name VARIETY TRADING FZE
IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name	:	VARIETY TRADING FZE
2) Registered Address:
Address	:	SM Office HI-122B, Ajman Free Zone
Town	:	Ajman
Country	:	United Arab Emirates
3) Operational Address & Contact Details:
Address	:	204 Afghani Building Al Ras, Deira
Town	:	Dubai
Country	:	United Arab Emirates
Phone (s)	:	(971-4) 2295110
Email	:	future_key@yahoo.co.in
Mobile	:	(971-50) 2365891 / 2708536 / 4749617
:
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category	:	Free Zone Establishment - FZE
Date of Registration	:	26th February 2014
Trade License Number	:	10183
Expiry Date	:	25/02/2018
KEY FACTS
Operational Status	:	Normal
Financial Condition	:	Undetermined
Primary Business Activity	:	Distribution of readymade garments, foodstuffs, decorative and electrical products
Number of Employees	:	3
Capital	:	UAE Dh 150,000
Note:
Engaged in the import and distribution of readymade garments, foodstuffs, decorative and electrical products.
CAPITAL DETAILS
Issued Capital:
No of Shares		No of Shares	Amount
N/A		N/A	UAE Dh 150,000
Paid Up Capital:
No of Shares		No of Shares	Amount
N/A		N/A	UAE Dh 150,000
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
		Year Ending 31/12/16:
Total Sales		UAE Dh 8,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Puneet Jalotra, Managing Director
BANKERS
1	Name	Mashreq Bank Plc
	Address	Deira Branch
	PO Box	1250 Dubai
	Tel	(971-4) 2229131 / 2221134
SHAREHOLDERS
Sr.No	Name	Nationality	Percentage
1	Puneet Jalotra	Indian	100%
SENIOR MANAGEMENT
Sr.No	Name	Nationality	Designation
1	Puneet Jalotra	Indian	Managing Director
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country	Activity
1	India	Import
International Suppliers:
Sr.No	Name	Country
1	Ranban Exim	India
2	Voilet Exim Pvt Ltd	India
3	Sneh Overseas	India
PREMISES
Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.
PAYMENT
No complaints regarding subject’s payments have been reported.
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
Person Interviewed : Puneet Jalotra, Managing Director
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

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.52
UK Pound	1	INR 86.05
Euro	1	INR 76.53
UAE Dh	1	INR 17.32

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

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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.