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MIRA INFORM REPORT
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Report No. : |
485185 |
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Report Date : |
17.01.2018 |
IDENTIFICATION DETAILS
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Name : |
LANDMARK GENERAL TRADING FZE |
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Registered Office : |
Ajman Free Zone, Office No. 51, C Block PO Box 4258 Ajman |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
14.11.2002 |
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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 textiles,
readymade garments, building materials, foodstuffs and jewellery. |
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No. of Employees : |
3 |
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 : LANDMARK GENERAL TRADING FZE
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 14th November 2002
Trade Licence Number : 945, Ajman Free Zone
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 3
Activities : Distributors of textiles, readymade garments, building materials,
foodstuffs and jewellery
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Durga Parasad, Sales Executive
COMPANY
NAME
LANDMARK GENERAL TRADING FZE
ADDRESS
Registered &
Physical Address
Location :
Ajman Free Zone, Office No. 51, C Block
PO Box :
4258
Town :
Ajman
Country : United Arab
Emirates
Telephone :
(971-6) 7424275
Facsimile :
(971-6) 7424707
Mobile :
(971-56) 1144726
Email : info@lgtdubai.com
Please note that subject’s previous address was, Ajman Free
Zone, Warehouse No. A1 37, Gate No. 3, Ajman.
Premises
Subject operates from a small suite of offices that are
rented and located in the Free Zone Area of Ajman.
Branch Office (s)
Location Description
· PO
Box: 241378 & 241594 Office
premises
Dubai
Tel:
(971-4) 3528322
KEY
PRINCIPALS
Name Nationality Position
· Avinash
Nankashore Maheshwari Indian Managing Director
· Manoj
Kumar Sharma - Sales
Manager
· Durga Parasad - Sales
Executive
LEGAL
FORM & OWNERS
Date
of Establishment : 14th
November 2002
Legal
Form : Free
Zone Establishment – FZE
Trade
Licence No. : 945,
Ajman Free Zone
Issued Capital : UAE
Dh 150,000
Paid up Capital :
UAE Dh 150,000
Name of Shareholder (s) Percentage
· Avinash
Nankashore Maheshwari 100%
AFFILIATED
COMPANIES
· Corporate
Venture General Trading LLC
PO
Box: 241378 & 241594
Dubai
Tel:
(971-4) 3528322
OPERATIONS
Activities: Engaged in the import and distribution
of textiles, readymade garments, building materials, foodstuffs
and jewellery.
Import Countries: Europe and the Far East
International Suppliers:
· Texorang India
·
Sanda King Industry Ltd China
Subject has a workforce of 3 employees.
FINANCIAL
DATA
Companies registered in Ajman, 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: 3162
Dubai
Tel:
(971-4) 5531955
Fax:
(971-4) 5536962
IBAN
No: AE50110090010200023296
·
Emirates NBD Bank
Trade
Finance Services
Emirates
NBD Building, 1st Floor
Al
Muraqqabat, Deira
PO
Box: 777
Dubai
Tel:
971-4 2373333
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.
According to local sources, subject enjoys a good reputation
for the quality of its products with nothing detrimental uncovered regarding
the manner in which operations are conducted. 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 63.76 |
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1 |
INR 89.91 |
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Euro |
1 |
INR 78.20 |
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UAE DH |
1 |
INR 17.43 |
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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DIV |
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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
·
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.