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MIRA INFORM REPORT
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Report No. : |
486313 |
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Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ZENATH PAPER
TRADERS LLC |
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Registered Office : |
Ascon House,
Salahudeen Road, Deira, 7113 & 81841, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.07.1988 |
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Com. Reg. No.: |
69728 |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Subject is
engaged in the import and export of waste paper as well as supplying paper
and paper products |
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No. of Employees : |
125 |
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 : ZENATH
PAPER TRADERS LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 3rd
July 1988
Commercial
Registration Number : 69728,
Dubai
Trade Licence
Number : 217197
Chamber Membership
Number : 14004
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce :
125
Activities :
Import and export of waste paper as well as supplying paper and paper
products
Financial Condition : Undetermined
Payments : No Complaints
COMPANY
NAME
ZENATH PAPER TRADERS LLC
ADDRESS
Registered & Physical
Address
Building : Ascon House
Street : Salahudeen Road
Area : Deira
PO Box : 7113 & 81841
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2713006 / 7076148
/ 4448200 / 2140803 /
4448231 / 2672489
Facsimile : (971-4) 2713003 / 2713487
Mobile : (971-55) 4026179
/ 4145636 / 4145633 / (971-50) 1075880 / 1555489
Email : zenath@etaascon.com / zenath@etazenath.com
Please note that
subject’s previous address was, Gulf Air Building, Salahudeen Road, Deira,
Dubai.
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office
(s)
Location Description
·
PO Box:
3532 Rented
sales office
Abu Dhabi
Tel: (971-2) 5541570
Fax: (971-2) 5541580
KEY
PRINCIPALS
Name Nationality Position
·
Ahmad
Abdullah Ahmad Al Ghurair Emirati Managing Director
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Khalid
Abdullah Ahmad Al Ghurair Emirati Director
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M P P Abdullah - General
Manager
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Raja
Mohamed - Commercial
Manager
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Mohamed Shafi - Public
Relations Officer
LEGAL
FORM & OWNERS
Date of Establishment : 3rd
July 1988
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 69728, Dubai
Trade Licence No. : 217197
(Expires 29/06/2018)
Chamber Member No. : 14004
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
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ETA
Ascon Holding Group 99.67%
Dubai
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ETA
Ascon Group 0.33%
Dubai
AFFILIATED
COMPANIES
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Zenath General Land Transport
Dubai
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Zenath Power System LLC
Dubai
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Zenath Metal Industries LLC
Dubai
OPERATIONS
Activities: Engaged in the import and export of waste
paper as well as supplying paper and paper products.
Import
Countries: Yemen, Kuwait,
Lebanon, Egypt and Iran
International Suppliers:
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Al Ghurair Printing Press Dubai
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Emirates Printing Press Dubai
Export
Countries: India. Subject
exports 118,000 metric tonnes of waste paper per annum.
Subject has a
workforce of approximately 125 employees.
FINANCIAL
DATA
Companies registered
in Dubai, 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
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Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that
the correct name of the subject is “Zenath Paper Traders LLC” and not “Zanath
Paper Traders LLC”.
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 63.98 |
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1 |
INR 88.13 |
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Euro |
1 |
INR 78.35 |
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UAE DH |
1 |
INR 17.38 |
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 : |
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:
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Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.