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MIRA INFORM REPORT
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Report No. : |
483842.2 |
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Report Date : |
19.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ZAAR TRADING FZ LLC |
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Registered Office : |
Tower 1, 12th Floor, Ras Al Khaimah Industrial Area, PO Box:31291, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
04.10.2016 |
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Legal Form : |
Free Zone Company – FZ LLC |
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Line of Business : |
Subject is engaged in the import and distribution of used cars,
filling and packaging materials, textiles and clothing |
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No. of Employees : |
2 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 : ZAAR TRADING FZ LLC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Free Zone Company – FZ LLC
Registration Date : 4th October 2016
Trade Licence Number : RAKIA45FZ31D168705
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 2
Activities : Distribution of used cars, filling and packaging materials, textiles and
clothing
Financial Condition : Undetermined
Payments : Slow but correct
COMPANY
NAME
ZAAR TRADING FZ LLC
ADDRESS
Registered & Physical
Address
Building : Tower 1, 12th
Floor
Area : Ras Al
Khaimah Industrial Area
PO Box :
31291
Town :
Ras Al Khaimah
Country : United Arab Emirates
Premises
Subject operates from a small suite of offices that are rented and
located in the Industrial Area of Ras Al Khaimah.
KEY
PRINCIPALS
Name Position
·
Aun Ali Ravjani Managing
Director
LEGAL
FORM & OWNERS
Date of
Establishment : 4th
October 2016
Legal Form : Free Zone Company
– FZ LLC
Trade Licence No. : RAKIA45FZ31D168705 (Expires 03/10/2018)
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of Shareholder (s)
·
Aun Ali Ravjani
OPERATIONS
Activities: Engaged in the import and distribution of used cars, filling and
packaging materials, textiles and clothing
Import Countries: Europe and the Far East
Subject has a workforce of 2 employees.
FINANCIAL
DATA
Companies registered in Ras Al Khaimah, 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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National Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7)
2221127
Fax: (971-7)
2224202
PAYMENT
HISTORY
Slow but correct
GENERAL
COMMENTS
Please note we were unable to make direct contact with the subject
during the course of this investigation.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed 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 63.84 |
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1 |
INR 88.28 |
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Euro |
1 |
INR 77.88 |
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UAE Dh |
1 |
INR 17.33 |
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 : |
SYL |
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
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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.