|
|
|
MIRA INFORM REPORT
|
Report No. : |
486250 |
|
Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
GREEN GLORY TRADING FZE |
|
|
|
|
Registered Office : |
SM Office E-1, 3007 E, Ajman Free Zone, Ajman |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
07.02.2016 |
|
|
|
|
Legal Form : |
Free Zone Establishment - FZE |
|
|
|
|
Line of Business : |
Subject is engaged in the import and distribution of readymade
garments and perfumes. |
|
|
|
|
No. of Employees : |
1 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
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 |
SUMMARY
Company Name : GREEN GLORY TRADING FZE
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 7th February 2016
Trade Licence Number : 17063
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
Total Workforce : 1
Activities : Distributors of readymade garments and perfumes
Financial Condition : Undetermined
Payments : No complaints
COMPANY
NAME
GREEN GLORY TRADING FZE
ADDRESS
Registered Address
Building : SM Office
E-1, 3007 E
Area : Ajman Free
Zone
Town : Ajman
Country : United Arab Emirates
Physical Address
Building : Al Ghurair
Building
Area : Deira
PO Box :
381312
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2517527
Mobile : (971-52)
1996808
Email : greenglorytradingfze@gmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
·
Sagar Gurung Indian Managing
Director
LEGAL
FORM & OWNERS
Date of
Establishment : 7th
February 2016
Legal Form : Free Zone
Establishment – FZE
Trade Licence No. : 17063
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
Name of Shareholder (s) Percentage
·
Sagar Gurung 100%
OPERATIONS
Activities: Engaged in the import and distribution of readymade garments and perfumes.
Import Countries: Europe and the Far East
Subject has a workforce of 1 employee.
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
·
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
Please note that the correct name of the subject is “Green Glory Trading
FZE” and not “Green Glory Trading Co 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.72 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
|
UAE Dh |
1 |
INR 17.39 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SYL |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.