MIRA INFORM REPORT

Report No. :	487553
Report Date :	29.01.2018

IDENTIFICATION DETAILS

Name :	NILGIRIS INTERNATIONAL FZCO
Registered Office :	Building No. 4E, Block A, Dubai Airport Free Zone, Dubai, PO Box 54877
Country :	United Arab Emirates
Financials (as on) :	31.12.2017
Date of Incorporation :	24.07.2008
Legal Form :	Free Zone Company - FZCO
Line of Business :	Subject Engaged in the import and distribution of polymers, printing inks and industrial chemicals.
No. of Employees :	8

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

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name		:	NILGIRIS INTERNATIONAL FZCO
2) Registered Address:
Address		:	Building No. 4E, Block A, Dubai Airport Free Zone
Town		:	Dubai
Country		:	United Arab Emirates
PO Box		:	54877
Phone (s)		:	(971-4) 2998699
Facsimile		:	(971-4) 2998698
Mobile		:	(971-50) 6244928
Email			corporate@nilgirisfzco.com
3) Operational Address & Contact Details:
Address		:	Building No. 4E, Block A, Dubai Airport Free Zone
Town		:	Dubai
Country		:	United Arab Emirates
PO Box		:	54877
Phone (s)		:	(971-4) 2998699
Facsimile		:	(971-4) 2998698
Mobile		:	(971-50) 6244928
Email			corporate@nilgirisfzco.com
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category		:	Free Zone Company - FZCO
Date of Registration		:	24th July 2008
Trade License Number		:	1636
Expiry Date		:	23/07/2018
OTHER REGISTRATION/ MEMBERSHIPS
Membership Number		:	145327
KEY FACTS
Operational Status		:	Steady
Financial Condition		:	Fair
Primary Business Activity		:	Distributors of polymers, printing inks and industrial chemicals
Number of Employees		:	8
Capital		:	UAE Dh 500,000
Note:
Engaged in the import and distribution of polymers, printing inks and industrial chemicals.
CAPITAL DETAILS
Issued Capital:
No of Shares			No of Shares		Amount
N/A			N/A		UAE Dh 500,000
Paid Up Capital:
No of Shares			No of Shares		Amount
N/A			N/A		UAE Dh 500,000
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
			Year Ending 31/12/16:		Year Ending 31/12/17:
Total sales			UAE Dh 12,890,000		UAE Dh 13,125,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local sources.
BANKERS
1	Name			Habib Bank Ltd
	Address			Murshid Bazaar
	PO Box			888 Dubai
	Tel			(971-4) 2221281
	Fax			(971-4) 228463
SHAREHOLDERS
1	Name			Abhyanka Holding Ltd
	Address			Jebel Ali Free Zone Dubai
	Percentage			100%
SENIOR MANAGEMENT
Sr.No	Name			Designation
1	Krishnan A N			General Manager
2	Visvanathan N			Commercial Manager
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country			Activity
1	Europe			Import
2	Far East			Import
PREMISES
Subject operates from a small suite of offices that are rented and located in the Dubai Airport Free Zone.
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 : Visvanathan N, Commercial Manager
Please note that the correct name of the subject is “Nilgiris International FZCO” and not “Nilgiris International FZE”. 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 63.50
UK Pound	1	INR 90.92
Euro	1	INR 79.07
UAE DH	1	INR 17.31

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	KET

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.