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MIRA INFORM REPORT
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Report No. : |
517142 |
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Report Date : |
28.06.2018 |
IDENTIFICATION DETAILS
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Name : |
SARMAD GENERAL TRADING FZCO |
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Registered Office : |
Lob No. 16208, 16th Roundabout, Jebel Ali Free Zone, PO
Box- 17517, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 (Summarized) |
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Date of Incorporation : |
31.12.2002 |
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Legal Form : |
Free
Zone Company - FZCO |
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Line of Business : |
Subject is engaged in the import and distribution of general foodstuffs. |
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No. of Employees : |
4 |
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 (31.12.2017) |
Current Rating (01.04.2018) |
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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, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. 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 : SARMAD GENERAL TRADING FZCO
Country
of Origin : Dubai, United Arab Emirates
Legal
Form : Free Zone Company - FZCO
Registration
Date : 31st December 2002
Trade
Licence Number : 4099
Membership
Number : 80744
Issued
Capital : UAE Dh 500,000
Paid
up Capital : UAE Dh 500,000
Total
Workforce : 4
Activities : Distributors of general foodstuffs
Financial
Condition : Fair
Payments : No Complaints
Operating
Trend : Steady
ARIC
Credit Rating : BB
Person
Interviewed : Majeed
Mohamed, Sales Executive
COMPANY
NAME:
SARMAD GENERAL TRADING FZCO
ADDRESS
Registered & Physical Address
Location : Lob No. 16208, 16th
Roundabout, Jebel Ali Free Zone
PO
Box : 17517
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8872625 / 2263200
Facsimile : (971-4) 8872624
Mobile : (971-50) 4607261
Email : sarmadgt@emirates.net.ae
Premises
Subject
operates from a small suite of offices that are rented and located in the Jebel
Ali Free Zone Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
Saeed Ansari Lari Iranian Managing
Director
Abdullah Ansari Lari Iranian Director
Majeed Mohamed - Sales
Executive
LEGAL
FORM & OWNERS
Date
of Establishment : 31st December 2002
Legal
Form : Free Zone Company - FZCO
Trade
Licence No. : 4099
Membership No. :
80744
Issued
Capital : UAE Dh 500,000
Paid
up Capital : UAE Dh 500,000
Name
of Shareholder (s)
Saeed Ansari Lari
Abdullah Ansari Lari
OPERATIONS
Activities : Engaged in the import and distribution of general
foodstuffs.
Import
Countries : India
International
Suppliers: Sree
Lakshmi Cashew India
Operating
Trend : Steady
Subject
has a workforce of 4 employees.
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:
SALES UAE
Dh 11,600,000 UAE Dh
12,785,000
Local
sources consider subject’s financial condition to be Fair.
The
above financial figures are based on estimations by our local sources.
BANKERS
Habib
Bank Ltd
Murshid
Bazaar
PO
Box: 888
Dubai
Tel:
(971-4) 2221281
Fax:
(971-4) 2284631
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.
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 68.52 |
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1 |
INR 90.60 |
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Euro |
1 |
INR 79.86 |
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AED |
1 |
INR 18.79 |
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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PRA |
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Report Prepared
by : |
SUJ |
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.