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MIRA INFORM REPORT
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Report No. : |
495406 |
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Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
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Name : |
PHOENIX GULF FZE |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, Road No. 942, R/A 9, PO Box - 17197, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
1994 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
·
Engaged in the import and export of automobiles,
specialising in Hyundai vehicles, as well as related spare parts and
components ·
The company also deals in blasting grit supplies,
construction equipment and machinery and crushing and earthmoving equipment |
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No. of Employees : |
20 |
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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Maximum Credit Limit : |
US$ 200,000 |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name :
PHOENIX GULF FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
1994
Trade Licence Number :
28562
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
20
Activities :
Import and export of automobiles, construction equipment
and machinery
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
Recommended Credit Limit : US$ 200,000
COMPANY
NAME
PHOENIX GULF FZE
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed
Road
Location : Jebel Ali Free
Zone, Road No. 942, R/A 9
PO Box :
17197
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8837837
Facsimile : (971-4)
8836804
Mobile : (971-50)
6446482
Email : phoenix@emirates.net.ae / admin@phoenixgulf.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Jebel Ali Free Zone.
KEY
PRINCIPALS
Name Position
Seyed Mehdi Gerami Managing
Director
K A Joseph General
Manager
K Santosh Accountant
LEGAL
FORM & OWNERS
Date of Establishment : 1994
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 28562
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
Seyed Mehdi Gerami 100%
OPERATIONS
Activities: Engaged in the import and export of automobiles, specialising in
Hyundai vehicles, as well as related spare parts and components.
The company also deals in blasting grit supplies, construction equipment
and machinery and crushing and earthmoving equipment.
Import Countries: South Korea
International Suppliers:
Hyundai Cars Co Ltd South
Korea
Export Countries: Middle East and Russia
Brand Names: HYUNDAI
Operating Trend: Steady
Subject has a workforce of 20 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:
Total Sales UAE
Dh 14,800,000 UAE Dh
15,225,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
Bank Melli Iran
Deira Branch
PO Box: 1894
Dubai
Tel: (971-4) 2268207
Fax: (971-4) 2269157 / 2267096
Bank Sepah International Plc
5-7 Eastcheap Street
London EC3M 1JT
United Kingdom
Tel: (44-20) 76231371
Fax: (44-20) 76231221
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction April
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
CREDIT
RATING
Recommended
credit limit: US$ 200,000
GENERAL
COMMENTS
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 64.99 |
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1 |
INR 89.91 |
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Euro |
1 |
INR 80.21 |
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UAE DH |
1 |
INR 17.67 |
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:
·
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.