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MIRA INFORM REPORT
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Report No. : |
495456 |
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Report Date : |
12.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ZEE
GOLD DMCC |
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Formerly Known As : |
SHIRPUR GOLD TRADING DMCC |
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Registered Office : |
Unit No. 806, Swiss
Tower, Plot No: JLT-PH2-Y3A, Jumeirah Lakes Towers, PO Box 413763, 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 : |
02.04.2013 |
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Com. Reg. No.: |
413763 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Subject is Engaged in the refining and distribution of precious metal
products |
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No. of Employees : |
25 |
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$ 300,000 |
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Status : |
Satisfactory |
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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 (30.09.2017) |
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 $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company
Name :
ZEE GOLD DMCC
Country
of Origin :
Dubai, United Arab Emirates
Legal
Form :
Limited Liability Company
Registration
Date : 2nd
April 2013
DMCC
Number :
DMCC-3773
Trade
Licence Number :
32939
Issued
Capital :
UAE Dh 18,450,000
Paid
up Capital :
UAE Dh 18,450,000
Total
Workforce :
25
Activities :
Refiners and distributors of non-refined precious metal products
Financial
Condition :
Fair
Payments :
Slow but Correct
Recommended
Credit Limit : US$
300,000
COMPANY
NAME
ZEE
GOLD DMCC
ADDRESS
Registered
& Physical Address
Location : Unit No. 806, Swiss Tower, Plot No:
JLT-PH2-Y3A, Jumeirah Lakes Towers
PO
Box : 413763
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 5639898
Facsimile : (971-4) 5639897
Email : info@zeegold.esselgroup.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 Position
Jeff
Rhodes Chief
Executive Officer
LEGAL
FORM & OWNERS
Date
of Establishment : 2nd April 2013
History : Subject began in 2013 under the name
“Shirpur Gold Trading DMCC”.
However on 21st July
2015 it changed its name to “Zee Gold DMCC”.
Legal
Form : Limited Liability Company
DMCC
No. : DMCC-3773
Trade
Licence No. : 32939
Issued
Capital : UAE Dh 18,450,000
Paid
up Capital : UAE Dh 18,450,000
Name
of Shareholder (s) Percentage
Shirpur
Gold Refinery Limited 100%
India
OPERATIONS
Activities: Engaged in the refining
and distribution of precious metal products.
Import
Countries:
Europe and the Far East
Subject
has a workforce of 25 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency:
United Arab Emirates Dirham (UAE Dh)
Balance Sheet 31/03/17 31/03/16 31/03/15
Assets
Non-current
assets
Fixed
assets 484,728 595,416 -
Intangible
assets 87,935 110,633 -
Investment
in subsidiary 32,219 32,219 -
Total
non-current assets 604,882 738,268 -
Current
assets
Inventories 12,009 2,759,330 -
Trade
and other receivables 116,144,460 85,481,503 13,200
Prepayments 492,528 119,684 36,620
Cash
and cash equivalents 8,828,617 5,216,679 74,656
Total
current assets 125,477,614 93,577,196 124,476
Total
assets 126,082,496 94,315,464 124,476
Equity
and Liabilities
Shareholders’
funds
Share
capital 18,450,000 18,450,000 100,000
Accumulated
losses (3,499,368) (4,752,401) (108,499)
Equity
funds 14,950,632 13,697,599 (8,499)
Shareholders’
current account 216,647 12,629 127,975
Shareholders’
loan account 35,995,769 77,615,014 -
Total
shareholders’ funds 51,163,048 91,325,242 119,476
Non-current
liabilities
Provision
for staff end-of-service benefits 41,838 - -
Total
non-current liabilities 41,838 - -
Current
liabilities
Bank
borrowings 70,743,028 - -
Trade
and other payables 4,134,482 2,990,222 5,000
Total
current liabilities 74,877,610 2,990,222 5,000
Total
equity and liabilities 126,082,496 94,315,464 124,476
Statement of Income
Revenue 1,817,688,840 29,787,181 -
Cost
of revenue (1,808,391,344) (29,917,935) -
Gross
Profit / (loss) 9,297,496 (130,754) -
Other
income 281,837 - -
Managerial
remuneration (266,159 (1,449,073) -
Finance
charges (5,087,017)
(1,652,039) -
Expenses (2,973,124) (1,412,036) (46,763)
Net
profit / (loss) 1,253,033 (4,643,902) (46,763)
Local
sources consider subject’s financial condition to be Fair.
BANKERS
HSBC
Bank Middle East
Deira
Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
PAYMENT
HISTORY
Slow
but Correct.
CREDIT
RATING
Recommended
credit limit: US$ 300,000
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.
Please
note that the following details provided are incorrect (Registration Number:
DMCC3773 1890 NW 95 AVE. Doral, Fl33172).
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 65.08 |
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1 |
INR 89.85 |
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Euro |
1 |
INR 80.16 |
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UAE DH |
1 |
INR 17.71 |
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
·
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.