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MIRA INFORM REPORT
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Report No. : |
500720 |
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Report Date : |
28.03.2018 |
IDENTIFICATION DETAILS
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Name : |
MIDAS GLOBAL LIMITED |
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Registered Office : |
Hamriyah Free Zone, Plot No. 1K, 42/43 &
44,
PO Box: 41580, Sharjah |
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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 : |
01.09.2001 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the import, distribution, cutting and bailing of
ferrous, non-ferrous and scrap metals, paper and scrap plastics. |
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No. of Employees : |
40 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Branch of a Foreign Registered Corporation |
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Payment Behaviour : |
Slow |
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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. 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 : MIDAS GLOBAL LIMITED
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 1st September 2001
Trade Licence Number : 239
Chamber Membership Number : 800067
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 40
Activities : Distributors of ferrous, non-ferrous and scrap metals, paper and scrap
plastics
Financial Condition : Fair
Payments : Slow
COMPANY
NAME
MIDAS GLOBAL LIMITED
ADDRESS
Registered & Physical
Address
Location : Hamriyah Free
Zone, Plot No. 1K, 42/43 & 44
PO Box :
41580
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5263528
Facsimile : (971-6)
5263529
Mobile :
(971-50) 6409650 / 5522801 / 8773820 / 5581490 / (971-56) 1144624
Email :
midas@midas.ae / kapil@indicaa.com / sundar@midasgloballimited.com
/ balaji@indicaa.com
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Hamriyah Free Zone Area of Sharjah.
KEY
PRINCIPALS
Name Position
·
Payal Garg Managing
Director
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Sanjeev Garg Director
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Sunder Raman Janakirman General
Manager
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Balaji Srinivas Financial
Controller
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J Sunder Administration
Manager
LEGAL
FORM & OWNERS
Date of
Establishment : 1st
September 2001
Legal Form : Subject is the
United Arab Emirates registered branch of Midas Global Ltd (BVI),
a
Limited Liability Company incorporated in the British Virgin Islands.
Midas Global Limited in the United Arab Emirates, operates as a Branch
of a Foreign
Registered
Corporation.
Trade Licence No. : 239
Industrial Licence No. : 2306
Chamber Member No. : 800067
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
AFFILIATED
COMPANIES
·
Indica Group Ltd
Dubai
Tel: (971-4) 3511222
Fax: (971-4) 3511200
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Al Anjali Metal &
Minerals Trading LLC
Dubai
OPERATIONS
Activities: Engaged in the import, distribution, cutting and bailing of ferrous,
non-ferrous and scrap metals, paper and scrap plastics.
Import Countries: Europe and GCC countries
International
Suppliers:
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ETA Star Sharjah
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Excel Industries Ajman
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Atlas Metal Sharjah
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Qatar Steel Qatar
Subject has a workforce of 40 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 79,937,345 UAE Dh
82,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
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HSBC Bank Middle East
PO Box: 25
Sharjah
Tel: (971-6)
5537222
Fax: (971-6)
5537880
PAYMENT
HISTORY
Slow
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 64.80 |
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1 |
INR 92.26 |
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Euro |
1 |
INR 80.76 |
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UAE Dh |
1 |
INR 17.68 |
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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VAR |
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Report Prepared
by : |
NIT |
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.