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MIRA INFORM REPORT
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Report No. : |
499259 |
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Report Date : |
27.03.2018 |
IDENTIFICATION DETAILS
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Name : |
RKG INTERNATIONAL FZC |
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Registered Office : |
Fujairah Free Zone PO Box 5232 Fujairah |
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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 : |
30.12.2005 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Subject is engaged in the import, export and distribution of
scrap ferrous and non-ferrous metals. |
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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 : |
Good |
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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 : RKG INTERNATIONAL FZC
Country of Origin : Fujairah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 30th December 2005
Trade Licence Number : 16938
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 4
Activities : Distributors of scrap ferrous and non-ferrous metals
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rajesh Agrawal, Managing Director
COMPANY
NAME
RKG INTERNATIONAL FZC
ADDRESS
Registered Address
Location : Fujairah Free Zone
PO Box :
5232
Town :
Fujairah
Country : United Arab
Emirates
Physical Address
Building :
Al Khaleej Centre, 5th Floor, Office No. 515
Street :
Al Maktoum Street
Area :
Bur Dubai
PO Box :
103716
Town :
Dubai
Country : United Arab
Emirates
Telephone :
(971-4) 3868601
Facsimile :
(971-4) 3868602
Mobile :
(971-55) 5067355
Email : info@rkginternational.com
/ rkginternational909@gmail.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 Nationality Position
· Rajesh
Agrawal Indian Managing
Director
· Rajiv
Rajesh Agrawal Indian Director
· Mrs
Manjo Agrawal Indian Director
·
Darmesh Vasu Daveuttamchandi - Assistant
General Manager
· Chandri Keshwan - Financial
Controller
· Prem
Keiran - Procurement
Officer
· Wajid
Pasha - Sales
Executive
LEGAL
FORM & OWNERS
Date
of Establishment : 30th
December 2005
History : Subject
changed legal form from a Free Zone Establishment to a Free Zone Company
in January 2018.
Legal
Form : Free
Zone Company - FZC
Trade
Licence No. : 16938
Issued Capital : UAE
Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Name of Shareholder (s)
· Rajesh
Agrawal
· Rajiv
Rajesh Agrawal
· Mrs
Manjo Agrawal
AFFILIATED
COMPANIES
· RKG
International LLC
PO
Box: 103716
Dubai
· RKG
International Inc
7325
NW, 36th Street
Miami
Florida
33166
United
States of America
Tel: (1-786)
3742655
OPERATIONS
Activities: Engaged in the import, export and
distribution of scrap ferrous and non-ferrous metals.
Subject is ISO 9001:2008 accredited and
also part of ISRI, BIR and BMR.
Import Countries: United States of America, Canada,
Europe and GCC countries
International
Suppliers:
· Sun
Metal Ajman
· Shar
Metal Sharjah
· Tadweer Dubai
· Beha Sharjah
Export Countries: India, South Korea, Malaysia,
Pakistan, Thailand, Malaysia, Vietnam and Singapore
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:
Total sales UAE
Dh 285,000,000 UAE Dh
300,000,000
Local sources consider subject’s financial condition to be
Good.
The above figures were provided by Mr Rajesh Agrawal,
Managing Director
BANKERS
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Standard Chartered Bank
Khalid
Bin Waleed Street
PO
Box: 999
Dubai
Tel:
(971-4) 2520455
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 64.91 |
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1 |
INR 91.87 |
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Euro |
1 |
INR 80.26 |
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UAE DH |
1 |
INR 17.73 |
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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DIV |
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Report Prepared
by : |
TRU |
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
·
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.