MIRA INFORM REPORT

 

 

Report No. :

508934

Report Date :

15.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

FUJAIRAH GOLD FZC

 

 

Registered Office :

Fujairah Free Zone 2, PO Box:3992, Fujairah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

01.07.2009

 

 

Legal Form :

Free Zone Company - FZC

 

 

Line of Business :

Subject is engaged in the manufacture of gold, silver and copper rods, silver granules, copper cathode and copper cast bars

 

 

No. of Employees :

75

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : FUJAIRAH GOLD FZE

Country of Origin                                   : Fujairah, United Arab Emirates

Legal Form                                           : Free Zone Company - FZC

Registration Date                                  : 1st July 2009

Trade Licence Number                           : 2019

Issued Capital                                       : UAE Dh 68,360,000

Paid up Capital                                     : UAE Dh 68,360,000

Total Workforce                                                : 75

Activities                                               : Manufacture of gold, silver and copper rods, copper cathode

  and copper

                                                              cast bars

Financial Condition                                : Good

Payments                                             : No complaints

Person Interviewed                                : Pranav Kumar, Financial Controller

 

 

 

COMPANY NAME

 

FUJAIRAH GOLD FZC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Fujairah Free Zone 2

 

PO Box                        : 3992

 

Town                : Fujairah

Country             : United Arab Emirates

 

Telephone         : (971-9) 2282454 / 2282166 (Ext 121) / 2282414

Facsimile          : (971-9) 2282533

Mobile              : (971-55) 6680403 / 8898573 / 3259154 / 2277917 / (971-56) 1258968 / 4597399 / (971-52) 4503466

Email                : tarundeep.arora@fujairahgold.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Fujairah Free Zone.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Agnivesh Agrawal                                         Indian                           Managing Director

 

·       Waheed Rehman                                              -                               Operations Manager

 

·       Pranav Kumar                                                   -                               Financial Controller

 

·       Barun Mehta                                                     -                               Finance Manager

 

·       Sanjay Pandit                                                   -                               Accounting Manager

 

·       Chinmoy Maulick                                              -                               Marketing Manager

 

·       Bibe Kanada Chelleng                                       -                               Sales Manager

 

·       Amish Aggarwal                                               -                               Copper Marketing Manager

 

·       Praveen Rai                                                      -                               Precious Metals Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st July 2009

 

Legal Form                  : Free Zone Company - FZC

 

Trade Licence No.        : 2019

 

Issued Capital              : UAE Dh 68,360,000

 

Paid up Capital            : UAE Dh 68,360,000

 

Name of Shareholder (s)                                Percentage

 

·       Vendanta Resources Plc                                           100%

United Kingdom

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of gold, silver and copper rods, silver granules, copper cathode and copper cast bars.

 

Subject has a production capacity of 50 MT/Annum for Gold and 110 MT/Annum for Silver in UAE. In May 2010 the company commissioned its Copper division with a state of art 100,000 MT/Annum, Continuous Cast Copper Wire Rod plant in the same premises.

 

Import Countries: United States of America

 

Subject has a workforce of 75 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                            Year Ending 31/12/17:

 

Total Sales                                            UAE Dh 3,426,310,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Pranav Kumar, Financial Controller

 

 

BANKERS

 

·       National Bank of Fujairah

PO Box: 887

Fujairah

Tel: (971-9) 2224518 / 2224513

Fax: (971-9) 2224516 / 2229470

 

·       Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

IBAN No. AE330440000101673267401

 

 

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.

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.32

UK Pound

1

INR 91.25

Euro

1

INR 80.51

UAE Dh

1

INR 18.53

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.