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MIRA INFORM REPORT
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Report No. : |
509054 |
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Report Date : |
17.05.2018 |
IDENTIFICATION DETAILS
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Name : |
LION
BABYLON TRADING FZCO |
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Registered Office : |
Jebel
Ali Free Zone Area 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 : |
15.05.2004 |
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Legal Form : |
Free
Zone Company - FZCO |
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Line of Business : |
Subject
is engaged in the import and distribution of new and used automobiles, spare parts and
components, tobacco, cigarettes and smoking requisites. |
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No. of Employees : |
6 |
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 : |
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 : LION BABYLON TRADING FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 15th May 2004
Trade Licence Number : 40173
Chamber Membership Number : 123510
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 6
Activities :
Distributors of new and used automobiles and spare parts and
components, tobacco, cigarettes, and smoking
requisites
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
LION
BABYLON TRADING FZCO
ADDRESS
Registered &
Physical Address
Location : Jebel Ali Free Zone Area
Town : Dubai
Country : United Arab Emirates
Physical Address
Building : Century 21 Building
Area : Al Murkabat Area
PO Box : 32671
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2394039 / 2654421
Facsimile : (971-4) 2975830
Mobile : (971-55) 3960220
Note:
Subject was previously located at Al Qayada Building, Office 206,
Dubai
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
·
Feras Abdul Rahman Iraqi Managing
Director
·
Haider Yasin Qader Iraqi Director
·
Harbanham Lakman - Administration
Executive
LEGAL
FORM & OWNERS
Date of Establishment : 15th May 2004
Legal Form : Free Zone Company - FZCO
Trade Licence No. : 40173
Chamber Member No. : 123510
Issued
Capital : UAE Dh 500,000
Paid
up Capital : UAE Dh 500,000
Name of Shareholder (s)
·
Feras Abdul Rahman
·
Haider Yasin Qader
OPERATIONS
Activities: Engaged in the import and
distribution of new and used automobiles, spare parts and components,
tobacco, cigarettes and
smoking requisites.
Import
Countries:
Europe and the Far East
Operating
Trend: Steady
Subject
has a workforce of 6 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 21,300,000 UAE Dh
22,800,000
Local
sources consider subject’s financial condition to be Fair.
The
above financial figures are based on estimations by our local sources.
BANKERS
·
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.
Local sources
report that subject meets its payments in a timely manner and 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 67.53 |
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1 |
INR 91.49 |
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Euro |
1 |
INR 80.53 |
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UAE DH |
1 |
INR 18.47 |
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
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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.