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MIRA
INFORM REPORT
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Report No. : |
506606 |
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Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SYNERGY TRADE FZE |
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Registered Office : |
Flexi Office, Al Jazeera Al Hamrah
Industrial Zone, PO Box 31291, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
26.01.2016 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Subject is engaged in Wholesalers
and retailers of timber, building materials and general foodstuffs. |
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No. of Employees : |
2 |
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 : |
Relatively New Business |
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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 :
SYNERGY TRADE FZE
Country
of Origin :
Ras Al Khaimah, United Arab Emirates
Legal
Form :
Free Zone Establishment - FZE
Registration
Date : 26th
January 2016
Tax
Registration Number :
100327476600003
Trade
Licence Number :
RAKIA46FZ301168202
Issued
Capital :
UAE Dh 100,000
Paid
up Capital :
UAE Dh 100,000
Total
Workforce :
2
Activities :
Wholesalers and retailers of timber, building materials and general foodstuffs
Financial
Condition :
Fair
Payments :
Slow but Correct
Company name and address
COMPANY
NAME:
SYNERGY TRADE FZE
ADDRESS
Registered
& Physical Address
Building : Flexi Office
Area :
Al Jazeera Al Hamrah Industrial Zone
PO Box :
31291
Town : Ras Al Khaimah
Country : United Arab Emirates
Mobile : (971-56) 8240233
Premises
Subject
operates from a small suite of offices that are rented and located in the
Industrial Area of Ras Al Khaimah.
KEY PRINCIPALS
Name Position
Yevhen
Zhelepa Managing
Director
LEGAL FORM & OWNERS
Date
of Establishment :
26th January 2016
Legal
Form :
Free Zone
Establishment - FZE
Tax
Reg. No. : 100327476600003
Trade
Licence No. :
RAKIA46FZ301168202
Issued
Capital : UAE Dh 100,000
Paid
up Capital : UAE Dh 100,000
Name
of Shareholder (s) Percentage
Yevhen
Zhelepa 100%
OPERATIONS
Activities : Engaged in the wholesale
and retail of timber, building materials and general foodstuffs.
Import
Countries : Europe and the Far East
Subject
has a workforce of 2 employees.
FINANCIAL DATA
Companies
registered in Ras Al Khaimah, United Arab Emirates are not legally required to
make their accounts public and no financial information was released by the
company or submitted by outside sources.
BANKERS
National
Bank of Ras Al Khaimah
NBRAK
Building
PO
Box: 5300
Ras
Al Khaimah
Tel:
(971-7) 2221127
Fax:
(971-7) 2224202
PAYMENT HISTORY
subject’s
payments have been reported Slow but Correct
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.52 |
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1 |
INR 91.48 |
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Euro |
1 |
INR 80.52 |
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UAE Dh |
1 |
INR 18.46 |
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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NIS |
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Report Prepared
by : |
DNS |
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
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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.