MIRA INFORM REPORT

 

 

Report No. :

509613

Report Date :

19.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

EXORDIOR IMPEX FZE

 

 

Registered Office :

S09-11, SH09, Al Hulaila Industrial Zone - FZ, Ras Al Khaimah, Ras Al Khaimah  

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

03.09.2013

 

 

Com. Reg. No.:

5010142

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

Wholesale of machinery for the textile industry and of sewing and knitting machines

 

 

No. of Employees :

5 plus [2018]

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

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

EXORDIOR IMPEX FZE

 

ADDRESS

Building

Street

Area

PO Box

N/A

S09-11, SH09

Al Hulaila Industrial Zone - FZ, Ras Al Khaimah

329764

Ras Al Khaimah

PHONE  

Verified Phone: (+1 408) 694 3673

EMAIL/WEBSITE

Email: exordiorimpex@gmail.com / Website: N/A 

ACTIVITY

NACE 4664 - Wholesale of machinery for the textile industry and of sewing and knitting machines;

PRINCIPAL 

M. Sathish Kumar

Workforce 

Managing Director 

5 plus 

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

03/09/2013

5010142

Free Zone Establishment

Active

             

 

IDENTIFICATION

 

CO. NAME

EXORDIOR IMPEX FZE

STREET

S09-11, SH09

AREA

Al Hulaila Industrial Zone - FZ, Ras Al Khaimah

POSTAL ADDRESS

329764 Ras Al Khaimah

CITY

Ras Al Khaimah

COUNTRY

United Arab Emirates

TELEPHONE

(+1 408) 694 3673

VERIFIED EMAIL

exordiorimpex@gmail.com

BUSINESS HOURS

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

10:00-18:00

13:30-14:00

REGISTERED ADDRESS

S09-11, SH09, Al Hulaila Industrial Zone - FZ, Ras Al Khaimah, Ras Al Khaimah  

ADDITIONAL POSTAL ADDRESS

329797 Ras Al Khaimah

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

M. Sathish Kumar

Managing Director 

Ms. Margaret

Office Manager

WORKFORCE

NO. OF EMPLOYEES

PERIOD

5 plus   

05.2018

 

 

FINANCIAL SUMMARY

 

NOTES     

Private companies in United Arab Emirates are not required to publish or disclose balance sheets. Balance sheets are not available from other sources, and the subject interviewed declined to give any financial information, which the company regards as strictly confidential.

 

The following financial information applies to SKM Proprietorship Firm, subject’s affiliated company:

 

Total Income : INR 226,000,000 – 2015

 

Net Profit   : INR  36,100,000 – 2015

 

Financial year ends 31 March. 

 

 

LEGAL STATUS 

 

INCORPORATION

03/09/2013

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

Trade License No.: 5010142

(expiry date: 02/09/2019)

Ras Al Khaimah Economic Zone (RAKEZ)

CAPITAL      

Not given 

LEGAL FORM 

Free Zone Establishment

BUSINESS HISTORY 

The Company was incorporated in United Arab Emirates on 3 September 2013. 

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

M. Sathish Kumar

Nationality: Indian

 

* According to Emiree Decree No. 6/2006 governing the establishment of companies in Ras Al Khaimah Free Zone (RAK), foreign companies are allowed to set up separate legal entities referred to as Free Zone Establishments (FZEs) having all features of a Private Limited

Liability Company. The FZE can be either owned by a foreign

individual or a corporate body. Its liability is determined by the amount of paid-up capital, which must be at least Dh100,000.

An International Company with limited liability can also be formed with a minimum of one shareholder, one director and one secretary. The capital structure can be decided by the shareholder(s).

100.00% 

 

 

OPERATION 

 

BANKERS   

Bank of Baroda

Deira Dubai Branch, Al Kuwaiti Building

Baniyas Road

Deira

PO Box: 5107

Telephone: (+971 4) 260 0900

Fax      : (+971 4) 228 6020

 

Subject’s administrative offices is located in Ras Al Khaimah but maintains its bankers in Dubai.

ACTIVITY CODE (NACE)    

4664 - Wholesale of machinery for the textile industry and of sewing and knitting machines;

LINE OF BUSINESS    

Trading as importers, exporters and suppliers of used textile machinery.

IMPORT FROM

Europe and Ecuador.

EXPORT TO 

India and Pakistan. 

TRADE REFERENCES 

Sintofil C.A.

Pifo, Calle Ignacio Fernández Salvador S/N, Barrio Chaupimolino

Quito

Ecuador

FACILITIES

Registered office premises located at the heading address. 

RELATED COMPANIES

Associates

 

1. SKM Proprietorship Firm 

   Coimbatore

   India

 

2. Sharanya Techmach

   Coimbatore

   India

 

 

SPECIAL REMARKS 

 

INTERVIEWED   

Ms. Margaret (Office Manager).

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.96

UK Pound

1

INR 91.88

Euro

1

INR 80.28

UAE Dh

1

INR 18.51

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

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.