MIRA INFORM REPORT

Report No. :	510222
Report Date :	24.05.2018

IDENTIFICATION DETAILS

Name :	AUSTRAL INTERNATIONAL FZE
Registered Office :	ELOB Office NO E-23, F-02, Hamriyah Free Zone, Sharjah
Country :	United Arab Emirates
Date of Incorporation :	2016
Legal Form :	Free Zone Establishment
Line of Business :	Trading as Importers and Wholesalers of Previous Metals and Jewellery Products.
No. of Employees :	5

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd 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 :	Unknown
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

BRIEF SUMMARY
COMPANY NAME	AUSTRAL INTERNATIONAL FZE
ADDRESS	Building	Area			City			PO Box
	ELOB Office NO E-23, F-02	Hamriyah Free Zone			Sharjah			Subject does not use Postal Address
PHONE	Verified Phone: (+971 50) 345 9946 (Mr. Kunal)
EMAIL/WEBSITE	Email: australinternationalfze@gmail.com / Website: N/A
ACTIVITY	NACE 4648 - Wholesale of watches and jewellery;
PRINCIPAL	Mr. Kunal					Workforce
	Executive Manager					5
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	2016		Not given	Free Zone Establishment			Active
CAPITAL	CURRENCY			AMOUNT
	AED			150,000

IDENTIFICATION
CO. NAME	AUSTRAL INTERNATIONAL FZE
BUILDING	ELOB Office NO E-23, F-02
AREA	Hamriyah Free Zone
POSTAL ADDRESS	Subject currently does not use Postal Address
CITY	Sharjah
COUNTRY	United Arab Emirates
MOBILE	(+971 50) 345 9946 (Mr. Kunal)
VERIFIED EMAIL	australinternationalfze@gmail.com
BUSINESS HOURS (DURING RAMADAN)	DAYS	OFFICE HOURS	BREAK TIME
	Sun-Thu	09:00-15:00	Without Break
REGISTERED ADDRESS	ELOB Office NO E-23, F-02, Hamriyah Free Zone, Sharjah, United Arab Emirates

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Mr. Kunal	Executive Manager
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	5	05.2018

FINANCIAL SUMMARY
NOTES	Private companies in UAE 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.

LEGAL STATUS
INCORPORATION	2016
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	Trade License No.: Subject’s license details could not be learnt.	Hamriyah Free Zone Authority (HFZA)
AUTHORISED CAPITAL	AMOUNT	CURRENCY
	150,000	AED
PAID-UP CAPITAL	AMOUNT	CURRENCY
	150,000	AED
BUSINESS HISTORY	The Company was incorporated in Hamriyah Free Zone in 2016.
LEGAL FORM	Free Zone Establishment
STATUS	Active
OWNER	NAME	PERCENTAGE
	Undisclosed Indian national individual * According to Hamriyah Free Zone Authority, which was established by an Emiry decree in November 12, 1995, Free Zone Establishment (FZE) incorporated in Hamriyah Free Zone is a single shareholder limited liability company. A Free Zone Company (FZC) can have multiple shareholders (maximum 5 shareholders) who can be either foreign individuals or a corporate body. The minimum capital requirement for incorporating a Free Zone Establishment (FZE) or Free zone Company (FZC) is Dhs.150,000 (Approximately US$ 40,000).	100.00%

OPERATION
BANKERS	1. Mashreq Bank Omar Bin Khattab Street PO Box 1250 Dubai Telephone: (+971 4) 222 9131 Fax : (+971 4) 222 6061 2. Emirates NBD Bank (fmly Emirates Bank International) Dubai Main Branch Baniyas Road PO Box 2923 Dubai Telephone: (+971 4) 225 6900 Fax : (+971 4) 226 7718 Subject’s administrative offices is located in Sharjah but maintains its bankers in Dubai.
ACTIVITY CODE (NACE)	4648 - Wholesale of watches and jewellery;
LINE OF BUSINESS	Trading as importers and wholesalers of previous metals and jewellery products.
IMPORT FROM	mainly from Peru.
EXPORT TO	Subject does not engage in exporting activities.
FACILITIES	Leased premises comprising administrative offices located at the heading address.

PAYMENT RECORDS
FINANCIAL STRENGTH	Normal
EMPLOYEE RANGE	ER7

SPECIAL REMARKS
INTERVIEWED	Mr. Kunal (Executive Manager).
COMMENTS	The phone number which you provided: +971 4 4421207 is incorrect and applies to a private residence. When contacted its landlord had no knowledge about the subject. The fax number given by you: +971 4 2255685 is current unobtainable (out of service).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.21
UK Pound	1	INR 91.43
Euro	1	INR 80.24
UAE Dh	1	INR 18.61

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TPT

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)

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