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MIRA INFORM REPORT
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Report No. : |
510963 |
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Report Date : |
26.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SLINGSHOT INTERNATIONAL DMCC |
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Registered Office : |
24th Floor, Office No. 2403 / 2404, Building Jumeirah Bay X2,
Jumeirah Lakes Towers, 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 : |
12.07.2016 |
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Com. Reg. No.: |
61910 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of basic ferrous and
non-ferrous scrap metals and wires. |
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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 : |
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 :
SLINGSHOT INTERNATIONAL DMCC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date :
12th July 2016
Commercial Registration Number :
61910
Trade Licence Number :
209585
Issued Capital :
UAE Dh 100,000
Paid up Capital :
UAE Dh 100,000
Total Workforce :
2
Activities :
Distributors of basic ferrous and non-ferrous scrap metals and wires
Financial Condition :
Fair
Payments :
No Complaints
Person Interviewed :
Tajinder Singh Bindra, Managing Director
COMPANY
NAME
SLINGSHOT INTERNATIONAL DMCC
ADDRESS
Registered &
Physical Address
Building :
24th Floor, Office No. 2403 / 2404, Building Jumeirah Bay X2
Area : Jumeirah
Lakes Towers
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 4307207
Facsimile : (971-4)
4214394
Mobile : (971-55)
1077291
Email : honeybindra2@gmail.com
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
Tajinder Singh Bindra Indian Managing
Director
Christine Santos - Administration
Executive
LEGAL
FORM & OWNERS
Date of Establishment : 12th
July 2016
Legal Form : Limited Liability
Company
Commercial Reg. No. : 61910
Trade Licence No. : 209585 (Expires
11/07/2018)
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of
Shareholder (s) Percentage
Tajinder Singh Bindra 100%
AFFILIATED
COMPANIES
Aravali Tents LLC
Dubai Industrial City
Dubai
Tel: (971-4) 4307207
Fax: (971-4) 4214394
CR No. 1071463
OPERATIONS
Activities: Engaged in the import and distribution of basic ferrous and non-ferrous
scrap metals and wires.
Import Countries: Europe and the Far East
Subject has a workforce of 2 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 12,000,000
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.
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such 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 68.26 |
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1 |
INR 91.22 |
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Euro |
1 |
INR 79.88 |
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UAE Dh |
1 |
INR 18.45 |
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 : |
TPT |
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.