MIRA INFORM REPORT

 

 

Report No. :

510734

Report Date :

26.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

APEX RECYCLABLES F.Z.E.

 

 

Registered Office :

Ajman Free Zone

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

21.05.2013

 

 

Com. Reg. No.:

8361

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

Trading as importers, wholesalers and processors of waste paper products. Subject also provides collection, sorting, bailing and packing of waste paper.

 

 

No. of Employees :

120 (subject and its affiliates) 

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

APEX RECYCLABLES F.Z.E.

 

ADDRESS

Building

Street

Area

PO Box

Al Khalafi Building, Office 101 

Al Mamzar Road, A-Block

Deira, Same Building as Dubai Islamic Bank

74216

Dubai

TEL/FAX 

Verified Phones: (+971 4) 359 1881 / Fax: (+971 4) 359 1882

EMAIL/WEBSITE

Email: info@apexrecyclables.com / Website: www.apexrecyclables.com

ACTIVITY

NACE 1712 - Non-specialised wholesale trade; 

PRINCIPAL 

Amin Rajwani   

Workforce 

Managing Director 

120  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

21/05/2013

8361

Free Zone Establishment

Active

CAPITAL

CURRENCY

AMOUNT

AED 

200,000

             

 

IDENTIFICATION

 

CO. NAME

APEX RECYCLABLES F.Z.E.

ALSO KNOWN NAME (S)

APEX RECYCLABLES - F.Z.E / Apex Recyclables

BUILDING

Al Khalafi Building, Office 101  

STREET

Al Mamzar Road, A-Block

AREA

Deira, Same Building as Dubai Islamic Bank

POSTAL ADDRESS

74216 Dubai

CITY

Dubai

COUNTRY

United Arab Emirates

TELEPHONE

(+971 4) 359 1881 / Mobile (+971 50) 628 3415 (Amin Rajwani)

FAX

(+971 4) 359 1882

VERIFIED EMAIL

info@apexrecyclables.com

WEBSITE

www.apexrecyclables.com

BUSINESS HOURS (DURING RAMADAN)

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

09:00-15:00

Without Break

REGISTERED ADDRESS

Ajman Free Zone, United Arab Emirates.

 

Subject is registered in Ajman Free Zone but maintains its administrative offices in Dubai.

FORMER ADDRESS

Until 2017, subject was located at:

 

Al Attar Tower, 9th Floor, Office 901

Sheikh Zayed Road

Dubai

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Amin Rajwani

Managing Director 

Mr. Shaukat

 

Nadia Yousuf 

Accounts Manager

 

Admin. Assistant

WORKFORCE

NO. OF EMPLOYEES

PERIOD

120 (subject and its affiliates) 

05.2018

 

 

FINANCIAL SUMMARY

 

REVENUE  

31/12/2017

31/12/2018 (Projected)

AED 70,000,000

AED 76,000,000

NET PROFIT / (LOSS)

Not given but stated to be profitable

FISCAL YEAR-END 

31 December 

 

 

LEGAL STATUS 

 

INCORPORATION

21/05/2013

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

Trade License No.: 8361 (expiry date: 20/05/2019)

Ajman Free Zone Authority 

AUTHORISED CAPITAL     

AMOUNT

CURRENCY

200,000

AED

PAID-UP CAPITAL  

AMOUNT

CURRENCY 

200,000

AED

BUSINESS HISTORY

The Company was incorporated in Ajman Free Zone on 21 May 2013, however its origins of business activities can be traced back to 2003.  

LEGAL FORM     

Free Zone Establishment 

STATUS

Active

OWNER   

NAME  

PERCENTAGE

Undisclosed British Virgin Islands (BVI) registered legal entity.

 

* It is understood that Mr. Amin Rajwani is an ultimate owner of the business.

 

** According to the Amiri decree no.3 of 1996 issued by H.H. Sheikh

Humaid Bin Rashid Al Nuaimi, Ruler of Ajman, granting autonomous

status to Ajman Free Zone (established 1988), a company incorporated in Ajman Free Zone shall be registered as one of the following: Free Zone Establishment (FZE) is a legal entity owned (100%) by either a person or a corporate body, must have a capital equivalent to US DLRS 50,000, the liability of the owner is limited to the amount of the share capital; Free Zone Company (FZC) has a separate legal identity and the liability of its owner is limited to the value of the paid up shared capital: Branch of a foreign company - licenses under this

category are issued to foreign companies established outside the UAE than intend to incept a branch or a subsidiary of their foreign

registered company. The activity may be commercial, industrial or

professional/services; branch of a local company- licenses under this

category are issued to companies holding a valid license from any UAE licensing authority except from other Free Zones.

100.00%

 

 

OPERATION 

 

BANKERS   

Mashreq Bank

Omar Bin Khattab Street

PO Box 1250

Dubai

Telephone: (+971 4) 222 9131

Fax      : (+971 4) 222 6061

ACTIVITY CODE (NACE)    

NACE 1712 - Non-specialised wholesale trade;

LINE OF BUSINESS    

Trading as importers, wholesalers and processors of waste paper products. Subject also provides collection, sorting, bailing and packing of waste paper.

 

Subject’s product portfolio includes the following:

 

- OCC (Old Corrugated Cartons) Fluted and corrugated sheet with flat linerboards;

- POC (Printers Off Cuts) Coated and uncoated wood free printing press waste;

- BBC (Box Board Cutting) New, pre consumer cuttings of paperboard, consisting of a variety of fiber sources such as printed and unprinted white lined and unlined grey board and mix board;

- Scan Board: Scan-board or folding box board is a white board mainly used in packaging of health and beauty products, cigarette packets;

- OINP: (Over Issued Newsaper) include sorted and repacked over issued Newspapers;

- WBN (White blank Newspaper): Slab sheets of white unprinted newsprint, free from coated mechanical magazine paper. May include unprinted newsprint cut from cores, but does not contain any core or packaging material;

- SWL (Sorted White Ledger): Consists of uncoated, printed or unprinted sheets, shavings, guillotined books, and cuttings of white ground wood-free ledger, bond, writing, and other paper which has similar fiber and filler content;

- PWC (Pure White Cutting): Consists of baled unprinted coated and uncoated shaving and sheets of unprinted, untreated white ground wood free paper;

- SOP (Sorted Office Paper): Consists of clean, sorted ledger & writing papers, white letters and business forms free of brown grades, newspaper and magazine;

- Magazines: Consist of magazines in unsorted whole form. They are available in loose form and are packed in bags;

- Soft Mixed Paper: Mixed and various pulp-able papers, boards and paper packaging usually containing around 50% per bale of corrugated material;

- School Books: Used and over issued school books consists of clean, prepared, coated or uncoated book stock. Books are available in loose form and are packed in bags;

- Newspaper in Bundles:Over-issued newspapers in 15 kg , 20 kg, or 30 kg bundles in customized plastic bags for reuse and repacking.

               

IMPORT FROM 

GCC countries, USA and Australia.

EXPORT TO 

South and Far East Asian countries. 

TRADE REFERENCES 

1. Compass Metal Trading Inc

   309 Fellowship Rd Suite 200

   Mt Laurel, NJ 08054

   USA

 

2. Sunhwa International INC

   A-1507, Keopyung Town,203-1, Nonhyun-dong,  

   Kangnam-ku

   Seoul Korea

 

3. Brown Overseas Pvt. Ltd.   

   Brown Group, 1st Floor, Silver Line Building, 

   S B Marg, J B Nagar, Andheri East, Mumbai,

   Maharashtra 400059

 

FACILITIES

Leased premises comprising administrative offices located at the heading address as well as processing unit located elsewhere in Dubai.

RELATED COMPANIES

Associates

 

1. Red Line Metal Waste Collection (L.L.C.)

   Dubai 

   Est.: 15/09/2003

   Trade License No.: 548971 (expiry date: 

   14/09/2018)

 

2. Apex Metal Star Trading

   UAE 

 

 

SPECIAL REMARKS 

 

INTERVIEWED   

Mr. Shaukat (Accounts Manager).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.26

UK Pound

1

INR 91.22

Euro

1

INR 79.88

UAE DH

1

INR 18.44

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

TRU

                                                


 

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.