MIPL-Logo

3decades

 

MIRA INFORM REPORT

 

 

Report No. :

511585

Report Date :

31.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

HIGH TIDE TRADING FZC

 

 

Registered Office :

Suite No. Elob Office No. E-59, F-14 Hamriyah Free Zone, Sharjah, 42574

Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

01.07.2016

 

 

Legal Form :

Free Zone Company 

 

 

Line of Business :

Subject is engaged in importers, wholesalers and distributors of iron & steel, industrial chemicals, fertilizers, seeds and dairy products.

 

 

No. of Employees :

50

 

 

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 :

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

 

 

 

 

 

BRIEF SUMMARY 

 

COMPANY NAME

HIGH TIDE TRADING FZC

 

ADDRESS

Building

Area

City

PO Box

Suite No. Elob Office No. E-59, F-14

Hamriyah Free Zone

Sharjah

42574

Sharjah

TEL/FAX 

Verified Phones: (+92 42) 3577 0319 / Fax (+92 42) 3578 8614

EMAIL/WEBSITE

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

ACTIVITY

NACE 4672 - Wholesale of metals and metal ores; NACE 4675 - Wholesale of chemical products;

PRINCIPAL 

Rizwan Zahoor   

Workforce 

Managing Director 

50  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

01/07/2016

Not given 

Free Zone Company 

Active

CAPITAL

CURRENCY

AMOUNT

AED  

150,000  

             

 

IDENTIFICATION

 

CO. NAME

HIGH TIDE TRADING FZC

ALSO KNOWN NAME (S)

High Tide Trading (HTT)

BUILDING

Suite No. Elob Office No. E-59, F-14

AREA 

Hamriyah Free Zone

POSTAL ADDRESS

42574 Sharjah

CITY

Sharjah

COUNTRY

United Arab Emirates

TELEPHONE

(+92 42) 3577 0319 / Mobiles (+92 333) 4366 1108 / (+971 56) 997 0786 

FAX

(+92 42) 3578 8614

VERIFIED EMAIL

rizwan@hightidetrading.com / info@hightidetrading.com

WEBSITE

www.hightidetrading.com

BUSINESS HOURS (DURING RAMADAN)

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

09:00-16:00

Without Break

REGISTERED ADDRESS

Suite No. Elob Office No. E-59, F-14, Hamriyah Free Zone, PO Box 42574 Sharjah, United Arab Emirates

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Rizwan Zahoor

(based in Lahore, Pakistan)

Managing Director 

WORKFORCE

NO. OF EMPLOYEES

PERIOD

50 (subject and its affiliated company) 

05.2018

 

 

FINANCIAL SUMMARY

 

SALES  

31/12/2017 

31/12/2018 (Projected) 

USD 10,000,000

USD 12,000,000

NET PROFIT / (LOSS)    

Not given but stated to be profitable

FISCAL YEAR-END 

31 December. 

 

 

LEGAL STATUS 

 

INCORPORATION

01/07/2016

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY 

Trade License No.: not given

Hamriyah Free Zone Authority 

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 on 1 July 2016. 

LEGAL FORM     

Free Zone Company 

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

1. Rizwan Zahoor

   Nationality: Pakistani

 

2. Mohammed Naim

   Nationality: Pakistani

 

* 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).

50.00%

 

 

50.00%   

 

 

 

OPERATION 

 

BANKERS   

Habib Bank AG Zurich

Al Ittihad Square

P.O. Box 3138

Dubai

Telephone: (+971 4) 225 2001

Fax      : (+971 4) 228 4211

ACTIVITY CODE (NACE)    

4672 - Wholesale of metals and metal ores; 4675 - Wholesale of chemical products;

LINE OF BUSINESS    

Trading as importers, wholesalers and distributors of iron & steel, industrial chemicals, fertilizers, seeds and dairy products.

 

Subject’s iron & steel products includes:

 

- Hot Rolled Plates (Coils or Sheets);    

- AluZinc (Coils or Sheets);

- HR Checkered (Coils or Sheets);         

- PPGI (Coils or Corrugated Sheets);

- HD Galvanized (Coils or Sheets);

- Electro Galvanized (Coils or Sheets);

- Cold Rolled (Coils or Sheets); 

IMPORT FROM

Worldwide, mainly from USA, India, Poland, Ukraine, Australia, China, South Korea and Turkey. 

EXPORT TO 

mainly to Pakistan.

FACILITIES

Registered offices premises located at the heading address as well as 2 overseas offices located in Pakistan (see “Branch Offices” below).  

BRANCH OFFICES

1. Lahore Branch Office

   Suite# D-203, 2nd Floor, City Towers, Main   

   Boulevard, GulbergII,

   Lahore, 54600, Pakistan

   Telephone: (+92 42) 3577 0319-21

   Fax      : (+92 42) 3578 8614

 

2. Karachi Branch Office

   Suite# 1006, 10th Floor, UniCentre, I.I. 

   Chundrigar, Road,

   Karachi, Pakistan

   Telephone: (+92 21) 3246 4061-62

   E-Mail: info@hightidetrading.com

RELATED COMPANIES

Associate

 

Matrix Logistics 

Suite# D-203, 2nd Floor, City Towers, Main   

Boulevard, GulbergII,

Lahore, 54600, Pakistan

Telephone: (+92 42) 3577 0319-21

Fax      : (+92 42) 3578 8614

Website  : www.matrixlogistic.com

 

 

PAYMENT RECORDS 

 

FINANCIAL STRENGTH     

Normal

EMPLOYEE RANGE    

ER4

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.62

UK Pound

1

INR 89.70

Euro

1

INR 78.19

UAE Dh

1

INR 18.39

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

DNS

 

 

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.