MIRA INFORM REPORT

 

 

Report Date :

28th February, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

MIDDLE EAST ALLOYS & STEEL PVT LTD FZE (MEAS)

 

 

Registered Office :

Sheikh Zayed Road, Jebel Ali Free Zone, PO Box: 61292, Dubai, United Arab Emirates.

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

2001

 

 

Legal Form :

Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)

 

 

Line of Business :

Engaged in the manufacture of cans, can components and tin plates.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

 

SUMMARY

 

 

Company Name

MIDDLE EAST ALLOYS & STEEL PVT LTD FZE (MEAS)

Country of Origin

Dubai, United Arab Emirates

Legal Form

Free Zone Establishment - FZE

Registration Date

2001

Trade Licence Number

6253

Issued Capital

UAE Dh 1,000,000

Paid up Capital

UAE Dh 1,000,000

Total Workforce

20

Line of Business

Manufacturers of cans, can components and tin plates.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

 

COMPANY NAME

 

MIDDLE EAST ALLOYS & STEEL PVT LTD FZE (MEAS)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Sheikh Zayed Road

Area                 : Jebel Ali Free Zone

PO Box             : 61292

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8871216

Facsimile          : (971-4) 8871157

Email                : mealloys@emirates.net.ae

 

 

Premises

 

Subject operates from a small suite of offices and a factory that are rented and located in the Jebel Ali Free Zone.

 

 

KEY PRINCIPALS

 

 

·       Kalajith Brabha                                                                                 Managing Director

 

·       Deepa Dipak                                                                         General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2001

 

Legal Form                  : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)

 

Trade Licence No.       : 6253

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

 

Name of Shareholder (s)         Percentage

 

·       Kalajith Brabha                                                                                                  100%

 

Note to the Legal Form  

A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.


Such establishments must have a capital of at least UAE Dh 1 million and liability will be limited to the amount of paid-up capital. A FZE need only have a single shareholder and is an independent legal entity.

 

This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, i.e. minimum of 51 % equity in the capital.

 

 

LINE OF BUSINESS

 

Operations: Engaged in the manufacture of cans, can components and tin plates.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/04:                Year Ending 31/12/05:

 

Total Revenue                            UAE Dh 8,900,000                     UAE Dh 10,100,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       United Arab Bank

Deira Branch

Dubai

Tel : (971-4) 2220181

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 2001, subject is involved in the manufacture of cans, can components and tin plates.

 

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 business is considered to be a fair trade risk and the above credit figure is deemed to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 200,000

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

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