MIRA INFORM REPORT

 

 

Report Date :

14.09.2007

 

IDENTIFICATION DETAILS

 

Name :

ME GLOBAL INTERNATIONAL FZE

 

 

Registered Office :

Burjman Tower, 21st Floor, Trade Centre Road, Jebel Ali Free Zone, P O Box 293615, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

July 2004

 

 

Legal Form :

Free Zone Establishment – FZE

 

 

Line of Business :

Engaged in the manufacture of petrochemicals and related products.

 

 

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$ 100,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : ME GLOBAL INTERNATIONAL FZE

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : July 2004

Trade Licence Number                            : 1085

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 10

Line of Business                                    : Manufacturers of petrochemicals and related products.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

ME GLOBAL INTERNATIONAL FZE

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Burjman Tower, 21st Floor

Street               : Trade Centre Road

Area                 : Jebel Ali Free Zone

PO Box             : 293615

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 5088100

Facsimile          : (971-4) 5088188

Email                : whbaur@meglobal.biz

                          hfroth@meglobal.biz

 

 

Premises

 

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

 

 

KEY PRINCIPALS

 

·       Henry Roth                                                                                       Managing Director

 

·       Werner Baur                                                                                     General Manager

 

·       Ben Poon                                                                                         Commercial Manager

 

·       Ahmed Al Bastaki                                                                             Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : July 2004

 

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

 

Trade Licence No.       : 1085

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

 

Name of Shareholder (s)         Percentage

 

·       DOW Chemicals                                                                               50%

United States of America

 

·       Petrochemical Industries Co (PIC)                                                      50%

     Kuwait

 

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 petrochemicals and related products.

 

Import Countries: Europe and GCC countries.

 

Subject has a workforce of 10 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Commercial Bank of Dubai

Baniyas Street

PO Box : 1709

Deira

Dubai

Tel : (971-4) 2227121 / 2253222

Fax : (971-4) 2220943 / 2254565

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 2004, subject is involved in the manufacture of petrochemicals and related products.

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed a fair trade risk.

 

Maximum suggested credit figure: US$ 100,000

 

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.

 

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