MIRA
INFORM REPORT
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Report Date : |
30.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
MATZ INTERNATIONAL FZE |
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Registered Office : |
EOC, Building No. 198, Ajman Free Zone PO Box 213187, Ajman |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.02.2005 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Distributors of Instrument Enclosures, Bio-Technology Products,
Lubricants, Generators and Electronics |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
MATZ INTERNATIONAL FZE
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
3rd February 2005
Trade Licence Number :
50
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
4
Line of Business :
Distributors of instrument enclosures, bio-technology products,
lubricants, generators and electronics.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
COMPANY NAME
MATZ INTERNATIONAL FZE
ADDRESS
Registered Address
Location : EOC, Building
No. 198, Ajman Free Zone
PO Box : 213187
Town : Ajman
Country : United Arab Emirates
Premises
Subject operates from a small suite of offices that are rented and
located in the Ajman Free Zone.
Branch Office (s)
Location Description
· Dubai Office
premises
Tel : (971-4)
2800573
Fax : (971-4)
2800574
KEY PRINCIPALS
· Zaya Mahmoud Managing
Director
LEGAL FORM & OWNERS
Date of
Establishment : 3rd
February 2005
Legal Form : Mouassasat Al
Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 50
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
Percentage
· Zaya Mahmoud 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 import and distribution of instrument enclosures,
bio-technology products,
lubricants, generators and electronics.
Import Countries: Europe and the Far East.
Subject has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06:
Total Sales UAE
Dh 4,100,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
National Bank of Umm al Quwain
PO Box : 4133
Ajman
Tel : (971-6)
7457500
Fax : (971-6)
7457600
Acc No. 043148809
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2005, subject is involved in the import and distribution of
instrument enclosures, bio-technology products, lubricants, generators and
electronics.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk.
Maximum suggested credit figure: US$ 100,000
Note:
Matz International FZE is registered in the Ajamn Free Zone with a general trade licence which means it can trade in virtually any products.
On the subject’s website (www.matzinternationalfze.com) it also states clearly that it is engaged in wide variety of products, including Hip Replacement Prosthesis, Medical Supplies, Biometric & Biomedical Systems, Steel, Lubricants, Generators, Cellular Phones, Textiles, I.T. Microchips, Electronics, Real Estate, Petroleum Investment, Transport & Logistics, Cement & Construction, and Health Food Supplements. It is therefore possible that the subject also deals in Gold Jewellery.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)