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Report Date : |
26.07.2013 |
IDENTIFICATION DETAILS
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Name : |
MIDWEST TRADE INTERNATIONAL FZE |
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Registered Office : |
E LOB Office No.
E2-117 F-51, Hamriyah Free Zone, P O Box 52712, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.03.2013 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
importer and
distributor of polymers, plastics, solvents and industrial chemicals. |
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No. of Employees : |
05 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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|
Without Financials |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
---- |
NB |
New Business |
---- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 based on
oil and gas output to 25%. Since the discovery of oil in the UAE more than 30
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. In April 2004, the UAE signed a Trade and Investment
Framework Agreement with Washington and in November 2004 agreed to undertake
negotiations toward a Free Trade Agreement with the US; however, those talks
have not moved forward. The country's Free Trade Zones - offering 100% foreign
ownership and zero taxes - are helping to attract foreign investors. The global
financial crisis, 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. The UAE Central Bank and Abu Dhabi-based banks
bought the largest shares. In December 2009 Dubai received an additional $10
billion loan from the emirate of Abu Dhabi. Dependence on oil, a large
expatriate workforce, and growing inflation pressures are significant long-term
challenges. The UAE's strategic plan for the next few years focuses on
diversification and creating more opportunities for nationals through improved
education and increased private sector employment.
|
Source : CIA |
Company Name : MIDWEST TRADE INTERNATIONAL FZE
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 3rd March 2013
Trade Licence Number : 10454
Issued Capital : UAE Dh 350,000
Paid up Capital : UAE Dh 350,000
Total Workforce : 5
Activities : Distributors of polymer, plastic, solvents and industrial chemicals
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Amir Javed, Commercial Manager
MIDWEST TRADE
INTERNATIONAL FZE
Registered &
Physical Address
Location : E LOB Office No. E2-117 F-51,
Hamriyah Free Zone
PO Box : 52712
Town : Sharjah
Country : United Arab Emirates
Facsimile : (971-6) 5614194
Mobile : (971-55) 5161557 / 1555786
Email : mwtint@hotmail.com/ info@midwestco.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Hamriyah Free
Zone Area of Sharjah.
Name Nationality Position
·
Dr
Zuhoor Illahi Cheema Pakistani Managing
Director
·
Amir
Javed - Commercial
Manager
Date of Establishment : 3rd
March 2013
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 10454
(Expires 02/03/2014)
Issued Capital : UAE Dh 350,000
Paid up Capital : UAE Dh 350,000
Name of Shareholder
(s) Percentage
·
Dr
Zuhoor Illahi Cheema 100%
Activities: Engaged in the import and distribution of
polymers, plastics, solvents and industrial chemicals.
Import
Countries: Europe and GCC
countries.
International Suppliers:
·
Gulf Chemicals Saudi
Arabia
·
Saudi Dunes Recycling Oil Factory Saudi Arabia
Subject has a
workforce of 5 employees.
Subject is a newly
formed business and as a result financial information is not currently
available.
·
Abu
Dhabi Commercial Bank
Mina Road
PO Box: 4377
Sharjah
Tel: (971-6) 5737000
Fax: (971-6) 5725331
·
Mashreq
Bank Plc
Al Boorj Avenue
Sharjah
Tel: (971-6) 5351366 / 5354873
Fax: (971-6) 5372903
No complaints
regarding subject’s payments have been reported.
In view of subject’s
infancy, extensive payment and financial are not available, therefore dealings
are recommended to be on secured terms, and a close monitoring of subject’s
business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.94 |
|
UK Pound |
1 |
Rs.90.48 |
|
Euro |
1 |
Rs.77.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.