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Report Date : |
27.07.2013 |
IDENTIFICATION DETAILS
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Name : |
MASK AND SEAL FZE |
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Registered Office : |
Ajman Free Zone, PO Box: 3204, |
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Country : |
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Date of Incorporation : |
14.02.1996 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Distributors of chemicals |
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No. of Employees : |
3 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 :
MASK AND SEAL FZE
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
14th February 1996
Issued Capital :
UAE Dh 500,000
Paid up Capital :
UAE Dh 500,000
Total Workforce :
3
Activities :
Distributors of chemicals
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Imran Vohra, Assistant General Manager
MASK AND SEAL FZE
Registered &
Physical Address
Location : Ajman Free
Zone
PO Box : 3204
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7427633
Facsimile : (971-6)
7427726
Email : maskseal@eim.ae
Premises
Subject operates from a small suite of offices that are rented and
located in the Ajman Free Zone Area.
Name Nationality Position
Rehan Rafiq Pakistani Managing Director
Imran Vohra - Assistant
General Manager
Date of Establishment : 14th
February 1996
Legal Form : Free Zone
Establishment – FZE
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
Rehan Rafiq 100%
Activities: Engaged in the import and distribution of chemicals for the textile,
adhesives and paint industries.
Import Countries: Europe and the Far East.
Subject has a workforce of 3 employees.
Companies registered in Ajman, 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.
HSBC Bank Middle East
Main Branch
Ajman
Tel: (971-6) 5537222
Fax: (971-6) 5537880
No complaints regarding subject’s payments have been reported.
Local sources report that subject meets its payments in a timely manner
and is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.91 |
|
|
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.