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Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
MACSTEEL INTERNATIONAL FZCO |
|
|
|
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Registered Office : |
AG Tower, 25th
Floor, Dubai Multi Commodities Centre, Jumeirah Lake Towers, P O Box 61030,
Dubai |
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|
|
Country : |
United Arab Emirates |
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|
|
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Date of Incorporation : |
24.01.2005 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Import and distribution of reinforcement steel bars, basic steel products, non ferrous metal products and metal wire. |
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No. of Employees : |
30 |
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 |
|
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 |
UAE 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 : MACSTEEL INTERNATIONAL FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 24th January 2005
Trade Licence Number : 5459
Chamber Membership Number : 92531
Issued Capital : UAE Dh 800,000
Paid up Capital : UAE Dh 800,000
Total Workforce : 30
Activities : Import and distribution of reinforcement steel bars, basic steel products,
non ferrous metal products and metal wire.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Jordan Grogo, Business Development Manager
MACSTEEL
INTERNATIONAL FZCO
Registered &
Physical Address
Building : AG Tower, 25th
Floor
Location : Dubai Multi Commodities Centre,
Jumeirah Lake Towers
PO Box : 61030
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4402100
Facsimile : (971-4) 4402150
Email : macsteel.dubai@mifzco.ae / slever@macsteeldubai.com / jgrogo@macsteeldubai.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone, Dubai.
Name Position
·
Stuart
Lever Managing
Director
·
Barrat
Bloxham Finance
Manager
·
Jordan
Grogo Business
Development Manager
Date of Establishment : 24th
January 2005
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 5459
Chamber Member No. : 92531
Issued Capital : UAE Dh 800,000
Paid up Capital : UAE Dh 800,000
Name of Shareholder
(s) Percentage
·
M I S
Trading AG 80%
Switzerland
·
MUR
Shipping AG 20%
Switzerland
Activities: Engaged in the import and distribution of
reinforcement steel bars, basic steel products, non ferrous metal products, and
metal wire.
Import
Countries: Europe and Asia
Subject has a
workforce of 30 employees.
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.
·
Standard
Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Dubai
Tel: (971-4) 8856600
No complaints
regarding subject’s payments have been reported.
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
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.78 |
|
UK Pound |
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.24 |
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.