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Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
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Name : |
MOULDS & METALS FZE |
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Registered Office : |
Fujairah Free Zone PO Box 5129 Fujairah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1990 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Distributors of metals |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 UAE 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. The economy is expected to continue a slow rebound. 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 : MOULDS & METALS FZE
Country of Origin : Fujairah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Start Date : 1990
Registration Date : 3rd July 2004
Trade Licence Number : 1269
Chamber Membership Number : 8960
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 10
Activities : Distributors of metals
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Maan Mohan Singh, Finance Manager
MOULDS & METALS FZE
Location : Fujairah Free
Zone
PO Box : 5129
Town : Fujairah
Country : United Arab Emirates
Telephone : (971-9) 2281073
Facsimile : (971-9)
2281074
Building : Citadel Tower, Suite No. 2409 & 2410
Street : Sheikh Zayed Road
Area : Business Bay
PO Box :
32691
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 4572437
Facsimile : (971-4)
4572438
Mobile : (971-50)
5534795
Email : mmetals@emirates.net.ae
/ info@mmetals-uae.com
Please note that subject’s previous address was, Al Rigga Palace, 2nd
Floor, Suite No. 201, Al Maktoum Street, Deira Dubai. Subject moved to the
above address in October 2011.
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of Dubai.
Name Nationality Position
· Viwasvat Kumar Shastri Indian Managing
Director
· Sree Kumar Indian General
Manager
· Maan Mohan Singh - Finance
Manager
· Sayed Zulfiqar Naqvi - Marketing Manager
Date of
Establishment : Subject’s
operations date back to 1990, however it was registered on 3rd July
2004
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 1269 (Expires 02/07/2013)
Chamber Member No. : 8960
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Viwasvat Kumar Shastri 100%
Activities: Engaged in the import and distribution of metals, including steel,
ferrous and non-ferrous metals, scrap
metals, alloys, chemicals and refractory
related products.
Import Countries: Europe and the Far East.
Export Countries: Malaysia, Indonesia, Bangladesh,
Vietnam and Africa.
Operating Trend: Steady
Subject has a workforce of 10 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending 31/12/12:
Total Sales UAE
Dh 136,300,000 UAE Dh
137,066,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Maan Mohan Singh,
Finance Manager
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
·
Habib Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4)
2221281
Fax: (971-4)
2284631
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PDT |
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 |
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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 |
|
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.