MIRA
INFORM REPORT
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Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
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Name : |
NCT MIDDLE EAST FZE |
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Registered Office : |
Near Roundabout No. 6, Sheikh Zayed Road, Jebel Ali Free Zone, PO Box 17071,
Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.12.2006 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Distributors of plastic and nylon raw materials. |
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No. of Employees : |
31 |
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 : |
Regular |
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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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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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 |
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 :
NCT MIDDLE EAST FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
19th December 2006
Trade Licence Number :
7443
Chamber Membership Number :
113816
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
31
Activities :
Distributors of plastic and nylon raw materials.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Naresh Bambani, Financial Controller
NCT MIDDLE EAST FZE
Location : Near
Roundabout No. 6
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 17071
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8817771
Facsimile : (971-4)
8817293
Mobile : (971-50)
6247645
Email : salesdubai@nctww.com / sales@nctww.com
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 Nationality Position
· Geroen
Leenen Dutch Managing
Director
· Naresh
Bambani - Financial
Controller
· Parashant
Mehta - Commercial
Manager
· Abdul Qader Ghulam - Sales Manager
Date of
Establishment : 19th
December 2006
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 7443 (Expires 18/12/2013)
Chamber Member No. : 113816
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· NCT Holland BV 100%
Minervum
7208A
Breda, 4817 ZJ
The Netherlands
Tel: (31-76) 5315780
Fax: (31-76) 5147482
Activities: Engaged in the import and distribution of plastic and nylon raw
materials.
Import Countries: The Netherlands and Germany.
Operating Trend: Steady
Subject has a workforce of 31 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 820,000,000 UAE Dh
900,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Naresh
Bambani, Financial Controller.
·
Commercial Bank of Dubai
Jebel Ali Branch
PO Box: 2668
Dubai
Tel:
(971-4) 8818882
Fax:
(971-4) 8812252
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.54.24 |
|
UK Pound |
1 |
Rs.84.29 |
|
Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
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 |
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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 |
|
-- |
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.