|
Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
STEEL MASTERS INTERNATIONAL (ME) FZE |
|
|
|
|
Registered Office : |
Plot No. RA08V505,
Jebel Ali Free Zone, P O Box 17603, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
14.02.2011 |
|
|
|
|
Com. Reg. No.: |
144233, Dubai |
|
|
|
|
Legal Form : |
Free Zone Establishment |
|
|
|
|
Line of Business : |
Distributors of metal products, hardware, tools, building and construction materials |
|
|
|
|
No. of Employees : |
05 |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 : STEEL MASTERS INTERNATIONAL (ME) FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 14th February 2011
Commercial Registration Number : 144233, Dubai
Trade Licence Number : 125986
Chamber Membership Number : 209775
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 5
Activities : Distributors of metal products, hardware, tools, building and
construction materials.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
STEEL MASTERS
INTERNATIONAL (ME) FZE
Registered &
Physical Address
Location : Plot No. RA08V505
Area : Jebel Ali Free Zone
PO Box : 17603
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8872882
Facsimile : (971-4) 8872884
Email : mandeep@smi.ae
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
·
Mandeep
Bhandari Indian Managing
Director
Date of Establishment : 14th
February 2011
Legal Form :
Free Zone Establishment -
FZE
Commercial
Reg. No. : 144233, Dubai
Trade Licence No. : 125986
Chamber Member No. : 209775
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Mandeep
Bhandari 100%
·
Steel
Masters International Ltd Inc
LOB 16, Jebel Ali Free Zone
PO Box: 17603
Dubai
Tel: (971-4) 8872882
Fax: (971-4) 8872884
Activities: Engaged in the import and distribution of
metal products, hardware, tools, building and construction
materials.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 5 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.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
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.54.78 |
|
UK Pound |
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
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.