|
Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ACEROMET FZCO |
|
|
|
|
Registered Office : |
Roundabout No. 13, Sheikh Zayed Road, Jebel Ali Free Zone, PO Box:
17406, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
11.05.1998 |
|
|
|
|
Legal Form : |
Free Zone Company |
|
|
|
|
Line of Business : |
Distributors of stainless steel products |
|
|
|
|
No. of Employees : |
33 |
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 |
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 :
ACEROMET FZCO
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date :
11th May 1998
Trade Licence Number :
1875
Chamber Membership Number :
47546
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
33
Activities :
Distributors of stainless steel products
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
ACEROMET FZCO
Registered &
Physical Address
Location : Roundabout No.
13
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 17406
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8812606
Facsimile : (971-4)
8812607
Email : info@aceromet.com
/ acmetfze@emirates.net.ae
Premises
Subject operates from a suite of offices and a warehouse covering 50,000
square feet that are rented and located in the Jebel Ali Free Zone Area of
Dubai.
Name Nationality Position
Masoud Meshkatolmamalek Iranian Managing
Director
Hussain Ameeni - Commercial
Manager
Hameed Goodrzi - Finance
Manager
Date of Establishment : 11th
May 1998
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 1875 (Expires
16/01/2014)
Chamber Member No. : 47546
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
Arian Economy and Industry Development 90%
Iran
Masoud Meshkatolmamalek 10%
Activities: Engaged in the import and
distribution of stainless steel products including, sheets, coils, bars, tubes
and fittings for use in the construction, food, hardware, metal fabrication,
oilfield and petrochemical industries.
Subject also
operates its own cut-to-length line.
Import Countries: Europe
and GCC Countries
Subject has a workforce of 33 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.
Commercial Bank of Dubai
Mankhool Street
PO Box: 2668
Dubai
Tel: (971-4) 3523355
Fax: (971-4) 3527655 / 2524796
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.61.78 |
|
|
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
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.