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Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
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Name : |
MIC MIDDLE EAST FZE |
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Registered Office : |
RAK Free Zone,
16111 Ras Al Khaimah |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
11.12.2007 |
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Legal Form : |
Free Zone Establishment - FZE |
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LINE OF BUSINESS : |
ENGAGED IN THE IMPORT AND
DISTRIBUTION OF STEEL PRODUCTS, FERROUS AND NON-FERROUS METAL, MINERALS, JET FUEL,
SOLAR ENERGY PRODUCTS, OIL AND GAS EQUIPMENT AND GENERAL FOODSTUFFS. |
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|
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No. of Employees : |
3 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 : MIC MIDDLE
EAST FZE
Country of Origin : Ras Al
Khaimah, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 11th
December 2007
Trade Licence
Number : 5002338
Issued Capital : UAE Dh
100,000
Paid up Capital : UAE Dh
100,000
Total Workforce : 3
Activities :
Distributors of steel products, ferrous and non-ferrous metals and minerals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Saif Alavi,
Director
MIC MIDDLE EAST FZE
PO Box : 16111
Town : Ras Al Khaimah
Country : United Arab Emirates
Building : 44B Al Abbas
Building
Street : Bank Street
PO Box : 43832
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3252999 / 3589798
Facsimile : (971-4) 3252989 / 3558868
Mobile : (971-50) 4210209
Email : cbala@mic-me.com / saif.alvi@mic-me.com
Subject operates
from a small suite of offices that are rented and located in the Central Business
Area of Dubai.
Name Nationality Position
·
Chandra Mohan Bala Subramanian Indian Managing Director
·
Saif
Alavi - Director
Date of Establishment : 11th
December 2007
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 5002338
(Expires 10/12/2014)
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
·
Chandra Mohan Bala Subramanian 100%
·
KBC Aldini Capital Ltd
Dubai
Tel: (971-4) 3252999
Fax: (971-4) 3252989
Activities: Engaged in the import and distribution of
steel products, ferrous and non-ferrous metal, minerals, jet fuel, solar energy
products, oil and gas equipment and general foodstuffs.
Import
Countries: Europe and the
Far East.
International Suppliers:
·
Saudi
Aramco Saudi Arabia
·
KBC Aldini Capital Ltd Dubai
Operating Trend: Steady
Subject has a
workforce of 3 employees.
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total sales UAE Dh 13,100,000 UAE Dh 14,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Saif Alavi, Director
·
National
Bank of Ras Al Khaimah
PO Box: 1531
Tel: (971-4) 2226291
Fax: (971-4) 2281312
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.61.22 |
|
|
1 |
Rs.98.52 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.