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Report No. : |
315868 |
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Report Date : |
07.04.2015 |
IDENTIFICATION DETAILS
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Name : |
REITZ MIDDLE EAST FZE |
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Registered Office : |
Saif Zone, Plot No. X-4-32, PO Box 9383, Sharjah |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
26.06.2007 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Engaged in the import, distribution and servicing of industrial fans. |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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.
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Source
: CIA |
Company Name :
REITZ MIDDLE EAST FZE
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
26th June 2007
Trade Licence Number :
5080
Issued Capital :
UAE Dh 200,000
Paid up Capital :
UAE Dh 200,000
Total Workforce :
15
Activities :
Distributors and servicing of industrial fans
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
REITZ MIDDLE EAST FZE
Registered &
Physical Address
Location : Saif Zone,
Plot No. X-4-32
PO Box : 9383
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5570506
Facsimile : (971-6)
5570804
Mobile : (971-50)
1795200 / 8572040 / (971-55) 5774359
Email : stk@reitzindia.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Saif Zone Area of Sharjah.
Name Position
Prasad Rao Managing
Director
Siva Prasad Koka General
Manager
T V Anil Kumar Sales
Manager
Date of Establishment : 26th
June 2007
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 5080 (Expires
15/06/2015)
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Name of Shareholder (s)
Reitz India Ltd
India
Activities: Engaged in the import, distribution and servicing of industrial fans.
Import Countries: Germany and India
Export Countries: Tanzania, Nigeria
and Uganda
Operating Trend: Steady
Subject has a workforce of 15 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales UAE
Dh 24,150,000 UAE Dh
25,385,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
National Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.15 |
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|
1 |
Rs.92.74 |
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Euro |
1 |
Rs.68.23 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 |
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-- |
NB |
New Business |
-- |
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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.