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Report No. : |
338672 |
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Report Date : |
28.08.2015 |
IDENTIFICATION DETAILS
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Name : |
FATEMA FASTENERS
ENGINEERS LLC |
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Registered Office : |
New Industrial Area, 3705, Ajman |
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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 : |
25.06.1989 |
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Com. Reg. No.: |
16356, Ajman |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Manufacture of steel
accessories, including stainless steel brackets, pins, U bolts, and welded
angles, clamps, bright and threaded bars. |
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No. of Employees : |
25 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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. The
country's free trade zones - offering 100% foreign ownership and zero taxes -
are helping to attract foreign investors. The global financial crisis of 2008,
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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : FATEMA
FASTENERS ENGINEERS LLC
Country of Origin : Ajman,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 25th
June 1989
Commercial
Registration Number : 16356,
Ajman
Trade Licence
Number : 2140
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 25
Activities :
Manufacturers of steel accessories.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Manav Modi,
Managing Director
FATEMA FASTENERS
ENGINEERS LLC
Location : New Industrial Area
PO Box : 3705
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7438188
Facsimile : (971-6) 7438995
Mobile : (971-55) 3670497
Email : manav@fatemauae.com / ffe@emirates.net.ae
Subject operates
from a small suite of offices and a factory that are rented and located in the
Industrial Area of Ajman.
Name Nationality Position
·
Manav
Modi Indian Managing
Director
·
Yousef
Sultan Al Ajmani Emirati Director
·
Akbar
Bolan - Administration
Manager
·
K
Ainash - Financial
Controller
·
A Omar - Sales
Manager
Date of Establishment : 25th
June 1989
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 16356, Ajman
Trade Licence No. : 2140
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Yousef
Sultan Al Ajmani 51%
·
Manav
Modi 49%
Activities: Engaged in the manufacture of steel
accessories, including stainless steel brackets, pins, U bolts,
and welded angles, clamps,
bright and threaded bars.
Import
Countries: Taiwan and India
International
Suppliers:
·
Sindia
Steel Ltd India
·
Yung
Chang Taiwan
Operating Trend: Steady
Subject has a
workforce of 25 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 13,845,000 UAE Dh 14,210,000
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 Abu Dhabi
Main Street
PO Box: 988
Ajman
Tel: (971-6) 5422996
Fax: (971-6) 5425750
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.66.06 |
|
|
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.74.97 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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.