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Report No. : |
352402 |
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Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
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Name : |
MADHU MULTI WIRES PRODUCTS FZC |
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Registered Office : |
RAK Free Trade Zone, PO Box :
50046, Ras Al Khaimah |
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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 : |
01.12.2004 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Subject is engaged in the manufacture of metal wire. |
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No. of Employee : |
23 |
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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 :
MADHU MULTI WIRES PRODUCTS FZC
Country of Origin :
Ras Al Khaimah, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
1st December 2004
Trade Licence Number :
8000038
Issued Capital :
UAE Dh 2,000,000
Paid up Capital : UAE Dh
2,000,000
Total Workforce :
23
Activities :
Manufacturers of metal wire.
Financial Condition :
Fair
Operating Trend :
Steady
Person Interviewed :
Manoj Kumar NC, Financial Controller
MADHU MULTI WIRES
PRODUCTS FZC
Location : RAK Free Trade
Zone
PO Box : 50046
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Telephone : (971-7) 2668105
Facsimile : (971-7)
2668106
Mobile : (971-50)
6744938
Email : madhumw@emirates.net.ae
Subject operates from a small suite of offices and a factory that are
rented and located in the Free Trade Zone Area of Ras Al Khaimah.
Name Nationality Position
· Madhu Agrawal Indian Managing
Director
· Navish Gupta Indian Director
· Avish Gupta Indian Director
· Manoj Kumar NC - Financial Controller
· Pradeep Kumar Hazar - Production Manager
Date of
Establishment : 1st
December 2004
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 8000038
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
· Madhu Agrawal
· Navish Gupta
· Avish Gupta
· Madhu Multi
Trading LLC
PO Box: 20395
Al Musalla Tower,
Office No. 1502
Bur Dubai
Dubai
Tel: (971-4)
3547882
Fax: (971-4)
3547883
Activities: Engaged in the manufacture of metal wire.
Subject’s
products include:
Galvanized
Binding Wire: 18 Gauge (1.20mm) to 20 Gauge (.90mm)
Low Carbon Hard Drawn Wire: 0.6mm to 4.0mm
Low Carbon Black Annealed Wire: 0.9mm to 4.0mm
High Carbon Wire (with Carbon % of 0.65%): 1.5mm to 4.0mm
MS Round Bards as per ASTM A 36- 2mm to 8mm.
PVC Coated Blue Laundry Hangers
Powder Coated Blue/White/ Gold Wire Hangers
Safety Shoes
Boiler Suits Full/Half Sleeves
Coveralls with Customized Logos
Spectacles - Clear, Grey, Green
Goggles – Anti-fog & Dust
Gloves
Traffic Cones
Reflective Jackets
Warning Tapes/Lights
First Aid Kits
Annual Production
Capacity: 6,000 metric tonnes
Import Countries: Europe and the Far East.
Local Suppliers:
· Emirate Steel Abu Dhabi
· Qatar Steel Dubai
Export Countries: Bahrain, Oman,
and Qatar
Operating Trend: Steady
Subject has a workforce of 23 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 46,200,000 UAE Dh
48,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Manoj Kumar NC, Financial Controller
·
Habib Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4)
2221281
Fax: (971-4) 2284631
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.66.52 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.70.44 |
|
UAE DH |
1 |
Rs. 18.12 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.