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Report No. : |
352439 |
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Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
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Name : |
MM9 INTERNATIONAL
DMCC |
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Formerly Known As : |
MM9 INTERNATIONAL
FZE |
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Registered Office : |
Indigo Icon Tower, Suite No. 2005, Jumeirah Lakes Towers, P O Box: 487435, Dubai |
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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 : |
01.12.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import and
distribution of plastics and polymers, as well as chemicals, petrochemicals,
aromatics and fertilisers. |
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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 : |
Good |
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Payment Behaviour : |
Regular |
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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.
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Source
: CIA |
Company Name : MM9
INTERNATIONAL DMCC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date : 1st
December 2009
DMCC Number : 31138
Trade Licence
Number : 2023
Issued Capital : UAE Dh
200,000
Paid up Capital : UAE Dh
200,000
Total Workforce : 15
Activities :
Distributors of plastics and polymers
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Faisal Babu,
Financial Controller
MM9 INTERNATIONAL
DMCC
Location : Indigo Icon Tower, Suite No. 2005, Jumeirah Lakes Towers
PO Box : 487435
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4327427
Facsimile : (971-4) 4327426
Mobile : (971-55) 2200778
Email : info@mm9international.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Minesh
Shah Indian Managing
Director
·
Ramin
Behbehani - Chief
Executive Officer
·
Kevin
Shah - Marketing
Manager
·
Faisal
Babu - Financial
Controller
Date of Establishment : 1st
December 2009
Legal Form :
Limited Liability Company
DMCC No. : 31138
Trade Licence No. : 2023
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
·
Minesh
Shah 100%
Activities: Engaged in the import and distribution of
plastics and polymers, as well as chemicals, petrochemicals,
aromatics and fertilisers.
Import
Countries: Europe and GCC
countries.
International Suppliers:
·
National
Petrochemicals Industrialisation Marketing (TASNEE) Saudi Arabia
·
SABIC Saudi
Arabia
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
177,523,000 UAE Dh
181,607,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Faisal Babu, Financial Controller
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Tel: (971-4) 2229131 / 2221134
No complaints
regarding subject’s payments have been reported.
Please note that the
correct name of the subject is “MM9 International DMCC” and not “MMP
International DMCC”.
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 |
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|
1 |
Rs.100.44 |
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Euro |
1 |
Rs.70.44 |
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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
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DIV |
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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.