MIRA INFORM REPORT

 

 

Report No. :

352381

Report Date :

02.12.2015

 

IDENTIFICATION DETAILS

 

Name :

MOULDS & METALS FZE

 

 

Registered Office :

Fujairah Free Zone, P O Box: 5129, Fujairah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

Subject’s operations date back to 1990, however it was registered on 5th May 2001

 

 

Legal Form :

Free Zone Establishment - FZE

 

 

Line of Business :

Import and distribution of metals, including steel, ferrous and non-ferrous metals, scrap metals, alloys, chemicals and refractory related products.

 

 

No. of Employees :

10

 

 

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

 

 

Payment Behaviour :

No Complaints

 

 

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

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. 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

 

SUMMARY

 

Company Name                                    : MOULDS & METALS FZE

Country of Origin                                   : Fujairah, United Arab Emirates

Legal Form                                           : Free Zone Establishment - FZE

Start Date                                             : 1990

Registration Date                                  : 5th May 2001

Trade Licence Number                           : 1269

Chamber Membership Number               : 8960

Issued Capital                                       : UAE Dh 1,000,000

Paid up Capital                                     : UAE Dh 1,000,000

Total Workforce                                     : 10

Activities                                               : Distributors of metals

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Maan Mohan Singh, Finance Manager

 

COMPANY NAME

 

MOULDS & METALS FZE

 

 

ADDRESS

 

Registered Address

 

Location           : Fujairah Free Zone

 

PO Box            : 5129

 

Town                : Fujairah

Country             : United Arab Emirates

 

Telephone         : (971-9) 2281073

Facsimile          : (971-9) 2281074

 

Physical Address

 

Building            : Citadel Tower, Suite No. 2409 & 2410

Street               : Sheikh Zayed Road

Area                 : Business Bay

 

PO Box            : 32691

 

Town                : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 4572437

Facsimile          : (971-4) 4572438

Mobile              : (971-50) 5534795

Email                : mmetals@emirates.net.ae / info@mmetals-uae.com

 

Please note that subject’s previous address was, Al Rigga Palace, 2nd Floor, Suite No. 201, Al Maktoum Street, Deira Dubai. Subject moved to the above address in October 2011.

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Viwasvat Kumar Shastri                                   Indian                        Managing Director

 

·       Sree Kumar                                                     Indian                        General Manager

 

·       Maan Mohan Singh                                              -                            Finance Manager

 

·       Sayed Zulfiqar Naqvi                                           -                            Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1990, however it was registered on 5th May 2001

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.        : 1269

 

Chamber Member No.  : 8960

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                     Percentage

 

·       Viwasvat Kumar Shastri                                                100%

 

 

AFFILIATED COMPANIES

 

·       Mould & Metals LLC

     Citadel Tower

     Sheikh Zayed Road

     PO Box: 32691

     Dubai

     Tel: (971-4) 4572437

     Fax: (971-4) 4572438

     CR No. 1087052

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of metals, including steel, ferrous and non-ferrous metals, scrap

                 metals, alloys, chemicals and refractory related products.

 

Import Countries: Europe and the Far East.

 

International Suppliers:

 

·       Rustavi Steel            Georgia

 

Export Countries: Malaysia, Indonesia, Bangladesh, Vietnam and Africa.

 

Operating Trend: Steady

 

Subject has a workforce of 10 employees.

 

 

FINANCIAL DATA

 

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 245,080,000                 UAE Dh 251,370,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Maan Mohan Singh, Finance Manager

 

 

BANKERS

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

 

·       Habib Bank Ltd

Murshid Bazaar

PO Box: 888

Dubai

Tel: (971-4) 2221281

Fax: (971-4) 2284631

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

UK Pound

1

Rs.100.44

Euro

1

Rs.70.44

UAE Dh

1

Rs.18.13

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

Report Prepared by :

NIT

 

               


 

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

 

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%)

 

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