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Report No. : |
354774 |
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Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
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Name : |
INMATEC GAS TECHNOLOGY FZC |
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Registered Office : |
Rak Free Trade Zone, Business Centre 4, Office 801A, PO Box : 16072, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.11.2013 |
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Legal Form : |
Free Zone
Company - FZC |
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Line of Business : |
Subject is engaged in the import and distribution of industrial
equipment, parts and accessories for gas plants. |
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No. of Employee : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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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.
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Source
: CIA |
Company Name :
INMATEC GAS TECHNOLOGY FZC
Country of Origin :
Ras Al Khaimah, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
1st November 2013
Trade Licence Number :
5010211
Issued Capital :
UAE Dh 185,000
Paid up Capital :
UAE Dh 185,000
Total Workforce :
6
Activities :
Distributors of industrial equipment, parts and accessories for gas plants
Financial Condition :
Undetermined
Payments :
Unknown
Person Interviewed :
Morgan Meineck, Managing Director
INMATEC GAS TECHNOLOGY FZC
Location : RAK Free Trade
Zone, Business Centre 4, Office 801A
PO Box : 16072
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Telephone : (971-7) 2075775
/ 2075777
Facsimile : (971-7)
2075776
Email : office@inmatec.ae
Please note that the subject has moved offices from within the same
building, from 709A to 801A.
Subject operates from a small suite of offices that are rented and
located in the Ras Al Khaimah Free Trade Zone.
Name Nationality Position
· Morgan Meineck German Managing Director
· Gedo Kuschmiez German Director
Date of
Establishment : 1st
November 2013
Legal Form : Free Zone
Company - FZC
Trade Licence No. : 5010211
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
· Morgan Meineck
· Gedo Kuschmiez
Activities: Engaged in the import and distribution of industrial equipment, parts
and accessories for gas plants.
Import Countries: Germany
Subject has a workforce of 6 employees.
Companies registered in Ras Al Khaimah, United Arab Emirates are not
legally required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
·
National Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7)
2221127
Fax: (971-7)
2224202
Unknown
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.66.85 |
|
|
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.73.16 |
|
UAE DH |
1 |
Rs. 18.15 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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|
|
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Report Prepared
by : |
ASH |
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 |
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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 |
|
-- |
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.