MIRA INFORM REPORT

Report No. :	356741
Report Date :	31.12.2015

IDENTIFICATION DETAILS

Name :	HESS MIDDLE EAST FZE
Registered Office :	Sheikh Zayed Road Jebel Ali Free Zone Dubai 61487
Country :	United Arab Emirates
Date of Incorporation :	14.11.2005
Legal Form :	Free Zone Establishment – FZE
Line of Business :	Manufacturers of concrete blocks and pipe fittings.
No. of Employee :	60

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

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name	:	HESS MIDDLE EAST FZE
2) Registered Address:
Address	:	Sheikh Zayed Road Jebel Ali Free Zone
Town	:	Dubai
Country	:	United Arab Emirates
PO Box	:	61487
Phone (s)	:	(971-4) 8862030
		(971-4) 3608925
Facsimile	:	(971-4) 8862040
		(971-4) 3608926
Email	:	admin.hme@hessgroup.com
		hessmiddleeast@gmail.com
3) Operational Address & Contact Details:
Address	:	Sheikh Zayed Road Jebel Ali Free Zone
Town	:	Dubai
Country	:	United Arab Emirates
PO Box	:	61487
Phone (s)	:	(971-4) 8862030
		(971-4) 3608925
Facsimile	:	(971-4) 8862040
		(971-4) 3608926
Email	:	admin.hme@hessgroup.com
		hessmiddleeast@gmail.com
:
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category	:	Free Zone Establishment - FZE
Date of Registration	:	14th November 2005
Trade License Number	:	6580
OTHER REGISTRATION/ MEMBERSHIPS
Chamber Membership Number	:	131925
KEY FACTS
Operational Status	:	Normal
Financial Condition	:	Undetermined
Primary Business Activity	:	Manufacturers of concrete blocks and pipe fittings
Number of Employees	:	60
Capital	:	UAE Dh 1,000,000
Note:
Engaged in the manufacture of concrete blocks and pipe fittings.
CAPITAL DETAILS
Issued Capital:
No of Shares		No of Shares		Amount
N/A		N/A		UAE Dh 1,000,000
Paid Up Capital:
No of Shares		No of Shares		Amount
N/A		N/A		UAE Dh 1,000,000
FINANCIAL DATA
Companies registered in Dubai, 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.
BANKERS
1	Name		Emirates National Bank of Dubai
	Address		Baniyas Street
	PO Box		777 Dubai
	Tel		(971-4) 2222241
SHAREHOLDERS
1	Name		Hess GMBH
	Country		Germany
SENIOR MANAGEMENT
Sr.No	Name		Dsignation
1	Manoj Kumar Pillai		Managing Director
2	Mohamed Qasem		Special Attorney
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country		Activity
1	Europe		Import
2	Far East		Import
PREMISES
Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Dubai.
PAYMENT
No complaints regarding subject’s payments have been reported.
ADVERSE DATA
Performance Defaults	:	No record found
Payment Defaults	:	No record found
Adverse Press Coverage	:	No record found
Litigations	:	No record found
Former Business Relationships	:	No record found
INVESTIGATOR'S COMMENTS
Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.98.55
Euro	1	Rs.72.60
UAE Dh	1	Rs.18.05

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

INFORMATION DETAILS

Analysis Done by :	AMT
Report Prepared by :	ANK

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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