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Report No. : |
308555 |
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Report Date : |
23.02.2015 |
IDENTIFICATION DETAILS
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Name : |
MINERAL CIRCLES (BEARINGS) FZE |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, PO Box 27691 & 4611, 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 : |
24.01.2002 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Engaged in the import and distribution of bearings. |
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No. of Employees : |
50 |
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 |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. In April 2004, the UAE signed a Trade and Investment Framework
Agreement with Washington and in November 2004 agreed to undertake negotiations
toward a Free Trade Agreement with the US; however, those talks have not moved
forward. The country's Free Trade Zones - offering 100% foreign ownership and
zero taxes - are helping to attract foreign investors. The global financial
crisis, 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. The UAE Central Bank and Abu Dhabi-based banks bought the
largest shares. In December 2009 Dubai received an additional $10 billion loan
from the emirate of Abu Dhabi. 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 diversification and creating
more opportunities for nationals through improved education and increased
private sector employment.
|
Source
: CIA |
Company Name :
MINERAL CIRCLES (BEARINGS) FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
24th January 2002
Trade Licence Number :
1498
Chamber Membership Number :
66501
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
50
Activities :
Distributors of bearings
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Amro Abdulrahman, Finance Manager
MINERAL CIRCLES (BEARINGS) FZE
Registered &
Physical Address
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 27691 &
4611
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8814675
/ 8865100 / 2247047
Facsimile : (971-4)
8814674 / 8865123 / 2216075
Email : mcbfze@emirates.net.ae
/ mcbllc@eim.ae
/ mcb@mcb.ae
Premises
Subject operates from a suite of offices and a warehouse covering an
area of approximately 10,000 metres2 that are rented and located in
the Jebel Ali Free Zone Area of Dubai.
Branch Office (s)
Location Description
Al Burj Street, Nasser Square, Deira Rented
showroom
Dubai
Tel: (971-4) 2247047
Fax: (971-4) 2216075
Name Nationality Position
Amar Alwan Ridha Iraqi Chairman
Safaa Alwan - Managing Director
Hassanein
Alwan - Sales
Manager
Amro Abdulrahman - Financial
Manager
Date of Establishment : 24th
January 2002
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 1498 (Expires
24/10/2015)
Chamber Member No. : 66501
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
Amar Alwan Ridha 100%
Mineral Circle Bearing LLC
Dubai
Tel: (971-4) 2247047
Fax: (971-4) 2216075
Activities: Engaged in the import and distribution of bearings.
Subject’s product range includes:
|
Adapter Sleeves |
Needle Roller Bearings |
Tensioner Bearings |
Import Countries: Japan, South Korea and China.
International Suppliers:
Musashi Seal Japan
MBS Corp Japan
Ilgin South
Korea
Brand Names: MCB
Subject has a workforce of 50 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 Revenue UAE
Dh 68,000,000 UAE Dh
70,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Amro Abdulrahman, Finance
Manager.
Commercial Bank of Dubai
Jebel Ali Branch
PO Box: 2668
Dubai
Tel: (971-4) 8818882
Fax: (971-4) 8812252
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.62.25 |
|
|
1 |
Rs.96.00 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
|
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 |
-- |
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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.