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Report No. : |
303475 |
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Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Dibba Road, Masafi 11035 Fujairah |
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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 : |
19.06.1983 |
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Com. Reg. No.: |
50059 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the production and bottling of water and juices, also manufacture of tissue paper. |
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No. of Employee : |
340 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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UAE |
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 |
UAE 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.
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Source
: CIA |
Company Name : MASAFI CO LLC
Country of Origin : Fujairah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th June 1983
Commercial Registration Number : 50059
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
Total Workforce : 340
Activities : Production and bottling of water and juices, also manufacture of tissue
paper.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sunil Shah, Financial Manager
MASAFI CO LLC
Street : Dibba Road
Area : Masafi
PO Box : 11035
Town : Fujairah
Country : United Arab Emirates
Telephone : (971-9) 2564331
Facsimile : (971-9) 2564491
Mobile : (971-55) 9021313 / 1237609
Email : adam.ramlan@masafi.com / factory@masafi.co.ae
Subject operates from
a large suite of offices that are rented and located in the Industrial Area of
Fujairah.
Name Position
·
Abdulaziz
Mohamed Al Ghurair Managing
Director
·
Mohamed
Al Ghurair Director
·
Kim
Dong Uok Plant
Manager
·
Sunil
Shah Financial
Manager
·
Adam
Ramlan Sales
Manager
·
Shafeeq
Ahmed Financial
Controller
Date of Establishment : 19th
June 1983
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 50059
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
·
Abdulaziz
Mohamed Al Ghurair 99%
·
Itjar
Investment LLC 1%
Dubai
United Arab Emirates
·
Masafi Mineral
Water Co LLC
Business Centre Building
Khalid Bin Walid Street
PO Box: 5603
Dubai
Tel: (971-4) 3970855 / 3201647 / 3465959
Fax: (971-4) 3971130 / 3465200
Activities: Engaged in the production and bottling of
water and juices, also manufacture of tissue paper.
Import
Countries: Europe and GCC
countries.
Operating Trend: Steady
Subject has a
workforce of approximately 340 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
336,865,000 UAE Dh
319,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Sunil Shah, Financial Manager
·
National
Bank of Fujairah
PO Box: 887
Fujairah
Tel: (971-9) 2224518 / 2224513
Fax: (971-9) 2224516 / 2229470
No complaints
regarding subject’s payments have been reported.
Credit amount EUR
75,809
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Please note that PO
Box 5603 is used by the subject’s affiliated company, Masafi Mineral Water Co
LLC, based in Dubai.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.69 |
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|
1 |
Rs.93.41 |
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Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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 |
-- |
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.