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Report No. : |
326860 |
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Report Date : |
17.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
STEEL MASTERS
INTERNATIONAL (ME) FZE |
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Registered Office : |
Plot No. RA08VB05, Jebel Ali Free Zone, P O Box: 17603, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
14.02.2011 |
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Com. Reg. No.: |
144233, Dubai |
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Legal Form : |
Free Zone
Establishment - FZE |
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Line of Business : |
Import and Distribution
of Metal Products (Steel Sheets and Coils), Tools, Building and Construction
Materials. |
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No. of Employees : |
6 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – 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. 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
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 diversification and creating more opportunities for nationals through
improved education and increased private sector employment.
|
Source
: CIA |
Company Name : STEEL
MASTERS INTERNATIONAL (ME) FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 14th
February 2011
Commercial
Registration Number : 144233,
Dubai
Trade Licence
Number : 125986
Chamber Membership
Number : 209775
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 6
Activities :
Distributors of metal products, tools, building and construction materials.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Grace Braganza, Administration Executive
STEEL MASTERS
INTERNATIONAL (ME) FZE
Location : Plot No. RA08VB05
Area : Jebel Ali Free Zone
PO Box : 17603
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8872882
Facsimile : (971-4) 8872884
Email : mandeep@smi.ae
/ bhandari@smi.ae / grace@smi.ae
Subject operates
from a small suite of offices and a warehouse that are rented and located in the
Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
·
Mandeep
Bhandari Indian Managing
Director
·
Ghurshran
P S Bhandari - Sales
Manager
·
Grace Braganza - Administration
Executive
Date of Establishment : 14th
February 2011
Legal Form :
Free Zone Establishment -
FZE
Commercial
Reg. No. : 144233, Dubai
Trade Licence No. : 125986
Chamber Member No. : 209775
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Mandeep
Bhandari 100%
·
Steel
Masters International Ltd Inc
LOB 16, Office No. 617
Jebel Ali Free Zone
PO Box: 17603
Dubai
Tel: (971-4) 8872882
Fax: (971-4) 8872884
Lic No. 3941
Activities: Engaged in the import and distribution of
metal products (steel sheets and coils), tools, building and
construction materials.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 6 employees.
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.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
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.64.15 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.72.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.