MIRA INFORM REPORT

 

 

Report No. :

327533

Report Date :

22.06.2015

 

IDENTIFICATION DETAILS

 

Name :

MET TRADE (UAE) FZC

 

 

Registered Office :

Hamriyah Free Zone, Plot No. B2-B12-B13, PO Box 42545, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

04.05.2005

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Engaged in the smelting of alloys, ferrous and non-ferrous metals.

 

 

No. of Employees :

25

 

 

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 :

Good

Payment Behaviour :

Regular

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, 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

SUMMARY

 

Company Name                                    : MET TRADE (UAE) FZC

Country of Origin                                   : Sharjah, United Arab Emirates

Legal Form                                           : Free Zone Company - FZC

Registration Date                                  : 4th May 2005

Trade Licence Number                           : 8515

Industrial Licence Number                      : 1234

Issued Capital                                       : UAE Dh 150,000

Paid up Capital                                     : UAE Dh 150,000

Total Workforce                                     : 25

Activities                                               : Smelting of alloys, ferrous and non-ferrous metals

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Ashok Nair, Finance Manager

 

 

COMPANY NAME

 

MET TRADE (UAE) FZC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Hamriyah Free Zone, Plot No. B2-B12-B13

PO Box                        : 42545

Town                : Sharjah

Country : United Arab Emirates

Telephone         : (971-6) 5261020

Facsimile          : (971-6) 5264236

Mobile              : (971-56) 4543067 / (971-50) 6324853

Email                : accounts@mtuae.ae

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Hamriyah Free Zone Area of Sharjah.

 

Branch Offices

 

Location                                                                                   Description

 

Geco Complex, 2nd Floor, Office No.8                                        Office premises

Industrial Area No. 12

Sharjah

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Ravan Gupta                                                                             Managing Director

 

Ashok Nair                                                                                Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th May 2005

 

Legal Form                  : Free Zone Company - FZC

 

Trade Licence No.        : 8515

 

Industrial Licence No.  : 1234 (Expires 03/05/2016)

 

Issued Capital              : UAE Dh 150,000

 

Paid up Capital            : UAE Dh 150,000

 

Name of Shareholder (s)                                             Percentage

 

Metenere Ltd                                                     99.50%

India

 

Ravan Gupta                                                       0.50%

 

 

OPERATIONS

 

Activities: Engaged in the smelting of alloys, ferrous and non-ferrous metals.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 25 employees.

 

 

FINANCIAL DATA

 

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 1,000,000,000               UAE Dh 1,200,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Ashok Nair, Finance Manager

 

 

BANKERS

 

Standard Chartered Bank

Al Boorj Avenue

PO Box: 5

Sharjah

Tel: (971-6) 5357788

Fax: (971-6) 5543604

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.63.82

UK Pound

1

Rs.101.26

Euro

1

Rs.72.36

 

 

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

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.