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Report No. : |
312666 |
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Report Date : |
17.03.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Jebel Ali Free Zone, Plot No. 540402, 261754 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 : |
13.05.2010 |
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Com. Reg. No.: |
134731 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the manufacture of basic steel products, including hot and cold rolled steel, TMT bars, chequered plates, pre-painted sheets and shot blasted plates. |
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No of Employees : |
44 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 : ESSAR STEEL MIDDLE EAST FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 13th May 2010
Commercial Registration Number : 134731, Dubai
Trade Licence Number : 120645
Chamber Membership Number : 182797
Issued Capital : UAE Dh 142,000,000
Paid up Capital : UAE Dh 142,000,000
Total Workforce : 44
Activities : Manufacturers of basic steel products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mukarjee Marinmoy, Senior Accountant
ESSAR STEEL MIDDLE
EAST FZE
Location : Jebel Ali Free Zone, Plot No. 540402
PO Box : 261754
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8998500
Facsimile : (971-4) 8809913
Mobile : (971-50) 6501204 / 6509841
Email : tarun.lal@essar.com / sanjeev.tyagi@essar.com
Subject operates
from a small suite of offices and a factory that are rented and located in the
Jebel Ali Free Zone Area of Dubai.
Branch Office
(s)
Location Description
·
Emaar Business
Park, Building No. 4, Office No. 508 Office
premises
Sheikh Zayed Road
PO Box: 61078
Dubai
Tel: (971-4) 3649000
Fax: (971-4) 3649099
Name Position
·
Girish
Rao Chief
Executive Officer
·
Sanjeev
Tyagi General
Manager
·
Jay
Khatri Finance
Manager
·
Rohit
Sachi Dave Financial
Controller
·
Mukarjee
Marinmoy Senior
Accountant
·
Praful
Venu Gopal Commercial
Manager
Date of Establishment : 13th
May 2010
Legal Form :
Free Zone Establishment –
FZE
Commercial Reg. No. : 134731,
Dubai
Trade Licence No. : 120645
Chamber Member No. : 182797
Issued Capital : UAE Dh 142,000,000
Paid up Capital : UAE Dh 142,000,000
·
Essar Steel
Ltd 100%
Essar House
11 Keshavrao Khadye Marg
Mahalaxmi
Mumbai - 400 034
Maharashtra
India
Tel: (91-22) 50011100 / 66601100
Fax: (91-22) 66601809
Activities: Engaged in the manufacture of basic steel
products, including hot and cold rolled steel, TMT
bars, chequered plates, pre-painted sheets and shot blasted plates.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 44 employees.
Financial highlights
provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales US$ 250,000,000 US$ 253,300,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mukarjee Marinmoy, Senior Accountant
·
Bank of
Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.82 |
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1 |
Rs. 92.82 |
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Euro |
1 |
Rs. 66.16 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.