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Report No. : |
322416 |
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Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
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Name : |
ACE METAL FZE |
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Registered Office : |
Plot No. S131002, South
Jebel Ali Free Zone, PO Box 261824, 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 : |
01.08.2005 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Engaged in the import and distribution of stainless steel sheets,
plates and coils. Subject’s products include pipes, welding fittings, screwed
and forged fittings, flanges and fasteners. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 |
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 :
ACE METAL FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
1st August 2005
Trade Licence Number :
6081
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce : 10
Activities :
Distributors of stainless steel sheets and coils
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Satish Singh, Financial Manager
ACE METAL FZE
Registered &
Physical Address
Location : Plot No. S131002
Area : South Jebel
Ali Free Zone
PO Box : 261824
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8807334 / 8807335
Facsimile : (971-4)
8807339
Mobile : (971-50)
5240043 / 3319594 / 5028722
Email : acemetal@emirates.net.ae
/ sales@acemetalfze.com
/ satish@acemetalfze.com
Please note that subject’s previous address was, Al Dura Tower, 8th
Floor, Suite No. 803, Sheikh Zayed Road, Jebel Ali Free Zone, Dubai.
Premises
Subject operates from a suite of offices and a warehouse covering an
area of 50,000 ft2 that are rented and located
in the Jebel Ali Free Zone, Dubai.
Name Nationality Position
Chetan Mehta Bhuta Indian Managing
Director
Satish Singh - Financial
Manager
Date of Establishment : 1st August
2005
Legal Form : Free Zone
Establishment – FZE
Trade Licence No. : 6081 (Expires 06/02/2016)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
Chetan Mehta Bhuta 100%
Activities: Engaged in the import and distribution of stainless steel sheets,
plates and coils. Subject’s products include pipes, welding fittings, screwed
and forged fittings, flanges and fasteners.
Import Countries: India, China, Japan, Germany, Belgium, Romania,
Malaysia, Slovenia, Brazil and the United States of America.
International
Suppliers:
Aperam Steel Belgium
Acroni Slovenia
Buhru SDN Malaysia
Operating Trend: Steady
Subject has a workforce of 10 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 109,750,000 UAE Dh 115,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Satish Singh, Financial Manager
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
Bank of Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
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.63.69 |
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|
1 |
Rs.99.73 |
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Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
-- |
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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.