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Report No. : |
346450 |
|
Report Date : |
23.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
METAL MASTERS FZE |
|
|
|
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Registered Office : |
RAK Free Trade
Zone, 16111, Ras Al Khaimah, 39820, |
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Country : |
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Date of Incorporation : |
26.02.2013 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and
Distributors of Ferrous and Non-Ferrous Metal Products. |
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No. of Employees : |
3 |
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 – 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 |
Company Name : METAL MASTERS FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 26th
February 2013
Trade Licence
Number : 500882
Issued Capital : UAE Dh
150,000
Paid up Capital :
UAE Dh 150,000
Total Workforce : 3
Activities :
Distributors of ferrous and non-ferrous metal products.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Uday Churasi,
Managing Director
METAL MASTERS FZE
Location : RAK Free Trade Zone
PO Box : 16111, Ras Al Khaimah
39820, Dubai
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-4) 2767436
Facsimile : (971-4) 2767436
Mobile : (971-50) 2467048
Email : metalmastersuae@gmail.com
Subject operates
from a small suite of offices that are rented and located in the Industrial
Area of Ras Al Khaimah.
Name Nationality Position
·
Uday
Churasi Indian Managing
Director
Date of Establishment : 26th
February 2013
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 500882
(Expires 24/02/2016)
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Uday
Churasi 100%
Activities: Engaged in the import and distribution of
ferrous and non-ferrous metal products.
Import
Countries: Europe and the
Far East.
Suppliers:
·
Nobel
Resources
·
Trafegura
·
Glencore
Subject has a
workforce of 3 employees.
Companies
registered in Ras Al Khaimah, 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.
·
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.89 |
|
|
1 |
Rs.100.39 |
|
Euro |
1 |
Rs.73.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.