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Report No. : |
338315 |
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Report Date : |
05.09.2015 |
IDENTIFICATION DETAILS
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Name : |
CASTOLIN EUTECTIC
MIDDLE EAST FZE |
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Registered Office : |
Plot No. 2606, LOB 18 Jebel Ali Free Zone, Jafza South 3 18656 Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
10.04.2012 |
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Legal Form : |
Free Zone
Establishment - FZE |
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Line of Business : |
Subject is engaged in
the import and distribution of basic steel products and alloys. |
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No. of Employee : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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 |
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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 of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : CASTOLIN EUTECTIC MIDDLE EAST FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 10th
April 2012
Trade Licence
Number : 133586
Chamber Membership
Number : 223049
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce : 8
Activities :
Distributors of basic steel products and alloys.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
CASTOLIN EUTECTIC
MIDDLE EAST FZE
Location : Plot No. 2606, LOB 18
Area : Jebel Ali Free Zone, Jafza
South 3
PO Box : 18656
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8841329 / 8806884 / 8800558 /
3945980
Facsimile : (971-4) 8806885 / 8800559
Mobile : (971-55) 2351872 / 2351897
Email : oiltec@castolin.com / rcruz@castolin.com
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 Position
·
William
McDougall General
Manager
·
Keith
Jordan Business
Development Manager
Date of Establishment : 10th
April 2012
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 133586
Chamber Member No. : 223049
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Castolin
Eutectic Ltd 100%
United Kingdom
Activities: Engaged in the import and distribution of
basic steel products and alloys.
OilTec is a division of Castolin Eutectic, a long-established industry
leader in wear protection. It is
dedicated to providing a comprehensive offer to the Oil and Gas
industry, be it for products, services – or
both. OilTec thus provides welding, hardfacing, hardbanding and surface
engineering consumables,
equipment and services, together with cost-effective OEM parts
manufacturing. Coating services include
state-of-the-art High Velocity coatings (HVOF), Air plasma (APS), Vacuum
Plasma (LPPS), twin wire arc-
spray capabilities, as well as world-class laser cladding services.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 8 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.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
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.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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|
|
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
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 |
|
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 |
|
<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.