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MIRA INFORM REPORT
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Report No. : |
484627 |
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Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
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Name : |
MEMAAR BUILDING
SYSTEMS FZC |
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Formerly Known As : |
MAMMUT
BUILDING SYSTEMS FZC |
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Registered Office : |
Hamriyah Free
Zone, Plot No 1G0211 / 1G1927, P O Box: 41668, Sharjah |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.21016 |
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Date of Incorporation : |
Subject’s operations
date back to 1997, however it was registered on 4th December, 2002 |
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Legal Form : |
Free Zone Company
– FZC |
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Line of Business : |
· Subject is engaged in the production of pre-engineered and structural steel buildings. · Subject also supplies building accessories, including overhead doors, liner panels, sliding doors, hanger doors, eve canopies, roof extensions, sky and wall lights, sliding glass windows, commercial glass frames, door canopies, façade system, roof curbs, circular vents, ridge vents, insulation, canister doors, half glass walk doors, louvers and framed openings. |
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No. of Employees : |
800 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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United Arab
Emirates |
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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name : MEMAAR
BUILDING SYSTEMS FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Company – FZC
Start Date :
1997
Registration Date : 4th
December 2002
Trade Licence
Number : 344
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce :
800
Activities :
Production of pre-engineered and structural steel
buildings
Financial Condition : Good
Payments :
Regular
Person Interviewed : Amer Al Hansi,
Finance
Manager
COMPANY
NAME
MEMAAR BUILDING
SYSTEMS FZC
ADDRESS
Registered & Physical
Address
Location : Hamriyah Free Zone, Plot No 1G0211
/ 1G1927
PO Box : 41668
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5149999
Facsimile : (971-6) 5149993
Mobile :
(971-50) 9030283 / 9030283
Email : mammut@emirates.net.ae / sales@mammut.ae / sales@mbs.ae / amer.elhansi@mbs.ae
silvester.assari@mbs.ae / sales@mbs.ae
Premises
Subject operates
from a suite of offices and a factory covering an area of 150,000 square metres
that are rented and located in the Hamriyah Free Zone.
Branch Office
(s)
Location Description
·
Bank Street Sales
Office
PO Box: 28414
Dubai
Tel: (971-4) 3970099
Fax:
(971-4) 3970088
Email: sales@mammut.ae
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PO Box:
53159 Sales
Office
Abu Dhabi
Tel: (971-2) 6263300
Fax: (971-2) 6267403
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Techno
Park Sales
Office
Jebel Ali Free Zone
Dubai
KEY
PRINCIPALS
Name Position
·
Behzad Daniel Ferdows Managing
Director
·
Ashraf Kassem Chief
Executive Officer
·
Amer Al
Hansi Finance
Manager
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Silvester
Assari Production
Manager
LEGAL
FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1997, however it was registered on 4th
December 2002
History : Subject began in 1997 under the name “Mammut Building Systems FZC”. However on 20th August 2017
it changed its name to “Memaar Building Systems FZC”.
Legal Form :
Free Zone Company – FZC
Trade Licence No. : 344
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
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Emaar
Industries & Investment 60%
Dubai
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Mammut Construction Group FZC 40%
Jebel Ali Free Zone
Dubai
AFFILIATED
COMPANIES
Subject is a member of the Mammut Group, which comprises the following
concerns:
·
Mammut Industries FZE
PO Box: 28414
Dubai
Tel: (971-4) 3970099
Fax:
(971-4) 3970088
Established in 1992, this
company is engaged in the manufacture of trailer and carrier cars.
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Mammut Building Systems LLC
Sheikh Zayed Road
PO Box: 28414
Dubai
Tel: (971-4) 3970099
Fax: (971-4) 3970088
Established in 1997, it is
engaged in the distribution of building materials and pre-cast engineering
structures.
OPERATIONS
Activities: Engaged in the production of pre-engineered and structural steel buildings.
Subject
also supplies building accessories, including overhead doors, liner panels, sliding
doors, hanger doors, eve canopies, roof extensions, sky and wall lights,
sliding glass windows, commercial glass frames, door canopies, façade system,
roof curbs, circular vents, ridge vents, insulation, canister doors, half glass
walk doors, louvers and framed openings.
Production
Capacity: 10,000 tonnes per month of pre-engineered steel building components
120,000
square metres per month of polyurethane injected sandwich panels
Import
Countries: United States of
America and India
Local Suppliers:
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Hamriyah Steel Sharjah
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Dubai Building Material Supplies Dubai
Subject has a
workforce of approximately 800 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/16:
Total Sales UAE
Dh 150,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Amer Al Hansi, Finance Manager
BANKERS
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Sharjah
Islamic Bank
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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 |
INR 63.83 |
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1 |
INR 86.28 |
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Euro |
1 |
INR 76.14 |
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UAE Dh |
1 |
INR 17.35 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.