MIRA
INFORM REPORT
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Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
POSCO STEEL &
ALLOYS DMCC |
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Registered Office : |
Dubai Metals
& Commodities Centre, Emirates Street, Ras Al Khor Area, P O Box 119240,
Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
9th July 2005 |
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Legal Form : |
Free Zone Company – FZ LLC |
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Line of Business : |
Engaged in the
import and distribution of steel and metal alloys. |
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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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : POSCO STEEL & ALLOYS DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company – FZ LLC
Registration Date : 9th July 2005
Trade Licence Number : 30134
Membership Number : 98994
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 7
Line of Business : Distributors of steel and metal alloys.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
POSCO STEEL &
ALLOYS DMCC
ADDRESS
Registered & Physical Address
Building : Dubai Metals & Commodities
Centre
Street : Emirates Street
Area : Ras Al Khor Area
PO Box : 119240
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2731835
Facsimile : (971-4) 2731836
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Vijay
Bhansaili Indian Managing Director
LEGAL FORM & OWNERS
Date of Establishment : 9th
July 2005
Legal Form :
Free Zone Company – FZ LLC
Trade Licence No. : 30134
Membership
No. : 98994
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
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Posco Steel
& Alloys 100%
Fortune Towers
Chandrashekharpur
Bhubaneswar 751 023
Orissa
India
Note to the Legal Form
A Free Zone Company (FZ LLC) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
steel and metal alloys.
Import Countries
: India
Subject has a
workforce of 7 employees.
FINANCIAL HIGHLIGHTS
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.
BANKERS
·
Bank of Baroda
PO Box : 3162
Dubai
Tel : (971-4) 5531955
Fax : (971-4) 5536962
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Habib Bank AG
Zurich
Trade Service Centre
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2005, subject is involved in the import and distribution of steel and metal
alloys.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 150,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)