MIRA
INFORM REPORT
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Report Date : |
22.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
ESSAR PROJECTS
LTD |
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Registered Office : |
Hamriyah
Free Zone, P O Box 41776, Sharjah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
29th October 2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject
is in the process of installing its production plant, and will be engaged in the
manufacture of steel bars and reinforcement steel. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ESSAR PROJECTS LTD
Also Known As : ESSAR STEEL
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 29th October 2005
Trade Licence Number : 01402, Hamriyah Free Zone
Issued Capital : US$ 2,000,000
Paid up Capital : US$ 2,000,000
Total Workforce : 10
Line of Business : Subject will be engaged in the manufacture of steel
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ESSAR PROJECTS LTD
ALSO KNOWN AS
ESSAR
STEEL
ADDRESS
Registered & Physical Address
Location : Hamriyah
Free Zone
PO Box : 41776
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5260619
Facsimile : (971-6) 5260018
/ 5737529
Mobile : (971-50) 2765892
Email : kkahali@essar.com
Premises
Subject operates
from a small suite of offices and a factory that are rented and located in the
Industrial Area of Sharjah.
KEY PRINCIPALS
·
K.
Kahali Managing
Director
·
Vipul
Shah Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 29th
October 2005
Legal Form :
Limited Liability Company
Trade Licence No. : 01402, Hamriyah Free Zone
Issued Capital : US$ 2,000,000
Paid up Capital : US$ 2,000,000
Name of Shareholder (s)
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Essar
Ltd
Essar House
11 Keshavrao Khadye Marg
Mahalaxmi
Mumbai - 400 034
Maharashtra
India
Tel: (91-22) 50011100 / 66601100
Fax: (91-22) 66601809
LINE OF BUSINESS
Operations: Subject is in the
process of installing its production plant, and will be engaged in the
manufacture of steel bars and reinforcement steel.
Production Capacity is expected to reach 1 million tonnes per
annum.
Import
Countries: Europe and Asia.
Subject has a
workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Sharjah, 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
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Habib Bank Ltd
PO Box : 300
Sharjah
Tel : (971-6) 5356116
Fax : (971-6) 5526473
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
Maximum suggested
credit figure: US$ 100,000
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%)