MIRA
INFORM REPORT
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Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUN METAL CASTING LLC |
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Registered Office : |
New Industrial
Area, PO Box 3787, Ajman |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1988 |
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Com. Reg. No.: |
16223, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture and Distribution of metal and alloy products,
ferrous and non-ferrous items, aluminium, zinc, copper, scrap metal and
recycled items |
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$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SUN METAL CASTING LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1988
Commercial Registration Number : 16223, Ajman
Trade Licence Number : 26809
Chamber Membership Number : 23287
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 90
Activities : Manufacture and distribution of metal and alloy products, ferrous and non-ferrous items, aluminium, zinc, copper, scrap metal and recycled items
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 300,000
COMPANY NAME
SUN METAL CASTING
LLC
ADDRESS
Registered & Physical Address
Location : New Industrial Area
PO Box : 3787
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7431042
Facsimile : (971-6) 7431039
Mobile : (971-50) 6263677
Email : classicm@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
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Sandeep
Shishodia Indian Managing
Director
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Othman Abu
Shawarib Emirati Director
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M. Dinesh - General
Manager
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Savio
Rocha - Finance
Manager
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Ronald
Joseph - Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1988
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 16223, Ajman
Trade Licence No. : 26809
Chamber Member No. : 23287
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
·
Othman Abu
Shawarib 51%
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Sandeep
Shishodia 49%
AFFILIATED COMPANIES
·
Classic
General Trading LLC
Ajman
Tel: (971-6) 7444694
Fax: (971-6)
7444695
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Sun
Alloys FZE
Hamriyah
Free Zone
Sharjah
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Sunvik
Steel Pvt Ltd
Bangalore
India
OPERATIONS
Activities: Engaged in the manufacture and distribution
of metal and alloy products, ferrous and non-ferrous items, aluminium, zinc,
copper, scrap metal and recycled items.
Import
Countries: Japan and the
Far East
Principal
Clients:
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Toyota Corp Japan
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Mitsubishi
Corp Japan
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Al Babtain Co
Ltd Saudi Arabia
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Al Habashi Co Saudi Arabia
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Al Jazirah
Tube Co Oman
Export
Countries: Saudi Arabia,
Oman and Japan
Brand Names: SUN
Operating Trend: Steady
Subject has a
workforce of 90 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 17,900,000 UAE Dh 19,380,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Ronald Joseph,
Administration Manager.
BANKERS
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Bank of Baroda
PO Box : 3162
Dubai
Tel : (971-4) 5531955
Fax : (971-4) 5536962
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Sun Metal Casting
LLC specialises in the manufacture and distribution of metal and alloy
products, dealing with many well known companies throughout the Middle East and
Japan.
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding 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 |
Rs.43.12 |
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UK Pound |
1 |
Rs.85.08 |
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Euro |
1 |
Rs.67.41 |
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%)