MIRA
INFORM REPORT
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Report Date : |
16.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHARIF METALS INTERNATIONAL LLC |
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Registered Office : |
Sharif Tower,
Industrial Area No. 2, PO Box 3931,
Sharjah |
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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 : |
15.04.1996 |
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Com. Reg. No.: |
14842, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Scrap Metal as well as
Manufacturers of Secondary Aluminium Alloying Ingots |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SHARIF METALS INTERNATIONAL LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1963
Registration Date : 15th April 1996
Commercial Registration Number : 14842, Sharjah
Trade Licence Number : 110053
Chamber Membership Number : 15754
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 350
Activities : Import and distribution of scrap metal as well as manufacturers of
secondary aluminium alloying ingots
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
SHARIF METALS
INTERNATIONAL LLC
ADDRESS
Registered & Physical Address
Building : Sharif Tower
Area : Industrial Area No. 2
PO Box : 3931
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5330357
Facsimile : (971-6) 5336483 / 5330138
Mobile : (971-50) 4583336
Email : sharif@emirates.net.ae
Premises
Subject operates from
a large suite of offices and a factory that are owned and located in the
Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Mahmoud Abdul
Salam Mahmoud Sharif Jordanian Managing Director
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Abdul Salam
Mahmoud Al Sharif Jordanian Director
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Hussain
Ibrahim Ahmed Mohamed Emirati Director
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Munir
Al Sharif Jordanian General Manager
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Mohamed
Abdo - Administration
Manager
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Gouse
Mohiddine - Production
Manager
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Jerry Daniel - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1963, however it was registered on 15th
April 1996
History : Subject was originally established under
the name of “Al Sharif Metals Ltd”, however in June
2008 it was re-registered under its current
style of “Sharif Metals International LLC”
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 14842, Sharjah
Trade Licence No. : 110053 (Expires 27/06/2009)
Chamber Member No. : 15754
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Hussain
Ibrahim Ahmed Mohamed 51%
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Abdul Salam
Mahmoud Sharif 25%
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Mahmoud Abdul
Salam Mahmoud Sharif 24%
AFFILIATED COMPANIES
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Sharif
Smelting Co
PO Box : 495
Amman
Jordan
Tel
: (962-6) 4163023
Fax
: (962-6) 4163024
·
Kuwait
National Metal Co
PO Box : 5266
Safat 13053
Kuwait
Tel : (965) 2668051
Fax : (965) 2630135
OPERATIONS
Activities: Engaged in the import and distribution of scrap
metal as well as manufacturers of secondary aluminium alloying ingots.
Subject was ISO
9002 accredited in 1998.
Import
Countries: Europe and the
United States of America
Operating Trend: Steady
Subject has a workforce
of approximately 350 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
69,700,000 UAE Dh
73,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
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ABN Amro Bank
Al Zayani Building
PO Box : 1971
Sharjah
Tel : (971-6) 5355021
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1963, subject is involved in the import and distribution of scrap metal as well
as manufacturers of secondary aluminium alloying ingots.
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 |
Rs.43.17 |
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UK Pound |
1 |
Rs.86.46 |
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Euro |
1 |
Rs.68.68 |
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%)