MIRA
INFORM REPORT
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Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
QUALITY CASTINGS LTD |
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Registered Office : |
Fujairah Free
Zone, 2nd Phase, PO Box
1361, Fujairah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
1995 |
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Legal Form : |
Free Zone
Establishment |
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Line of Business : |
Production of Ferrous Casting Equipment for the Mining, Cement and Steel
Industries |
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$ 750,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
QUALITY CASTINGS LTD
Country of Origin : Fujairah,
United Arab Emirates
Legal Form :
Free Zone Establishment
Registration Date : 1995
Trade Licence
Number : 1044
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 2,000
Activities :
Production of ferrous casting equipment for the
mining, cement and steel industries
Financial Condition : Undetermined
Payments : Nothing
detrimental uncovered
Recommended Credit
Limit : US$ 750,000
COMPANY NAME
QUALITY CASTINGS
LTD
ADDRESS
Registered & Physical Address
Location : Fujairah Free Zone, 2nd
Phase
PO Box : 1361
Town : Fujairah
Country : United Arab Emirates
Telephone : (971-9) 2228782 / 2228785
Facsimile : (971-9) 2228783
Email : qltycast@emirates.net.ae
Premises
Subject operates from
a large suite of offices and a factory that are rented and located in the
Fujairah Free Zone.
KEY PRINCIPALS
Name Position
·
S K Ahuja Managing
Director
·
R Z Bilra General
Manager
·
Sharat
Singhi Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1995
Legal Form :
Free Zone Establishment
Trade Licence No. : 1044
Issued Capital : UAE Dh 1,000,000
Paid up Capita l : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Quality
Castings Ltd 100%
India
OPERATIONS
Activities: Engaged in the production of ferrous casting equipment for the mining, cement and steel
industries.
Production Capacity : 1500 tonnes per month.
Import
Countries: India and South
Africa
Export
Countries: Germany, Spain,
United Kingdom and the United States of America
Subject has a
workforce of approximately 2,000 employees.
FINANCIAL DATA
Companies
registered in Fujairah, 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
·
Middle East
Bank Ltd
Hamad Bin Abdullah Street
PO Box : 1472
Fujairah
Tel : (971-9) 2222114
Fax : (971-9) 2222115
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of
transaction April
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
1995, subject is involved in the production of ferrous casting equipment for the mining, cement and steel
industries.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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%)