MIRA
INFORM REPORT
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Report Date : |
27.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL MAWISIMI STEEL TRADING LLC |
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Registered Office : |
Industrial Area No. 10, PO Box 35338 & 1193, 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 : |
29.032003 |
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Com. Reg. No.: |
45108, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Steel,
Iron and Scrap Metal. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL MAWISIMI STEEL TRADING LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 29th March 2003
Commercial Registration Number : 45108, Sharjah
Trade Licence Number : 518605
Chamber Membership Number : 61531
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 15
Activities : Import and distribution of steel, iron and scrap metal.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
AL MAWISIMI STEEL TRADING LLC
ADDRESS
Registered & Physical Address
Location : Industrial
Area No. 10
PO Box : 35338 & 1193
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5342250
Facsimile : (971-6) 5342251
Mobile : (971-50) 6588751
Email : almawsimi@gmail.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
· Salim
Mubarak Faraj Al Maz Emirati Managing
Director
· Kudlip
Raj Kasturi Lal Indian Director
LEGAL FORM & OWNERS
Date of
Establishment : 29th
March 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 45108, Sharjah
Trade Licence No. : 518605 (Expires
28/04/2008)
Chamber Member No. : 61531
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
· Salim
Mubarak Faraj Al Maz 51%
· Kudlip
Raj Kasturi Lal 49%
OPERATIONS
Activities: Engaged in the import and distribution of steel,
iron and scrap metal.
Import Countries: India and China
Operating Trend: Steady
Subject has a workforce of 15 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:
Sales UAE
Dh 8,300,000 UAE Dh
8,900,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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The Standard Chartered Bank
Al Boorj Avenue
PO Box : 5
Sharjah
Tel : (971-6) 5357788
Fax : (971-6) 5335500
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.
The financial data in this report has been confirmed by Mr Kudlip Raj Kasturi Lal – Director.
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%)