MIRA INFORM REPORT

 

 

Report Date :           

04.08.2011

 

IDENTIFICATION DETAILS

 

Name :

SUN METAL CASTING LLC

 

 

Registered Office :

New Industrial Area, P O Box 3787, Ajman

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

25.10.1998

 

 

Com. Reg. No.:

16223, Ajman

 

 

Legal Form :

Limited Liability Company

 

 

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

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 300,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : SUN METAL CASTING LLC

Country of Origin                                    : Ajman, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 25th October 1998

Commercial Registration Number            : 16223, Ajman

Trade Licence Number                            : 26809

Chamber Membership Number                : 23287

Issued Capital                                        : UAE Dh 250,000

Paid up Capital                                      : UAE Dh 250,000

Total Workforce                                     : 110

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

Person Interviewed                                 : Saud Khan, Human Resources Manager

 

COMPANY NAME

 

SUN METAL CASTING LLC

 

 

company 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 / off@sunmetalcasting.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

 

·       Sandeep Shishodia                                          Indian                         Managing Director

 

·       Othman Mahmoud Abu Shawarib                      Emirati                        Director

 

·       Rakesh Shishodia                                                -                            General Manager

 

·       Savio Rocha                                                        -                            Finance Manager

 

·       Saud Khan                                                          -                            Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th October 1998

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 16223, Ajman

 

Trade Licence No.       : 26809 (Expires 18/11/2011)

 

Chamber Member No. : 23287

 

Issued Capital              : UAE Dh 250,000

 

Paid up Capital            : UAE Dh 250,000

 

Name of Shareholder (s)                                               Percentage

 

·       Othman Mahmoud Abu Shawarib                                     51%

 

·       Sandeep Shishodia                                                        49%

 

 

AFFILIATED COMPANIES

 

·       Classic General Trading LLC

PO Box: 3787

Ajman

Tel: (971-6) 7431042

Fax: (971-6) 7431039

 

·       Sun Alloys FZC

PO Box: 42706

Sharjah

Tel: (971-6) 7489505

Fax: (971-6) 7489506

 

·       Sunvik Steels Pvt Ltd

Yashwantpur

Bangalore

India

Tel: (91-80) 41178477

Fax: (91-80) 46965870

 

·       Silver Crown Trading (Pty)

10 Du Randt Street

Putfontein

PO Box: 8123

Benoni 1513

Johannesburg

South Africa

Tel: (27-721) 894727

Fax: (27-862) 720856

 

 

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:

 

·       Toyota Corp                          Japan

·       Mitsubishi Corp                     Japan

·       Al Babtain Co Ltd                  Saudi Arabia

·       Al Habashi Co                       Saudi Arabia

·       Al Jazirah Tube Co                Oman

 

Export Countries: Saudi Arabia, Oman and Japan

 

Brand Names: SUN

 

Operating Trend: Steady

 

Subject has a workforce of 110 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 24,600,000                   UAE Dh 25,280,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures are provided by Mr Saud Khan, Human Resources Manager

 

 

BANKERS

 

·       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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.72.21

Euro

1

Rs.62.87

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.