MIRA INFORM REPORT

 

 

Report Date :           

30.12.2011

 

IDENTIFICATION DETAILS

 

Name :

ALAM STEEL LIMITED

 

 

Registered Office :

Sheikh Zayed Road, Plot No. 111/07, Jebel Ali Free Zone, P O Box 18123, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

02.03.2002

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Stockist of steel and cement

 

 

No. of Employees :

112

 

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$ 1,000,000

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : ALAM STEEL LIMITED

Country of Origin                                    : British Virgin Islands

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 2nd March 2002

Trade Licence Number                            : 3306

Chamber Membership Number                : 66510

Issued Capital                                        : UAE Dh 184,250

Paid up Capital                                      : UAE Dh 184,250

Total Workforce                                     : 112

Activities                                               : Stockist of steel and cement

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 1,000,000

 

COMPANY NAME

 

ALAM STEEL LIMITED

 

 

company ADDRESS

 

Registered & Physical Address

 

Street               : Sheikh Zayed Road, Plot No. 111/07

Area                 : Jebel Ali Free Zone

PO Box             : 18123

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8861200

Facsimile          : (971-4) 8861199

Email                : suri@emirates.net.ae / info@alamdubai.com

 

Premises

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Shyam Bhatia                                                                                   Managing Director

 

·       Vikram Bhatia                                                                                   Director

 

·       Ved Narwani                                                                                     General Manager

 

·       Sanjiv Gambir                                                                                   Finance Manager

 

·       Cherry Jacoub                                                                                   Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2nd March 2002

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Privik International Ltd, a Limited Liability Company incorporated in the British Virgin Islands.

 

  A Branch of a Foreign Registered Corporation is not a legal entity in its own right.

  Responsibility for payments lays in the hands of the company where it is originally

  registered.

 

  Under these circumstances, we strongly advise that any international trade credit should

  only be written under the name of the main company where the subject holds its registered office, in this case the British Virgin Islands.

 

Trade Licence No.       : 3306 (Expires 01/03/2012)

 

Chamber Member No. : 66510

 

Issued Capital              : UAE Dh 184,250

 

Paid up Capital            : UAE Dh 184,250

 

 

AFFILIATED COMPANIES

 

·       Macsteel Gulf FZCO

Jebel Ali Free Zone

Dubai

 

·       Macsteel International FZCO

Jebel Ali Free Zone

Dubai

 

·       Alam Steel Industries LLC

Jebel Ali Free Zone

Dubai

 

·       Alam Steel International

Jebel Ali Free Zone

Dubai

 

 

OPERATIONS

 

Activities: Alam Steel stocks and distributes steel and cement to major construction, engineering and fabrication firms in the region. The company maintains substantial inventory of all steel products.

 

Import Countries: Turkey, Saudi Arabia and India

 

Subject has a workforce of 112 employees.

 

 

FINANCIAL DATA

 

Companies registered in Dubai, 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

 

·       Emirates Bank International Ltd

Jebel Ali Free Zone Branch

PO Box: 2923

Dubai

Tel: (971-4) 8815551

Fax: (971-4) 8815545

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

This rating serves as a reference to assess credit risk and for setting the amount of credit to be extended. It is calculated using information such as Financial data, Operational size, Payment record, Ownership background and market trend.

 

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.36

UK Pound

1

Rs.82.51

Euro

1

Rs.68.99

 

 

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.