MIRA
INFORM REPORT
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Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
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Name : |
SHERMAN STEEL TECHNOLOGIES FZE |
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Registered Office : |
Dubai Islamic Bank Building Sheikh Zayed Road Dubai
Internet City P.O. Box 75406 Dubai |
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Country : |
United Arab Emirates |
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Year of Establishment: |
2005 |
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Legal Form : |
Free Zone Establishment (single shareholder limited liability company) |
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Line of Business : |
Traded as importers and distributors of steel products and
machinery. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company NAME
Sherman
Steel Technologies FZE
ADDRESS
Building : Dubai Islamic Bank Building
Street : Sheikh
Zayed Road
Area : Dubai
Internet City
P.O. Box : 75406
Town : Dubai
Country : United Arab
Emirates
Telephone: (971 4) 361 6466 (reallocated)
Fax : (971 4) 390
8252 (reallocated)
E-Mail :
vsharma@shermansteel.com
Also Known As : Sherman Steel Technologies
SENIOR COMPANY PERSONNEL
Name Position
1. Vikrant Sharma
Managing Director
2. Maria Godina
Financial Manager
Total Employees : 4
(as of March 2008)
PAYMENTS
Current trade experience of payments has not been traced.
Our sources could not contact the company and obtain a
direct
interview. The telephone number given by you: (1 407) 264
8959 is incorrect and applies to a fax number of Sherman International
Corporation in USA, subject’s affiliated company. This company was contacted
and its official stated that the subject company has ceased trading during
2008/2009. According to our as of March 2008 subject’s contact details were as
above. However the above telephone and fax numbers have been reallocated.
Our records show the following e-mail address was listed for
the subject : vsharma@shermansteel.com. Several messages have been sent to the
above e-mail address requesting a contact however they have gone unanswered.
Information in this report was obtained from third party
sources
only.
Opinion on maximum credit : As the company has ceased
trading and
therefore the question of international
credit should not arise.
Trade risk assessment: No classification
PRINCIPAL BANKERS
NAME : HSBC BANK
MIDDLE EAST
Branch : Al Suq Road
312/45
PO Box : 66
Town : Dubai
Telephone: (971 4) 353 5000
Fax : (971 4) 353
0384 / 353 1005
FINANCIAL INFORMATION
Balance sheets are not available. Financial information
could not be
obtained from other sources.
The following information is the latest available in our
file :
Sales Turnover :
Dh 12,000,000 - 2006 - exact
:
Dh 13,000,000 - 2007 - exact
Net Profit :
not given but stated to be 6% of the sales
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 2005
History : Subject was established in Ras Al Khaimah Free
Trade Zone
in 2005.
Trade License No. : 1218
Paid up Capital : Dh 1,000,000
Free Zone Establishment (single shareholder limited
liability
company) with the following sole shareholder :
Vikrant Sharma
(US national of Indian origin)
* According to Emiree Decree No. 6/2006 governing the
establishment
of companies in Ras Al Khaimah Free Zone (RAK), foreign
companies are
allowed to set up separate legal entities referred to as
Free Zone
Establishments (FZEs) having all features of a Private
Limited
Liability Company. The FZE can be either owned by a foreign
individual or a corporate body. Its liability is determined
by the amount of paid-up capital, which must be at least Dh
100,000.
An International Company with limited liability can also be
formed
with a minimum of one shareholder, one director and one
secretary.
The capital structure can be decided by the shareholder(s).
Affiliated companies of Sherman Steel Technologies FZE :
Associates
1. Sherman International Corporation
367 Mansfield
Avenue
Pittsburgh, PA
15220
Pennsylvania
USA
Telephone: (1 412)
928 2880
Fax : (1 412) 928 2881
E-mail:
sales@shermanusa.com
2. Sherman Steel LLC
8815 Conroy
Windermere Road
Suite No. 227
Orlando, Florida
32835
USA
Telephone: (1 412) 251 8200
Fax : (1 407) 264 8959
Mobile : (1 412) 726 9920 (Vikrant Sharma)
ACTIVITIES
The Company was involved in the following activities :
Traded as importers and distributors of steel products and
machinery.
Imported from USA, Europe, China and South Korea.
Exported to UK, Austria and India.
FACILITIES
The Company had the following facilities :
Office premises located at the heading address.
Until December 2007 subject was located at :
Al Mesh Tower, Suite No. 3403
Dubai Internet City
PO Box 48748
Dubai
Telephone: (971 4) 361 5618
Fax : (971 4) 361
5619
SPECIAL NOTE
Interviewed : Third Party Sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.71.95 |
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Euro |
1 |
Rs.64.79 |
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 |
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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-- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.