MIRA INFORM REPORT

 

 

Report Date :

14.10.2011

 

IDENTIFICATION DETAILS

 

Name :

SCRAPMOULD INTERNATIONAL CORPORATION LTD

 

 

Registered Office :

Plot No. MO-0328-624/625 Sheikh Zayed Road Jebel Ali Free Zone PO Box 16763 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.12.1987

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Processors and cutters of scrap metal.

 

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$ 250,000

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 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

UAE

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                                     : SCRAPMOULD INTERNATIONAL CORPORATION LTD

Country of Origin                                    : Panama

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 5th December 1987

Industrial Licence Number                       : 337

Trade Licence Number                            : 4029

Chamber Membership Number                : 12799

Issued Capital                                        : UAE Dh 7,400,000

Paid up Capital                                      : UAE Dh 7,400,000

Total Workforce                                     : 25

Activities                                               : Processors and cutters of scrap metal.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 250,000

Person Interviewed                                 : Cherian John, Operations Manager

COMPANY NAME

 

SCRAPMOULD INTERNATIONAL CORPORATION LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Plot No. MO-0328-624/625

Street               : Sheikh Zayed Road

Area                 : Jebel Ali Free Zone

 

PO Box             : 16763

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 8835437

Facsimile          : (971-4) 8835287

Email                : smijali@emirates.net.ae / cherian@scrapmould.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Venay Kumar Dewan                         Indian                            Managing Director

 

·       Ms Kanika Dewan                                         Indian                            General Manager

 

·       Cherian John                                          -                              Operations Manager

 

·       Rama Murthy Ganesh                                         -                              Financial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 5th December 1987

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Scrapmould International

  Corporation Ltd, a Limited Liability Company incorporated in Panama.

 

  Scrapmould International Corporation Ltd in the United Arab Emirates, operates as a Branch

  of a Foreign Registered Corporation. 

 

  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 Panama.

 

Industrial Licence No.  : 337

 

Trade Licence No.       : 4029 (Expires 14/08/2012)

 

Chamber Member No. : 12799

 

Issued Capital              : UAE Dh 7,400,000

 

Paid up Capital            : UAE Dh 7,400,000

 

 

AFFILIATED COMPANIES

 

·       Bramco WLL

PO Box: 20260

Manama

     Bahrain

     Tel: (973-17) 223981

     Fax: (973-17) 224754

 

·       Steelmould Sharjah Ltd

PO Box 7109

Sharjah

Tel: (971-6) 5330972

Fax: (971-6) 5334867

 

·       Scrap Processing Earth Moving & Trading Co LLC

PO Box: 272

Seeb 111

Oman

Tel: (968) 24501560

Fax: (968) 24505343

 

 

OPERATIONS

 

Activities: Engaged in the processing and cutting of scrap metal. Subject also imports machinery and marble.

 

Import Countries: Europe and GCC countries.

 

Operating Trend: Steady

 

Subject has a workforce of 25 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 10,820,000                   UAE Dh 12,000,000

 

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

 

The above figures were provided by Mr Cherian John, Operations Manager

 

 

BANKERS

 

·       Middle East Bank Ltd

Arbift Tower

Baniyas Street

PO Box: 5547

Dubai

     Tel: (971-4) 2220121

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

GENERAL COMMENTS

 

Established in 1987, subject is a branch of a foreign corporation, namely Scrapmould International Corporation Ltd of Panama.

 

Any credit amount that is to be offered to this company should be written under the name of “Scrapmould International Corporation Ltd” and directed to the companies head office address in Panama.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.02

UK Pound

1

Rs.77.13

Euro

1

Rs.67.55

 

 

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.