MIRA INFORM REPORT

 

 

Report Date :           

30.09.2011

 

IDENTIFICATION DETAILS

 

Name :

AL NIMR STEEL TRADING LLC

 

 

Registered Office :

Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 18444, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

July 1990

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and distribution of steel products

 

 

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$ 2,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

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                                     : AL NIMR STEEL TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Start Date                                             : July 1990

Registration Date                                   : 3rd May 2004

Trade Licence Number                            : 3483

Chamber Membership Number                : 86307

Issued Capital                                        : UAE Dh 9,000,000

Paid up Capital                                      : UAE Dh 9,000,000

Total Workforce                                     : 250

Activities                                               : Import and distribution of steel products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,000,000

Person Interviewed                                 : Alok Gupta, Finance Manager

 

COMPANY NAME

 

AL NIMR STEEL TRADING LLC

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Sheikh Zayed Road

Area                 : Jebel Ali Free Zone

PO Box             : 18444

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8833444

Facsimile          : (971-4) 8833995

Mobile               : (971-50) 6570976

Email                : info@nimrsteel.com / alok@nimersteel.com

 

Premises

Subject operates from a suite of offices and stockyard covering an area of 321,000 square feet that are rented and located in the Jebel Ali Free Zone, Dubai.

 

Branch Office

 

     Location                                                                                          Description

 

·       PO Box: 6169 & 35919                                                                      Office & warehouse premises covering an

Industrial Area No. 12                                                                        area of 160,500 sq ft

Sharjah

Tel: (971-6) 5323989 / 5350444

Fax: (971-6) 5323980

 

·       Mussafah Industrial Area                                                                    Office & warehouse premises

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Rober Said Nasr                                            Lebanese                      Managing Director

 

·       Aziz Said Nasr                                              Lebanese                      Director

 

·       Abdalla Ahmed Abdallah Al Noman                   Emirati                        Director

 

·       Hassan Nemer El Amil                                  Lebanese                      Chief Executive Officer

 

·       Alok Gupta                                                          -                            Finance Manager

 

·       Khalil Ahmed                                                       -                            Commercial Manager

 

·       Ashok Tolani                                            -                            Marketing Manager

 

·       Luis Danti                                                            -                            Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject has operations dating back to July 1990, however it was registered on 3rd May 2004

 

Legal Form                  : Limited Liability Company - LLC

 

Trade Licence No.       : 3483 (Expires 02/05/2012)

 

Chamber Member No. : 86307

 

Issued Capital              : UAE Dh 9,000,000

 

Paid up Capital            : UAE Dh 9,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Abdalla Ahmed Abdallah Al Noman                                  51%

 

·       Rober Said Nasr                                                             25%

 

·       Aziz Said Nasr                                                               24%

 

 

AFFILIATED COMPANIES

 

·       Tiger Steel Engineering LLC

PO Box: 6169

Sharjah

Tel: (971-6) 5330775

Fax: (971-6) 5339772

 

·       Tiger Steel Profile Insulation LLC

PO Box: 23499

Sharjah

Tel: (971-6) 5337240

 

·       Al Nimr Civil Engineering LLC

Sharjah

 

·       Tiger Steel Industries LLC

Dubai

 

·       Tiger Steel Engineering (I) Pvt Ltd

India

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of steel products, including universal beams, universal columns, American wide flange beams, Japanese beams, IPE sections, PFC channel, equal angles, hot rolled M.S plate, gratings and hollow sections.

 

The Company offers high quality steel to a wide range of industries in whole of the Middle East and North African (MENA) region. Notable amongst these being EPC companies, oil refineries, steel fabricators, ship repairers, construction & piling companies, other steel stockists and traders.

 

Import Countries: United Kingdom, Poland, Germany, Luxembourg, Denmark, Spain, Japan, Korea, Thailand, South Africa, Russia and the Ukraine

 

International Suppliers:

 

·       Corus                                   United Kingdom

·       Arcelor                                 Germany

·       Huta Katowice                      Poland

·       Highveld Steel                       South Africa

·       Mittal Steel South Africa        South Africa

·       Siam Yamato                        Thailand

·       Alchevsk Iron & Steel            Ukraine

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 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 298,500,000                  UAE Dh 310,000,000

 

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

 

The above figures were provided by Mr Alok Gupta, Finance Manager

 

 

BANKERS

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

 

·       Commercial Bank of Dubai

Jebel Ali Branch

PO Box: 2668

     Dubai

     Tel: (971-4) 8818882

     Fax: (971-4) 8812252

 

·       Abu Dhabi Commercial Bank

Al Rigga Road

PO Box: 5550

Dubai

Tel: (971-4) 2958888 / 3228141

Fax: (971-4) 2959310 / 3279632

     Acc No. 269190020001

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in July 1990, Al Nimr Steel Trading LLC has emerged as the largest stockist and trader of structural steel in the whole of the UAE and the MENA region.

 

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.48.93

UK Pound

1

Rs.76.52

Euro

1

Rs.66.65

 

 

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.