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Report Date : |
03.05.2012 |
IDENTIFICATION DETAILS
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Name : |
LUCKY RECYCLING LIMITED |
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Registered Office : |
Plot No. 050R 04,
Street No. 712, Jebel Ali Free Zone, P O Box 16850, Dubai |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.11.1988 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Manufacture of secondary aluminium and brass ingots, as well as undertaking mechanical scrap processing |
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No. of Employees : |
175 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 : LUCKY RECYCLING LIMITED
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 12th November 1988
Trade Licence Number : 447
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 175
Activities : Manufacture of secondary aluminium and brass ingots, as well as
undertaking mechanical scrap processing.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sabir Ali, Financial Controller
LUCKY RECYCLING
LIMITED
Registered &
Physical Address
Location : Plot No. 050R 04
Street : Street No. 712
Area : Jebel Ali Free Zone
PO Box : 16850
Town :
Country :
Telephone : (971-4) 8835250 / 8835454 / 2637000
Facsimile : (971-4) 8835566 / 2611860 / 8835959
Email : lucky@emirates.net.ae / info@luckygroup.com
Premises
Subject operates
from a suite of offices, a warehouse and a factory covering an area of 2,500
square metres that are leased and located in the Jebel Ali Free Zone.
Branch Office
(s)
Location Description
·
Sharjah Office
& warehouse premises
·
·
Al
Tel: (971-4) 2637000
Fax: (971-4)
2637000
Name Nationality Position
·
Dilawar
Hussein Ali Shabban
Pakistani Chairman
·
Mohamed
Iqbal Ali Shabban
Pakistani Managing
Director
·
Salim
Razza Ali Shabban
Pakistani Director
·
Mohamed
Rafiq Hussein Shabban
Pakistani Director
·
Razza
Shabban
Pakistani Director
·
Hassan Shareef - General
Manager
·
Mustafa
Kapadvangwala - Finance
Manager
·
Abid
Farshori - Sales
Manager
·
Pijosh Kantimantal - Plant
Manager
·
Sabir Ali - Financial
Controller
Date of Establishment : 12th
November 1988
Legal Form :
Subject is the United Arab Emirates
registered branch of Lucky Recycling Limited, a Limited Liability Company
incorporated in the
Lucky Recycling Limited in the
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 the
Trade Licence No. : 447
(Expires 03/06/2012)
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
·
Lucky
Metals International LLC
PO Box: 5328
Tel: (971-4) 2216759
·
Luck Metal FZE
·
Lucky Alloys Ltd
Activities: Engaged in the manufacture of secondary aluminium
ingots (50%) and secondary brass ingots (5%).
Subject also undertakes mechanical scrap processing, grading, sorting and packaging of non-ferrous metal scraps (50%)
The scrap originates from
Subject is a member of the “British Safety Council” and the
“Bureau International de la Recuperation (BIR)”, a worldwide association of
metal traders, manufacturers and processors, based in
Production
Capacity: The company
operates a secondary aluminium smelter and a central scrap processing unit.
The furnace has an initial capacity of 500 metric tonnes per month, however this has now been upgraded to a capacity of 1,000 metric tonnes.
Import
Countries: The
International
Suppliers :
·
Count
Metal Recycling
·
·
Voss
International Ltd
·
Stena
Metal AB
·
W &
O Bergemann
·
Metalla
Chimique
Operating Trend
: Steady
Subject has a
workforce of approximately 175 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh
282,500,000 UAE Dh
290,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Sabir Ali, Financial Controller
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
No complaints
regarding subject’s payments have been reported.
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.52.93 |
|
|
1 |
Rs.85.85 |
|
Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
<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.