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Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SPENCER METALS COMPANY LTD |
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Registered Office : |
Industrial Area |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.04.1995 |
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Com. Reg. No.: |
50715, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Processors and distributors of scrap metals |
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No. of Employees : |
45 |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy
with a high per capita income and a sizable annual trade surplus. Successful efforts
at economic diversification have reduced the portion of GDP based on oil and
gas output to 25%. Since the discovery of oil in the UAE more than 30 years
ago, the UAE has undergone a profound transformation from an impoverished
region of small desert principalities to a modern state with a high standard of
living. The government has increased spending on job creation and
infrastructure expansion and is opening up utilities to greater private sector
involvement. In April 2004, the UAE signed a Trade and Investment Framework
Agreement with
Source
: CIA
Company Name : SPENCER METALS COMPANY LTD
Country of Origin :
Legal Form : Limited Liability Company
Registration Date : 2nd April 1995
Commercial Registration Number : 50715, Sharjah
Trade Licence Number : 119050
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 45
Activities : Processors and distributors of scrap metals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Nishikant Maheshwari, Managing Director
SPENCER METALS COMPANY LTD
Location : Industrial
Area No. 6
PO Box : 24548
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5436927
Facsimile : (971-6) 5341853 / 5436053
Email : mayank@spencer-metals.com
/ james@spencer-metals.com
/ smetals@emirates.net.ae /
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Sharjah.
Name Position
· Nishikant Maheshwari Managing
Director
· Mayank Maheshwari Director
· Khalid Abdullah Director
Date of
Establishment : 2nd
April 1995
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 50715, Sharjah
Trade Licence No. : 119050 (Expires
02/04/2013)
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Nishikant Maheshwari
· Mayank Maheshwari
· Khalid Abdullah
Activities: Engaged in the processing and
distributing of scrap metals, including heavy melting scrap, shredded
scrap, pressed bundles and re-rollable scrap.
Import Countries: Europe and the
Operating Trend: Steady
Subject has a workforce of 45 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 41,250,000 UAE Dh
45,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Nishikant
Maheshwari, Managing Director
·
Standard Chartered Bank
PO Box: 5
Sharjah
Tel:
(971-6) 5357788
Fax:
(971-6) 5543604
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.78 |
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1 |
Rs.85.16 |
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Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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.