|
Report Date : |
11.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
BUSINESS WAYS
METALS FZE |
|
|
|
|
Registered Office : |
Hamriyah Free
Zone, 51214 Sharjah |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Date of Incorporation : |
19.02.2009 |
|
|
|
|
Legal Form : |
Free Zone Establishment - FZE |
|
|
|
|
Line of Business : |
Distributors of stainless carbon and alloy
steel, pipes and fittings. |
|
|
|
|
No. of Employees : |
5 |
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 |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
United Arab
Emirates |
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED ARAB EMIRATES - 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 Washington and in November 2004
agreed to undertake negotiations toward a Free Trade Agreement with the US,
however, those talks have not moved forward. The country's Free Trade Zones -
offering 100% foreign ownership and zero taxes - are helping to attract foreign
investors. The global financial crisis, tight international credit, and
deflated asset prices constricted the economy in 2009. UAE authorities tried to
blunt the crisis by increasing spending and boosting liquidity in the banking
sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed
real estate prices. Dubai lacked sufficient cash to meet its debt obligations,
prompting global concern about its solvency. The UAE Central Bank and Abu
Dhabi-based banks bought the largest shares. In December 2009 Dubai received an
additional $10 billion loan from the emirate of Abu Dhabi. The economy is
expected to continue a slow rebound. Dependence on oil, a large expatriate
workforce, and growing inflation pressures are significant long-term
challenges. The UAE''s strategic plan for the next few years focuses on
diversification and creating more opportunities for nationals through improved
education and increased private sector employment.
Source
: CIA
Company Name : BUSINESS WAYS METALS FZE
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 19th
February 2009
Trade Licence
Number : 4965
Issued Capital : UAE Dh
500,000
Paid up Capital : UAE Dh
500,000
Total Workforce : 5
Activities :
Distributors of stainless carbon and alloy steel, pipes and fittings.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Mahendera
Bhansali, General Manager
BUSINESS WAYS
METALS FZE
Location : Hamriyah Free Zone
PO Box : 51214
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5746071 / 5437855
Facsimile : (971-6) 5746071 / 5437865
Mobile : (971-50) 2855100 / 4856970
Email : bwmet123@gmail.com / biz@bwmfze.com
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Hamriyah Free Zone Area of Sharjah.
Name Nationality Position
·
Vijay
Bhansali Indian Managing
Director
·
Mahendera
Bhansali - General
Manager
·
Dhyalan
Thakkarman
- Administration
Manager
Date of Establishment : 19th
February 2009
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 4965
(Expires 18/02/2013)
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
·
Vijay
Bhansali 100%
·
Prime
Metal Scrap Trading LLC
Sharjah
Activities: Engaged in the import and distribution of
stainless carbon and alloy steel, pipes and fittings, including
flanges, valves, gaskets and
stud bolts in stainless steel, carbon steel, low alloys and corrosion
resistance
alloys.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 5 employees.
Companies
registered in Sharjah, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
·
Habib
Bank AG
Immigration Road
PO Box: 1166
Sharjah
Tel: (971-6) 5730004
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject meets its payment obligations in a timely manner and the business
is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.33 |
|
|
1 |
Rs.88.50 |
|
Euro |
1 |
Rs.70.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.