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Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
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Name : |
BUOY SAIL TRADING EST |
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Registered Office : |
Al Sharjah |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.08.1997 |
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Com. Reg. No.: |
2068, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Ship management services and the import and distribution of iron and steel scrap metals. |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 : BUOY
SAIL TRADING EST
Country of Origin : Sharjah, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 4th
August 1997
Commercial
Registration Number : 2068, Sharjah
Trade Licence Number :
219055
Chamber Membership
Number : 40312
Invested Capital : UAE Dh
481,650
Total Workforce : 50
Activities :
Ship management services
and the import and distribution of iron and steel scrap metals.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Narjas,
Financial Controller
BUOY
SAIL TRADING EST
Building : Al Yousefi
Building
Street : Jamal Abdul Nasser Street
Area : Corniche
Buhira Area
PO Box : 25714
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5539131
Facsimile : (971-6) 5599608
Email : buoy@emirates.net.ae
/ kuldip@buoy.ae
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Sharjah.
Name Nationality Position
·
Sanjiv Ratan Khanna Indian Proprietor
& General Manager
·
Naveen Sunny - Assistant General
Manager
·
Mohamed Narjas - Financial
Controller
Date of Establishment : 4th
August 1997
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 2068, Sharjah
Trade Licence No. : 219055 (Expires 01/08/2013)
Chamber Member No. : 40312
Invested Capital
: UAE Dh 481,650
Mr Sanjiv Ratan Khanna
is the sole proprietor of the business. Mr Sanjiv Khanna is an Indian national who operates
in Sharjah under the local sponsorship of Mr Salim Bin Salim
Bin Khalis.
Subject is a member
of the Buoy Group, which is a diversified group of companies extensively
involved in the field of trading of ferrous and non-ferrous scrap, cash buying
of scrap ships, ship chartering and ship management.
The Buoy Group comprises the following concerns:
·
Surbh Steel FZE
Hamriyah Free Zone
Sharjah
United Arab Emirates
Tel: (971-6) 5539131
Fax: (971-6) 5599608
·
Buoy Chartering & Trading
Limited Offshore
St Vincent and
the Grenadines
·
Buoyancy Traders Private Limited
Delhi
India
·
Buoy Shipping Agency
Bhavnagar
India
Activities: Engaged in ship management services and the import and
distribution of iron and steel scrap metals
including non-ferrous materials such as factory rejects and scrap elements of aluminium, aluminium
products such as foil and
cans, coppers and brasses. The material is accumulated, containerized and
exported.
Import
Countries: India, Jordan, Kuwait, Denmark and the United
Kingdom
Operating Trend: Steady
Subject has a
workforce of 50 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh
639,166,430 UAE Dh
658,095,300
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mohamed Narjas, Financial Controller
·
Bank of
Baroda
PO Box: 1671
Sharjah
Tel: (971-6) 5684231
Fax: (971-6) 5681025
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.55.52 |
|
|
1 |
Rs.88.84 |
|
Euro |
1 |
Rs.70.85 |
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 |
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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 |
|
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.