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Report Date : |
21.09.2012 |
IDENTIFICATION DETAILS
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Name : |
ASIAN ISPAT FZ LLC |
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Registered Office : |
Al Jazeera Al Hamra,
RAKIA Free Zone, |
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Country : |
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Date of Incorporation : |
04.01.2007 |
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Com. Reg. No.: |
25005, Ras Al Khaimah |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Producers of coated and galvanised coils, sheets and slits |
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No. of Employees : |
120 employees |
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) |
|
United Arab
Emirates |
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 |
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.
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Source : CIA |
Company Name : ASIAN ISPAT FZ LLC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Free Zone Company – FZ LLC
Registration Date : 4th January 2007
Commercial Registration Number : 25005, Ras Al Khaimah
Trade Licence Number : 25942
Chamber Membership Number : 104
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
Total Workforce : 120
Activities : Producers of coated and galvanised coils, sheets and slits
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
ASIAN ISPAT FZ LLC
Registered &
Physical Address
Location : Al Jazeera Al Hamra, RAKIA Free
Zone
PO Box : 86020
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2432051
Facsimile : (971-7) 2432052
Mobile : (971-55) 3323647
Email : marketing@asianispat.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Ras Al Khaimah Free Zone.
Name Nationality Position
·
Vikas
Agrawal Indian Managing
Director
·
Pardeep
Agrawal Indian Director
·
Dave
Vasant - General
Manager
·
Mukesh
Chandak - Plant
Manager
·
Sachin
Gupta - Finance
Manager
Date of Establishment : 4th
January 2007
Legal Form :
Free Zone Company – FZ LLC
Commercial Reg. No. : 25005, Ras Al
Khaimah
Trade Licence No. : 25942
(Expires 29/04/2013)
Chamber Member No. : 104
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
Name of
Shareholder (s)
·
Vikas
Agrawal
·
Pardeep
Agrawal
·
Asian
Colour Coated Ispat Ltd (ACCIL)
Haryana
India
Activities: Engaged in the production of coated and
galvanised coils, sheets and slits.
Production Capacity: 7,000 tons per month.
Import Countries: South Korea and Japan.
Subject has a
workforce of 120 employees.
Companies
registered in Ras Al Khaimah, 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.
·
National
Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7) 2221127
Fax: (971-7) 2224202
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.54.34 |
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UK Pound |
1 |
Rs.87.91 |
|
Euro |
1 |
Rs.70.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
---- |
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.