MIRA INFORM
REPORT
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Report Date : |
22.09.2012 |
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IDENTIFICATION DETAILS
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Name : |
SADIA RESOURCES FZE |
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Registered Office : |
RAK Free Zone,
Ras Al Khaimah |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
22.10.2009 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Distributors of metals |
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No. of Employees
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05 |
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
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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 |
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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
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Source : CIA |
Company Name : SADIA RESOURCES FZE
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 22nd October 2009
Trade Licence Number : 5004397
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 5
Activities : Distributors of metals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ashatosh Joshi, Managing Director
SADIA RESOURCES FZE
Registered Address
Location : RAK Free Zone
Town : Ras Al Khaimah
Country :
Physical Address
Street :
Area : Bur
PO Box : 25419
Town :
Country :
Telephone : (971-4) 3865060
Facsimile : (971-4) 3865070
Email : trade@sadiatresouces.com
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Central Business Area of Dubai.
Name Nationality Position
·
Ashatosh
Joshi Indian Managing Director
·
Zahir
Khan - Assistant
General Manager
Date of Establishment : 22nd
October 2009
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 5004397 (Expires 21/10/2012)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Ashatosh
Joshi 100%
Activities: Engaged in the import and distribution of
ferrous and scrap metals, mill scale, DRI , HBI and Metcoke,
heavy plates, hot rolled
coils and heavy forgings.
Import Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 5 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
20,500,000 UAE Dh
23,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Ashatosh
Joshi, Managing Director
·
Emirates
Bank International Ltd
Deira
PO Box: 2923
Tel: (971-4) 3160316
Fax: (971-4) 2264302
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.54.34 |
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1 |
Rs.87.91 |
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Euro |
1 |
Rs.70.57 |
INFORMATION DETAILS
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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 |
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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.