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Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
Al Nimr Steel Trading LLC |
|
|
|
|
Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, P O Box 18444, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
|
Date of Incorporation : |
July, 1990 |
|
|
|
|
Legal Form : |
Limited Liability
Company - LLC |
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|
|
|
Line of Business : |
Import and
Distribution of Steel Products. |
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|
|
|
No. of Employees : |
250 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
United Arab Emirates |
A2 |
A2 |
|
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 country 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. 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 : AL NIMR STEEL TRADING
LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Start Date :
July 1990
Registration Date : 3rd
May 2004
Trade Licence
Number : 3483
Chamber Membership
Number : 86307
Issued Capital : UAE Dh
9,000,000
Paid up Capital : UAE Dh
9,000,000
Total Workforce : 250
Activities :
Import and distribution of steel products.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
AL NIMR STEEL
TRADING LLC
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 18444
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8833444
Facsimile : (971-4) 8833995
Mobile : (971-50) 6570976
Email : info@nimrsteel.com / alok@nimersteel.com
Subject operates
from a suite of offices and stockyard covering an area of 321,000 square feet that
are rented and located in the Jebel Ali Free Zone, Dubai.
Branch Office
Location Description
·
PO Box:
6169 & 35919 Office
& warehouse premises covering an
Industrial Area No. 12 area
of 160,500 sq ft
Sharjah
Tel: (971-6) 5323989 / 5350444
Fax: (971-6) 5323980
·
Mussafah
Industrial Area Office
& warehouse premises
Name Nationality Position
·
Aziz
Said Nasr Lebanese Managing Director
·
Abdallah
Ahmed Abdallah Al Noman Emirati Director
·
Hassan
Nemer El Amil Lebanese Chief Executive Officer
·
Alok
Gupta - Finance
Manager
·
Khalil
Ahmed - Commercial
Manager
·
Ashok
Tolani - Marketing
Manager
·
Luis
Danti - Sales
Manager
Date of Establishment :
Subject has operations dating back to July 1990, however it was registered on 3rd
May 2004
Legal Form : Limited Liability Company - LLC
Trade Licence No. : 3483 (Expires 03/05/2013)
Chamber Member No . : 86307
Issued Capital : UAE Dh 9,000,000
Paid up Capital :
UAE Dh 9,000,000
·
Abdallah
Ahmed Abdallah Al Noman 51%
·
Aziz
Said Nasr 49%
·
Tiger
Steel Engineering LLC
PO Box: 6169
Sharjah
Tel: (971-6) 5330775
Fax: (971-6) 5339772
·
Tiger
Steel Profile Insulation LLC
PO Box: 23499
Sharjah
Tel: (971-6) 5337240
·
Al Nimr
Civil Engineering LLC
Sharjah
·
Tiger
Steel Industries LLC
Dubai
·
Tiger
Steel Engineering (I) Pvt Ltd
India
Activities: Engaged in the import and distribution of
steel products, including universal beams, universal columns, American wide
flange beams, Japanese beams, IPE sections, PFC channel, equal angles, hot
rolled M.S plate, gratings and hollow sections.
The Company offers
high quality steel to a wide range of industries in whole of the Middle East
and North African (MENA) region. Notable amongst these being EPC
companies, oil refineries, steel fabricators, ship repairers,
construction & piling companies, other steel stockists and traders.
Import
Countries: United Kingdom,
Poland, Germany, Luxembourg, Denmark, Spain, Japan, Korea, Thailand, South
Africa, Russia and the Ukraine
International
Suppliers:
·
Corus United
Kingdom
·
Arcelor Germany
·
Huta
Katowice Poland
·
Highveld
Steel South Africa
·
Mittal
Steel South Africa South Africa
·
Siam
Yamato Thailand
·
Alchevsk
Iron & Steel Ukraine
Operating Trend: Steady
Subject has a
workforce of approximately 250 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE Dh
318,000,000 UAE Dh
400,030,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Alok Gupta,
Finance Manager
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
·
Commercial
Bank of Dubai
Jebel Ali Branch
PO Box: 2668
Dubai
Tel: (971-4) 8818882
Fax: (971-4) 8812252
·
Abu
Dhabi Commercial Bank
PO Box: 5550
Tel: (971-4) 2958888 / 3228141
Fax: (971-4) 2959310 / 3279632
Acc No. 269190020001
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.54.17 |
|
|
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.