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Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
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Name : |
SAFE METALS RAK FZ LLC |
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Registered Office : |
Al Hamra Free Zone, Rakia, Plot No. E-45, PO Box: 31291, Ras Al
Khaimah |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.01.2012 |
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Com. Reg. No.: |
42032 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Manufacture and supply of aluminium alloy ingots and galvanic anodes also provides aluminium recycling services. |
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No. of Employees : |
9 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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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 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 : SAFE METALS RAK FZ LLC
Country of Origin :
Ras Al Khaimah, United Arab Emirates
Legal Form :
Free Zone Company – FZ LLC
Registration Date :
19th January 2012
Commercial Registration Number :
42032, Ras Al Khaimah
Trade Licence Number :
RAKIA 27FZ101113594
Chamber Membership Number :
40168
Issued Capital :
UAE Dh 150,000
Paid up Capital :
UAE Dh 150,000
Total Workforce :
9
Activities :
Manufacture and supply of aluminium alloy ingots and galvanic anodes also provides
aluminium recycling services.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Person Interviewed :
Mohamed Saad, Commercial Manager
SAFE METALS RAK FZ LLC
Registered &
Physical Address
Location : Al Hamra Free
Zone, Rakia, Plot No. E-45
PO Box : 31291
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Telephone : (971-4) 2676811
Facsimile : (971-4)
2676811
Mobile : (971-50)
8511850 / 4504170
Email : ehs@safemetalsrak.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Al Hamra Free Zone of Ras Al Khaimah.
Name Nationality Position
Ehsan Urhan Pakistani Managing Director
Farzana Ehsan Pakistani Director
Mohamed Saad - Commercial
Manager
Date of Establishment : 19th
January 2012
Legal Form : Free Zone Company
– FZ LLC
Commercial Reg. No. : 42032, Ras Al
Khaimah
Trade Licence No. : RAKIA
27FZ101113594 (Expires 08/01/2014)
Chamber Member No. : 40168
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of
Shareholder (s)
Ehsan Urhan
Farzana Ehsan
Activities: Engaged in the manufacture and supply of aluminium alloy ingots and
galvanic anodes also provides
aluminium recycling services.
Subject has a workforce of 9 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12:
Total Sales UAE
Dh 11,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were provided by Mohamed Saad, Commercial Manager.
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
|
1 |
Rs.94.37 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.