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Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
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Name : |
AGE STEEL LIMITED |
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Registered Office : |
Sheikh Zayed Road Jebel Ali Free Zone |
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Country : |
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Date of Incorporation : |
03.10.2004 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Distributors of steel and structural steel products |
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No. of Employees : |
35 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Branch of a Foreign Registered Corporation |
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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) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UAE - 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 : AGE STEEL LIMITED
Country of Origin : Bahamas
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 3rd October 2004
Trade Licence Number : 4144
Chamber Membership Number : 91331
Issued Capital : UAE Dh 183,000
Paid up Capital : UAE Dh 183,000
Total Workforce : 35
Activities : Distributors of steel and structural steel products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
AGE STEEL LIMITED
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 5762
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8860235
/ 3338282
Facsimile : (971-4)
8860234 / 3339292
Email : agetrade@eim.ae
/ agetrade@emirates.net.ae
Subject operates from a suite of offices and a warehouse covering an
area of 550,000 sq ft that are rented and located in the Jebel Ali Free Zone
Area of Dubai.
Branch Office (s)
Location
· 38 Sana Street
Ras Al Khor
Dubai
Tel: (971-4)
3338282
Fax: (971-4)
3339292
Name Nationality Position
· Asim Gihayoor
Siddique British Managing
Director
· Musbahal Hassan
Siddique - Director
· Raed Siddique - Director
· M G Jacob - General
and Marketing Manager
· Hassan Tariq - Financial
Manager
Date of
Establishment : 3rd
October 2004
Legal Form : Subject is the
United Arab Emirates registered branch of Age Steel Limited, a Limited
Liability Company incorporated in
Bahamas.
Age
Steel Limited in the United Arab Emirates, operates as a Branch of a Foreign
Registered
Corporation.
A Branch
of a Foreign Registered Corporation is not a legal entity in its own
right. Responsibility for payments lays in the hands of the company
where it is
originally registered.
Under
these circumstances, we strongly advise that any international trade
credit should only be written under the name of the main company where
the
subject holds its registered office, in this case the Bahamas.
Trade Licence No. : 4144 (Expires 02/10/2013)
Chamber Member No. : 91331
Issued Capital : UAE Dh 183,000
Paid up Capital : UAE Dh 183,000
Subject is a member of the Age Group of
Companies, which includes the following concerns:
· Age Intrade LLC
Ras Al Khor
PO Box: 5762
Dubai
Tel: (971-4)
3338282
Fax: (971-4)
3339292
· Age Steel Company
Limted
Dammam
Saudi Arabia
Tel: (966-3)
8355401
Fax: (966-3)
8355451
· Steelworld Company
Limited
Dammam
Saudi Arabia
Tel: (966-3)
8355401
Fax: (966-3)
8355451
· Age Galvanising Company
Limited
Dammam
Saudi Arabia
Tel: (966-3)
8355401
Fax: (966-3)
8355451
Activities: Engaged in the import and distribution of steel and structural steel
products.
Import Countries: Europe and GCC countries.
Subject has a workforce of 35 employees.
Companies registered in Dubai, 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.
·
United Bank Limited
Murshid Bazaar
Branch
PO Box: 1000
Dubai
Tel: (971-4)
2282025 / 2223191
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.67.70 |
|
|
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.