|
Report Date : |
09.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHAR METAL SCRAP CO LLC |
|
|
|
|
Registered Office : |
Al Wasit Road, Caterpillar Road, Industrial Area No. 2, PO Box 40692,
Sharjah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
12.12.1989 |
|
|
|
|
Com. Reg. No.: |
19586 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Distributors of scrap, ferrous and non-ferrous metals. |
|
|
|
|
No. of Employees : |
25 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 (31.03.2012) |
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 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.
|
Source : CIA |
Company Name :
SHAR METAL SCRAP CO LLC
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
12th December 1989
Commercial Registration Number :
19586, Sharjah
Trade Licence Number :
12858
Chamber Membership Number :
24012
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
25
Activities :
Distributors of scrap, ferrous and non-ferrous metals.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Osama Ahmed, Finance Manager
SHAR METAL SCRAP CO LLC
Registered &
Physical Address
Location : Al Wasit
Road, Caterpillar Road, Industrial Area No. 2
PO Box : 40692
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5430007
Facsimile : (971-6) 5430101
Mobile :
(971-55) 2521342 / (971-50) 3162011
Email : syed@sharmetal.com
/ sharmetal@eim.ae / sharmt@eim.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Sharjah.
Name Nationality Position
Jassim Khalil Mirza Nasser Emirati Managing Director
Hassan Asaad Chahrour Lebanese Director
Samir Ali Chahrour Lebanese Director
Ibrahim Ali Chahrour Lebanese Director
Fadi Ali Chahrour Lebanese Director
Bassam Ali Chahrour Lebanese Director
Osama Ahmed - Finance
Manager
Bala Krishnan - Sales Manager
Syed Khaja Mohieddine - Export
Manager
Date of Establishment : 12th December
1989
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 19586, Sharjah
Trade Licence No. : 12858
Chamber Member No. : 24012
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Jassim Khalil Mirza Nasser 51%
Hassan Asaad Chahrour 10%
Samir Ali Chahrour 10%
Ibrahim Ali Chahrour 10%
Fadi Ali Chahrour 10%
Bassam Ali Chahrour 9%
Metal Master
Beirut
Lebanon
Tel: (961-1) 823675
Fax: (961-1) 823680
United Brother Co
Safat
Kuwait
Al Fayha For International Scrap
Saudi Arabia
Activities: Engaged in the
import and distribution of scrap, ferrous and non-ferrous metals.
Subject handles
about 7,000 mt/month of non-ferrous and 40,000 mt/month of ferrous metals.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 25 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 42,350,000 UAE Dh
45,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Osama Ahmed, Finance Manager
United Arab Bank
PO Box: 25022
Sharjah
Tel: (971-6) 5733900
Fax: (971-6) 5733907
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.53.57 |
|
|
1 |
Rs.84.25 |
|
Euro |
1 |
Rs.71.78 |
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.