|
Report Date : |
07.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
WORLD METALS
& ALLOYS FZC |
|
|
|
|
Registered Office : |
Saif Zone, Warehouse
No. Q4/300, 120369 Sharjah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
26.06.2008 |
|
|
|
|
Legal Form : |
Free Zone Company - FZC |
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|
|
|
Line of Business : |
Distributors of ferrous and non-ferrous metals |
|
|
|
|
No. of Employees : |
6 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 : WORLD METALS & ALLOYS FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 26th
June 2008
Trade Licence
Number : 0387, Saif Zone
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce : 6
Activities :
Distributors of ferrous and non-ferrous metals
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Arvindar Ranagswami, Director
WORLD METALS &
ALLOYS FZC
Location : Saif Zone, Warehouse No. Q4/300
PO Box : 120369
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5529128 / 5529137
Facsimile : (971-6) 5529398
Mobile : (971-50) 7260633
Email : gmalloys@eim.ae
Subject used to operate
from Warehouse No. 63/140; however it is now Warehouse No. Q4/300.
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Saif Zone Area of Sharjah.
Name Nationality Position
·
Vimal Kumar Mohan Lal Indian Managing
Director
·
Arvindar Ranagswami Indian Director
·
Suresh
Ramachandaran - Financial
Controller
·
Pon Raj - Sales
Manager
Date of Establishment : 26th
June 2008
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 0387, Saif Zone
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Vimal Kumar Mohan Lal
·
Arvindar Ranagswami
Activities: Engaged in the import
and distribution of various ferrous alloys, virgin metals, stainless
steel scraps, nickel scraps, ferrous and non-ferrous metal scraps, minerals and
refractories.
Import
Countries: India
Operating Trend: Steady
Subject has a
workforce of 6 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh
400,000,000 UAE Dh
413,000,000
Local sources consider
subject’s financial condition to be Good.
The above figures
were provided by Mr Arvindar Ranagswami, Director
·
Mashreq
Bank Plc
Foreign Trade Centre
Al Boorj Avenue
PO Box: 9271
Sharjah
Tel: (971-6) 5351366 / 5354873
Fax: (971-6) 5372903
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.54.84 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
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.