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Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SCRAPMOULD INTERNATIONAL CORPORATION LTD |
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Registered Office : |
Plot No. |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
05.12. 1987 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Processors and cutters of scrap metal. |
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No. of Employees : |
25 |
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) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : SCRAPMOULD INTERNATIONAL CORPORATION LTD
Country of Origin : Panama
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 5th December 1987
Industrial Licence Number : 337
Trade Licence Number : 4029
Chamber Membership Number : 12799
Issued Capital : UAE Dh 5,130,000
Paid up Capital : UAE Dh 5,130,000
Total Workforce : 25
Activities : Processors and cutters of scrap metal.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rama Murthy Ganesh, Financial Manager
SCRAPMOULD INTERNATIONAL CORPORATION LTD
Location : Plot No. MO-0328-624/625
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 16763
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8835437
Facsimile : (971-4)
8835287
Email : smijali@emirates.net.ae
/ cherian@scrapmould.com / ghanesh@steelmould.net
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Jebel Ali Free Zone.
Name Nationality Position
· Venay Kumar Dewan Indian Managing Director
· Ms Kanika Dewan Indian General Manager
· Cherian John - Operations
Manager
· Rama Murthy Ganesh - Financial
Manager
Date of
Establishment : 5th
December 1987
Legal Form : Subject is the
United Arab Emirates registered branch of Scrapmould International
Corporation Ltd, a
Limited Liability Company incorporated in Panama.
Scrapmould International Corporation Ltd 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 Panama.
Industrial Licence
No. : 337
Trade Licence No. : 4029 (Expires 14/08/2013)
Chamber Member No. : 12799
Issued Capital : UAE Dh 5,130,000
Paid up Capital : UAE Dh 5,130,000
· Bramco WLL
PO Box: 20260
Manama
Bahrain
Tel:
(973-17) 223981
Fax:
(973-17) 224754
· Steelmould Sharjah
Ltd
PO Box: 7109
Sharjah
Tel: (971-6)
5330972
Fax: (971-6)
5334867
· Scrap Processing
Earth Moving & Trading Co LLC
PO Box: 272
Seeb 111
Oman
Tel: (968)
24501560
Fax: (968)
24505343
Activities: Engaged in the processing and cutting of scrap metal. Subject also
imports machinery and marble.
Import Countries: Europe and GCC countries.
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 33,875,000 UAE Dh
39,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Rama Murthy
Ganesh, Financial Manager
·
Middle East Bank Ltd
Arbift Tower
Baniyas Street
PO Box: 5547
Dubai
Tel: (971-4) 2220121
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
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.60.10 |
|
|
1 |
Rs.91.07 |
|
Euro |
1 |
Rs.77.95 |
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 |
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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 |
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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 |
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<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.