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Report Date : |
22.07.2013 |
IDENTIFICATION DETAILS
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Name : |
DARA SCRAP TRADING CO LLC |
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Registered Office : |
Wasit Street Industrial Area No. 2 PO Box 6495 Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
02.05.1990 |
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Com. Reg. No.: |
20182 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of scrap, ferrous, non-ferrous metals, batteries, rubber butyl tubes, generators and transformers. |
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No. of Employees : |
28 |
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 |
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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 : DARA SCRAP TRADING CO LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 2nd May 1990
Commercial Registration Number : 20182
Trade Licence Number : 113296
Chamber Membership Number : 25063
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 28
Activities : Distributors of scrap, ferrous, non-ferrous metals, batteries, rubber butyl
tubes, generators and transformers.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Reza Kirmani, Export Manager
DARA SCRAP TRADING CO LLC
Street : Wasit Street
Area : Industrial
Area No. 2
PO Box : 6495
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5335989
Facsimile : (971-6)
5337425
Mobile : (971-50)
6460716 / 5670459
Email : daratrdg@emirates.net.ae
/ daraexport@eim.ae
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
· Iqbal Hussain
Kirmani Pakistani Managing
Director
· Mian Mohamed Azher Pakistani Director
· Ibrahim Shadad
Abdullah Emirati Director
· Irfan Ahmed - Financial
Controller
· Reza Kirmani - Export
Manager
· Mahboob Bhimani - Administration
Executive
Date of
Establishment : 2nd
May 1990
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 20182
Trade Licence No. : 113296 (Expires 29/04/2014)
Chamber Member No. : 25063
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Ibrahim Shadad
Abdullah 51%
· Iqbal Hussain
Kirmani 25%
· Mian Mohamed Azher 24%
· Modern Co
Operation Enterprises LLC
PO Box: 378
Muscat
Oman
Tel: (968)
24460292
Activities: Engaged in the import and distribution of scrap, ferrous and non-ferrous
metals, batteries, rubber butyl
tubes, generators and transformers, rubber tubes, compressors, PVC,
fans, brass and aluminium
radiators.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 28 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 48,000,000 UAE Dh
55,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Reza Kirmani, Export Manager
·
HSBC Bank Middle East
PO Box: 25
Sharjah
Tel: (971-6)
5537222
Fax: (971-6)
5537880
·
Habib Bank AG Zurich
Immigration Road
PO Box: 1166
Sharjah
Tel: (971-6)
5730004
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.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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 |
|
<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.