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Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
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Name : |
EMIRATES RECYCLING LLC |
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Registered Office : |
Street No. 121 Industrial Area No. 10 PO Box 23235 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 : |
12.12.2000 |
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Com. Reg. No.: |
8729, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engaged as operators of recycling plants and providers of
recycling services. Subject supplies secondary aluminium alloy ingot and sow. |
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No. of Employees : |
120 |
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) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 : EMIRATES RECYCLING LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 12th December 2000
Commercial Registration Number : 8729, Sharjah
Trade Licence Number : 506884
Issued Capital : UAE Dh 26,500,000
Paid up Capital : UAE Dh 26,500,000
Total Workforce : 120
Activities : Operators of recycling plants and providers of recycling services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hussain Iqabal, Finance Manager
EMIRATES RECYCLING LLC
Street : Street No.
121
Area : Industrial
Area No. 10
PO Box : 23235
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5344949
Facsimile : (971-6)
5344994
Mobile : (971-55)
6446192 / (971-50) 5058206 / 9982029
Email : ertmetal@emirates.net.ae / info@emiratesrecycling.com
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Sharjah.
Branch Offices
Location Description
· Hamriyah Free
Zone, Phase No. 1, Plot No. 2B-11 Office
premises
Sharjah
Tel: (971-6)
5582875
Fax: (971-6)
5582876
Name Position
· Sarkis Pcherazian General
Manager
· Hussain Iqabal Finance
Manager
· Marwan Al Zeer Purchasing
Manager
· Arem Tamenzyen Factory
Manager
Date of
Establishment : 12th
December 2000
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 8729, Sharjah
Trade Licence No. : 506884
Issued Capital : UAE Dh 26,500,000
Paid up Capital : UAE Dh 26,500,000
· Technical Supplies Services Ltd (TSSC) 99%
United Arab
Emirates
· Harout Ohanesian 1%
Activities: Engaged as operators of recycling plants and providers of recycling
services. Subject supplies secondary aluminium alloy ingot and sow.
Production
capacity: 18,000 tons per year
Operating Trend: Steady
Subject has a workforce of 120 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 22,800,000 UAE Dh
26,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6)
5547747
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
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|
1 |
Rs.100.44 |
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Euro |
1 |
Rs.84.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 |
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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.