|
Report Date : |
07.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
DUBAI METAL RECYCLING LLC |
|
|
|
|
Registered Office : |
Sajja Industrial
Area No. 11, Plot No. 3228, P O Box
37373, Sharjah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
28.10.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
importer and distributor of metal and steel. |
|
|
|
|
No. of Employees : |
45 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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 : DUBAI METAL RECYCLING LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 28th October 2008
Trade Licence Number : 566374
Chamber Membership Number : 87462
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 45
Activities : Distributors of metal and steel
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Farooq Ahmed, Financial Manager
DUBAI METAL
RECYCLING LLC
Registered &
Physical Address
Location : Sajja Industrial Area No. 11, Plot
No. 3228
PO Box : 37373
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5348416
Facsimile : (971-6) 5348417
Email : ayaz@anmgroup.ae
Premises
Subject operates from
a medium sized suite of offices that are rented and located in the Industrial
Area of Sharjah.
Branch Office (s)
Location Description
·
Bur
Dubai Office
premises
Tel: (971-4) 4033000
Fax: (971-4) 3574113
Name Nationality Position
·
Imtiaz
Al Rub Sayed Moez Al Rub Indian Managing
Director
·
Shabir
Mosawi Mir Ali Nawaz Indian Director
·
Sayed
Shir Abbas Naqvi Pakistani Director
·
Sultan
Ali Obaid Bin Butti Emirati Director
·
Maqbool
Ahmed - Yard Manager
·
Farooq
Ahmed - Financial
Manager
·
Ayaz
Kaser - Public
Relations Manager
Date of Establishment : 28th
October 2008
Legal Form :
Limited Liability Company -
LLC
Trade Licence No. : 566374 (Expires
27/10/2013)
Chamber Member No. : 87462
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
·
Sultan
Ali Obaid Bin Butti
·
Imtiaz
Al Rub Sayed Moez Al Rub
·
Shabir
Mosawi Mir Ali Nawaz
·
Sayed Shir
Abbas Naqvi
·
Dubai
Scrap Metal LLC
Industrial Area No. 11, Al Sajja Area
PO Box: 37373
Sharjah
Tel: (971-6) 5348416
Fax: (971-6) 5348417 / 5439938
·
A N M
Metals LLC
PO Box: 112756
Dubai
Tel: (971-4) 3574112
Fax: (971-4) 3574113
· A N M Interiors LLC
401-404, 4th Floor, Business Atrium Building
Umm Hurair 1, Bur Dubai
Dubai
Tel: (971-4) 3574811
Fax: (971-4) 3574812
Activities: Engaged in the import and distribution of
metal and steel.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 45 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 Revenue UAE Dh 57,200,000 UAE Dh 60,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Farooq Ahmed, Financial Manager
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints
regarding subject’s payments have been reported.
According to local sources,
subject enjoys a good reputation for the quality of its products with nothing
detrimental uncovered regarding the manner in which operations are conducted.
As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.96 |
|
UK Pound |
1 |
Rs.102.91 |
|
Euro |
1 |
Rs.86.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.