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Report Date : |
18.04.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Industrial Area No. 10, 40416 & 56039 Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
25.09.1988 |
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Com. Reg. No.: |
24232 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engaged in the import and distribution of scrap metals |
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No of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
UAE |
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|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 : AL TRIANGLE SCRAP TRADING CO LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 25th September 1988
Commercial Registration Number : 24232, Sharjah
Trade Licence Number : 111523
Chamber Membership Number : 20683
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 12
Activities : Distributors of scrap metals
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
AL TRIANGLE SCRAP
TRADING CO LLC
Location : Industrial Area No. 10
PO Box : 40416 & 56039
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5341322 / 5328915
Facsimile : (971-6) 5340095
Email : tste01@emirates.net.ae
Subject operates
from a small suite of offices that are rented and located in the Industrial
Area of Sharjah.
Name Nationality Position
·
Ahmed Bin
Nasser Salem Emirati Managing
Director
·
Mohamed
Zubair Haji Pakistani Director
·
Mohamed
Fahd Farooq Pakistani Director
·
Salman
Saleem Mohamed Pakistani Director
Date of Establishment : 25th
September 1988
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 24232,
Sharjah
Trade Licence No. : 111523
(Expires 22/09/2014)
Chamber Member No. : 20683
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Ahmed
Bin Nasser Salem 51%
·
Mohamed
Zubair Haji ]
]
·
Mohamed
Fahd Farooq ] 49%
]
·
Salman
Saleem Mohamed ]
Activities: Engaged in the import and distribution of
scrap metals.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 12 employees.
Companies
registered in Sharjah, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside 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.
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the company
is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.38 |
|
|
1 |
Rs. 101.63 |
|
Euro |
1 |
Rs. 83.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPT |
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.