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Report Date : |
03.12.2014 |
IDENTIFICATION DETAILS
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Name : |
HAWALI METAL
SCRAP TRADING COMPANY LLC |
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Formerly Known As : |
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Registered Office : |
Industrial Area No.
10, P O Box: 44305, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
08.12.2003 |
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Com. Reg. No.: |
37910, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and
Distribution of Scrap and Ferrous Metals. |
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No. of Employees : |
4 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
United Arab Emirates |
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 |
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 : HAWALI
METAL SCRAP TRADING COMPANY LLC
Previously Known As : HAWALI METAL
TRADING COMPANY LLC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 8th
December 2003
Commercial
Registration Number : 37910,
Sharjah
Trade Licence
Number : 524793
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 4
Activities :
Distributors of scrap and ferrous metals.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Aditya Sharma,
Director
HAWALI METAL SCRAP
TRADING COMPANY LLC
HAWALI METAL
TRADING COMPANY LLC
Location : Industrial Area No. 10
PO Box : 44305
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5342151 / 5342131
Facsimile : (971-6) 5342151
Mobile : (971-50) 6254694 / 6251739
Email : screen@emirates.net.ae
/ hawalimetaltradingcompany@hotmail.com
/ hawalimetal@gmail.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
Name Nationality Position
·
Vimal Kumar Indian Managing
Director
·
Aditya
Sharma Indian Director
·
Jassim Mohamed Abdulrahman
Emirati Director
·
Deepak
Sharma - Sales
Supervisor
Date of Establishment : 8th
December 2003
History : Subject began in 2003 under the name “Hawali
Metal Trading Company LLC”. However in
December 2013 it changed its name to “Hawali Metal Scrap Trading Company
LLC”.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 37910,
Sharjah
Trade Licence No. : 524793
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Jassim Mohamed Abdulrahman 51%
·
Vimal Kumar ]
] 49%
·
Aditya
Sharma ]
·
Al
Khalidiya Metal Trading LLC
Sharjah
Activities: Engaged in the import and distribution of
scrap and ferrous metals.
Import
Countries: Europe and the
Far East.
Suppliers:
·
Steel Mould Sharjah
·
Al Maghrabi Steel Sharjah
·
Al Rokn Al Momay Scrap Trading Sharjah
Operating Trend: Steady
Subject has a
workforce of 4 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales UAE Dh
10,000,000 UAE Dh
12,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Aditya Sharma, Director
·
National
Bank of Sharjah
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.77.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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Report Prepared
by : |
NIT |
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 |
|
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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 |
-- |
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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.