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Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIAL RESOURCES LLC |
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Registered Office : |
Al Hawai Tower, 2nd Floor, Suite 203, Sheikh Zayed Road, Al
Wasl, PO Box : 74345, Dubai |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
05.07.2003 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of raw materials for
aluminium smelters, such as silicon metals, cathode blocks, primary
aluminium, alloys, ceramic blankets, insulations, cast house consumables and pot
room consumables |
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No. of Employees : |
5 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 :
INDUSTRIAL RESOURCES LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
5th July 2003
Trade Licence Number :
546771
Chamber Membership Number :
79058
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
5
Activities :
Import and distribution of raw materials for aluminium smelters
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mahboob Ali, Financial Controller
INDUSTRIAL
RESOURCES LLC
Registered &
Physical Address
Building : Al Hawai
Tower, 2nd Floor, Suite 203
Street : Sheikh Zayed
Road
Area : Al Wasl
PO Box : 74345
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3211104
/ 3211644 / 3215611
Facsimile : (971-4)
3211939
Mobile : (971-50)
5518655 / 9169884
Email : info@iruae.ae
/ iresources@emirates.net.ae
/ abdulla-md@industrialresources.org
Premises
Subject operates from a small suite of offices that are rented and
located in the Suburban Business Area of Dubai.
Name Nationality Position
Abdullah Abdul Karim Emirati Managing
Director
Mohamed Partoo Iranian Director
Ms Fatima Yousef Abdulrahman Emirati Director
Mahboob Ali - Financial
Controller
Jim Gunpure - Sales
Manager
Date of Establishment : 5th July 2003
Legal Form : Limited Liability
Company - LLC
Trade Licence No. : 546771 (Expires 04/07/2014)
Chamber Member No. : 79058
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s)
Abdullah Abdul Karim
Mohamed Partoo
Ms Fatima Yousef Abdulrahman
Activities: Engaged in the import and
distribution of raw materials for aluminium smelters, such as silicon metals,
cathode blocks, primary aluminium, alloys, ceramic blankets, insulations, cast
house consumables and pot room consumables.
Import Countries: India,
China and the United States of America
Operating Trend: Steady
Subject has a workforce of 5 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 18,200,000 UAE Dh
18,690,000
Local sources consider subject’s financial condition to be Fair.
Bank Melli Iran
Deira Branch
PO Box: 1894
Dubai
Tel: (971-4) 2268207
Fax: (971-4) 2269157 / 2267096
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.102.39 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
|
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 |
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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.