|
Report Date : |
13.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
MS STEEL
INTERNATIONAL FZCO |
|
|
|
|
Registered Office : |
Warehouse No FZS 1, AK02, Jebel Ali Free Zone, P O Box 49851, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
07.09.2005 |
|
|
|
|
Com. Reg. No.: |
1750, Dubai |
|
|
|
|
Legal Form : |
Free Zone Company |
|
|
|
|
Line of Business : |
Engaged in the import
and distribution of metals, including steel and copper |
|
|
|
|
No of Employees : |
16 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 : MS STEEL INTERNATIONAL FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 7th September 2005
Commercial Registration Number : 1750, Dubai
Trade Licence Number : 6440
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
Total Workforce : 16
Activities : Distributors of metals, including steel and copper.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sanjay Agrawal, Director
MS STEEL
INTERNATIONAL FZCO
Registered &
Physical Address
Location : Warehouse No FZS 1, AK02
Area : Jebel Ali
Free Zone
PO Box : 49851
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8809931
Facsimile : (971-4) 8809935
Mobile : (971-50)
6407998 / 6508647
Email : msteel@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel
Ali Free Zone, Dubai.
Branch Office
(s)
Location Description
·
Banks
Building, 2nd Floor, Office No. 212 Rented
office premises
Banks Street
Bur Dubai
Dubai
Tel: (971-4) 3592080
Fax: (971-4) 3594441
Mob: (971-50) 3442450
Email: gsmllc@emirates.net.ae
Name Nationality Position
·
Dinesh Chandra Agarwal Indian Managing
Director
·
Sanjay
Agarwal - Director
·
Basant Bhinge - Finance
Manager
·
Sunil Menon - Sales
Manager
·
D
Banarjee - Administration
Manager
·
Janeth Fernandes - Administrative
Secretary
Date of Establishment : 7th
September 2005
Legal Form :
Free Zone Company - FZCO
Commercial Reg. No. : 1750, Dubai
Trade Licence No. : 6440
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
Name of
Shareholder(s) Percentage
·
Dinesh Chandra Agarwal 67%
·
Sanjay
Agarwal 33%
·
JSM International LLC
Khalid Ibn Al Walid Street (Bank Street)
PO
Box: 49851
Dubai
Tel:
(971-4) 3592080
Fax:
(971-4) 3594441
Activities: Engaged in the import and distribution of
metals, including steel and copper.
Import
Countries: China, Korea, Japan,
Ukraine, CIS, Turkey and India.
Operating Trend: Steady
Subject has a
workforce of 16 employees.
Financial highlights provided by local
sources are given below:
Currency: United
States Dollars (US$)
Balance Sheet 31/12/11 31/12/10
Assets
Non-current assets
Property, plant and equipment 2,694,927 1,350,169
Total non-current assets 2,694,927 1,350,169
Current assets
Inventories 23,881,813 7,613,019
Trade receivables 13,992,276 6,164,149
Advances, deposits and other receivables 6,002,228 942,512
Fixed deposit 1,221,703 1,120,000
Cash and bank balances 2,736,831 1,052,602
Total current assets 47,764,851 16,892,282
Total assets 50,459,778 18,242,451
Equity and Liabilities
Shareholders’ equity
Share capital 163,260 163,260
Retained earnings 15,666,990 12,056,805
Shareholders’ current account 1,029,038 1,029,038
Total shareholders’ equity 16,859,288 13,249,103
Non-current liabilities
Bank borrowings – non-current portion 220,567 42,817
Employees’ end of service benefits 89,633 51,509
Total non-current liabilities 310,200 94,326
Current liabilities
Trade and other payable 14,692,739 2,556,079
Bank borrowings 18,597,551 2,342,943
Total current liabilities 33,290,290 4,899,022
Total liabilities 33,600,490 4,993,348
Total shareholders’ equity and
liabilities 50,459,778 18,242,451
Income Statement 31/12/11 31/12/10
Revenue 271,450,524 148,398,457
Cost of sales (260,683,600) (142,304,140)
Gross profit 10,766,924 6,094,317
Managerial remuneration (300,000) (300,000)
Other income 230,433 8,612
Selling and distribution expenses (1,920,561) (976,282)
Administrative expenses (3,239,334) (2,136,806)
Finance costs (1,972,277) (617,518)
Profit for the year 3,610,185 2,072,323
Revenue for the
year ending 31st December 2012 was US$ 340,000,000.
Local sources consider
subject’s financial condition to be Good.
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
·
Banque
Cantonale Vaudoise
1001 Lausanne
Switzerland
Tel: (41-21) 2121000
·
National
Bank of Fujairah (PSC)
PO Box: 2979
Dubai
Tel: (971-4) 3971700 / 5078300
Fax: (971-4) 3979100 / 3973922
·
Emirates
NBD Bank (PJSC)
Baniyas Street
PO
Box: 777
Dubai
Tel:
(971-4) 2222241
·
HSBC
Bank Middle East Limited
Deira
Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
·
Mashreq
Bank (PJSC)
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
·
BNP
Paribas (Suisse) SA
Switzerland
·
Habib
Bank AG
Zurich AG
Bur Dubai
No complaints
regarding subject’s payments have been reported.
Established in
2005, subject is involved in the import and distribution of metals, including
steel and copper.
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.59.33 |
|
|
1 |
Rs.99.68 |
|
Euro |
1 |
Rs.80.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.